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i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br /> specifications. <br /> j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br /> of the PROJECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1990), the <br /> BORROWER shall provide the same drawings to the State Engineer's Office for approval and <br /> filing. <br /> k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection <br /> for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br /> 2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the <br /> performance of all of its obligations under this contract. Therefore, the BORROWER shall <br /> commence with construction in order to complete the PROJECT no later than two (2) years from <br /> the date of this contract. The time for completion of the PROJECT may be extended subject to the <br /> approval of the STATE. The BORROWER must provide, in writing, documented justification for any <br /> request for extension sixty (60) days prior to the end of the period for completion. <br /> 3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION <br /> FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and <br /> loss, and against all claims and actions based upon or arising out of damage or injury, including <br /> death, to persons or property, caused by any acts or omissions of those parties or sustained in <br /> connection with the performance of any contract related to the PROJECT or by conditions created <br /> thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br /> any such claims or actions. <br /> 4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION FIRM <br /> and its subcontractors to maintain during the term of their contracts for construction of the <br /> PROJECT the following insurance with a company that is satisfactory to the STATE: <br /> a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br /> b. Automobile liability insurance which includes coverage for all owned, non-owned and hired <br /> vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property <br /> damage. <br /> c. Commercial general liability insurance with minimum limits of,K$ 09,0 'o . bined single <br /> limit for each occurrence and $2,000,000 general aggregate. 0,.. Air ` c c erage shall <br /> include products/completed operations and personal injury. 4. <br /> d. Builder's risk for construction in progress for all peri . ; I. 't . • fit, vy`' id, hail, <br /> • <br /> vandalism, and flood in an amount equal to the complete lL .3f t 'R= EM T _ ,- <br /> Said general liability insurance shall name the BORROWER and the STATE as additional insured. <br /> An additional insured endorsement and a current copy of a certificate of said liability insurance <br /> must be provided to the STATE prior to commencement of construction and maintained until <br /> construction is complete. No payments shall be made to the BORROWER unless all insurance <br /> certificates are current. Notices of renewals of said policies shall also be filed with the STATE as <br /> they occur. <br /> During the time of construction, the STATE reserves the right to increase the above amount of <br /> Smith Irrigation Ditch Page 3 of 13 Loan Contract <br />