C153797 Paid in Full Loan Compliance Confirmation

• Contract/PO #: C153797
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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STATE. The BORROWER must provide, in writing, documented justification for any request for an
extension at least sixty (60) days prior to the end of the period for completion.
3. Indemnification by the CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION FIRMS
and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and
against all claims and actions based upon or arising out of damage or injury, including death, to
persons or property, caused by any acts or omissions of those parties or sustained in connection with
the performance of any contract related to the PROJECT or by conditions created thereby, or based
upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or
actions.
4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and
its subcontractors to maintain during the term of their contracts for construction of the PROJECT the
following insurance with a company that is satisfactory to the STATE:
a. Worker's compensation and employer's liability insurance in the required statutory amounts.
b. Automobile liability insurance which includes coverage for all owned, non-owned and hired
vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property
damage.
c. Commercial general liability insurance with minimum limits of$1,000,000 combined single limit for
each occurrence and $2,000,000 general aggregate. This insurance coverage shall include
products/completed operations and personal injury.
d. Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism,
and flood in an amount equal to the completed value of the PROJECT.
Said general liability insurance shall name the BORROWER and the STATE as additional insured. An
additional insured endorsement and a current copy of a certificate of said liability insurance must be
provided to the STATE prior to commencement of construction and maintained until construction is
complete. No payments shall be made to the BORROWER unless all insurance certificates are current.
Notices of renewals of said policies shall also be filed with the STATE as they occur.
During the time of construction, the STATE reserves the right to increase the above amount of
insurance so that said amounts at a minimum correspond to tie a nous ta•lished by the Colorado
Governmental Immunity Act, now and as hereafter amended . :,
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5. BORROWER'S indemnification of the STATE. The BORROW - sF'ial `wi out expense or legal liability
to the STATE, manage, operate, and maintain th Po CT ..f. • • i n efficient and
economical manner. The BORROWER agrees to inden d �� I ;,`- .T E r ess from any
liability incurred by the STATE as a result of the STATE'S telt r in '- P •_ ` and any other
property identified in the Collateral Provisions of this contract.
6. BORROWER'S liability insurance. Upon execution of this contract and continuing until complete
repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general
liability insurance with a company that is satisfactory to the STATE covering the management,
operation, and maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit
for each occurrence and $2,000,000 general aggregate, including products/completed operations and
personal injury.
Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of
said insurance and an additional insured endorsement must be filed with the STATE. Evidence of
current insurance coverage is to be provided as renewals occur. No loan funds shall be advanced by
The Excelsior Irrigating Company Page 3 of 12 Loan Contract