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WHEREAS, pursuant to section 1 of chapter 32, Session Laws of Colorado 1987, as <br /> amended by HB 93 1273, the State has been authorized to loan Seventy-One Thousand Five <br /> Hundred Dollars ($71,500) for construction of the project. <br /> WHEREAS, the Contractor or Borrower understands Pi • n 4 is also a <br /> promissory note for the repayment of funds loaned to t wer ac . 4 the terms <br /> set forth herein. <br /> NOW THEREFORE, in consideration of the mutual and dep n c en is herein <br /> contained, it is agreed by the parties hereto as follows: <br /> A. The Contractor agrees that it shall: <br /> 1. Employ an engineering firm (hereinafter referred to as the Consultant) to prepare <br /> project plans and specifications for the project. Both the Consultant and the project plans <br /> and specifications must be approved in writing by the State before construction on the <br /> project can commence. For purposes of this paragraph, "construction" includes any real <br /> estate and water rights acquisitions. <br /> 2. Contract for the construction of said project to a responsible and capable firm or <br /> firms (hereinafter referred to as Construction Firm or Firms), which Construction Firms <br /> shall be selected by the Contractor through competitive public bidding. The State must <br /> approve in writing all contracts before they can become effective. <br /> 3. Cause construction of the project to be completed within two (2) years of the date <br /> of this contract, in accordance with the project plans and specifications and any necessary <br /> modification(s) thereof approved by the State. This time may be extended by the State in <br /> writing if such time is insufficient because of acts of God or other acts or circumstances <br /> beyond the control of the Contractor. The Contractor must produce documented <br /> justification of any such acts or circumstances. <br /> 4. Require all Construction Firms and their subcontractors to indemnify the State and <br /> the Contractor against all liability and loss, and against all claims and actions based upon <br /> or arising out of damage or injury, including death, to persons or property, caused by any <br /> acts or omissions of those parties or sustained in connection with the performance of any <br /> contract related to the project or by conditions created thereby, or based upon any violation <br /> of any statute, ordinance, or regulation, and the defense of any such claims or actions. <br /> 5. Require all Construction Firms and their subcontractors to maintain during the term <br /> of their contracts for project construction the following: <br /> a. Workmen's compensation and employers' liability insurance in the required <br /> statutory amounts. <br /> Page 2 of 11 pages <br />