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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 commence <br /> with construction in order to complete the PROJECT no later than two (2) years from the date of this <br /> contract. The time for completion of the PROJECT may be extended subject to the approval of the <br /> STATE. The BORROWER must provide, in writing, documented justification for any request for <br /> extension sixty (60) days prior to the end of 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 loss, <br /> and against all claims and actions based upon or arising out of damage or injury, including death, to <br /> persons or property, caused by any acts or omissions of those parties or sustained in connection with <br /> the performance of any contract related to the PROJECT or by conditions created thereby, or based <br /> upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or <br /> 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 PROJECT <br /> 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 ,0 0 combined single <br /> limit for each occurrence and $2,000,000 general aggregate. ur c c verage shall <br /> include products/completed operations and personal injury. :1 <br /> d. Builder's risk for construction in progress for all pe ss u 'n fire, wind, hail, <br /> vandalism, and flood in an amount equal to the complete, I . �of t JE T <br /> Said general liability insurance shall name the BORROWER and the STATE as additiona 1 red. An <br /> additional insured endorsement and a current copy of a certificate of said liability insurance must be <br /> provided to the STATE prior to commencement of construction and maintained until construction is <br /> complete. No payments shall be made to the BORROWER unless all insurance certificates are current. <br /> Notices of renewals of said policies shall also be filed with the STATE as they occur. <br /> During the time of construction, the STATE reserves the right to increase the above amount of <br /> insurance so that said amounts at a minimum correspond to the amount established by the Colorado <br /> Governmental Immunity Act, now and as hereafter amended. <br /> 5. BORROWER'S indemnification of the STATE. The BORROWER shall, without expense or legal <br /> liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br /> economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any <br /> Beaver Park Water, Inc. Page 3 of 12 Loan Contract <br />