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h. If the CWCB staff determines that the PROJECT requires a resident inspector during <br /> construction, the BORROWER shall employ an inspector who has been approved by the <br /> CWCB staff. <br /> 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 <br /> drawings of the PROJECT to the CWCB staff, and, if required by § 37-87-105, C.R.S. (1997), <br /> the BORROWER shall provide the same drawings to the State Engineer's Office for approval <br /> and filing. <br /> k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final <br /> inspection 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 /> complete the PROJECT within two (2) years from the date of this contract. The time for <br /> completion of the PROJECT may be extended subject to the approval of the STATE. The <br /> BORROWER must provide, in writing, documented justification for any request for extension sixty <br /> (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 <br /> and loss, and against all claims and actions based upon or arising out of damage or injury, <br /> including death, to persons or property, caused by any acts or omissions of those parties or <br /> sustained in connection with the performance of any contract related to the PROJECT or by <br /> conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, <br /> and the defense of any such claims or actions. <br /> 4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION <br /> FIRM 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 :,''`lueqt • unts. <br /> b. Automobile liability insurance which includes coverage for all owned, non-owned <br /> �and <br /> `hired <br /> vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and <br /> property damage. <br /> c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br /> limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall <br /> include products/completed operations and personal injury. <br /> d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br /> hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. <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 /> Left Hand Ditch Company Page 3 of 13 Loan Contract <br />