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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 that t ` t r. ,.tr is a so a <br /> promissory note for the repayment of funds loaned to the Borrowe ' co g 'a ;. !erms <br /> set forth herein. .k <br /> F <br /> NO THEREFORE, in consideration of the mutual nd t:1f e . . -rein <br /> container, it is agreed by the parties hereto as follows: a zt <br /> A. The ; ontractor agrees that it shall: <br /> 1. mploy an engineering firm (hereinafter referred to as the Consultant) to pr•pare <br /> project •lans and specifications for the project. Both the Consultant and the project plans <br /> and spe ifications must be approved in writing by the State before construction o the <br /> project s an commence. For purposes of this paragraph, "construction" includes an real <br /> estate a d water rights acquisitions. <br /> 2. i ontract for the construction of said project to a responsible and capable fi m or <br /> firms (h reinafter referred to as Construction Firm or Firms), which Construction irms <br /> shall b selected by the Contractor through competitive public bidding. The State must <br /> approve in writing all contracts before they can become effective. <br /> 3. I ause construction of the project to be completed within two (2) years of the date <br /> of this co ntract, in accordance with the project plans and specifications and any ne ssary <br /> modific:tions) thereof approved by the State. This time may be extended by the St.to in <br /> writing f such time is insufficient because of acts of God or other acts or circums ances <br /> beyond 1 the control of the Contractor. The Contractor must produce docu -nted <br /> justifica ion of any such acts or circumstances. <br /> 4. r equire all Construction Firms and their subcontractors to indemnify the Sta e and <br /> the Co1 ractor against all liability and loss, and against all claims and actions base I upon <br /> or arisi g out of damage or injury, including death, to persons or property, caused my any <br /> acts or .missions of those parties or sustained in connection with the performance i f any <br /> contrac related to the project or by conditions created thereby, or based upon any vi elation <br /> of any atute, ordinance, or regulation, and the defense of any such claims or actio . <br /> 5. ,I equire all Construction Firms and their subcontractors to maintain during th term <br /> of their contracts for project construction the following: <br /> a. Workmen's compensation and employers' liability insurance in the r- .uired <br /> statutory amounts. <br /> Page 2 of 11 pages <br />