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<br />Builder's risk insurance for construction in progress for all perils of loss including fire, <br />wind, hail, vandalism, and flood in an amount equal to the completed value of the <br />Facility. <br /> <br />Said general liability insurance shall name the CDOW and the CWCB as additional insured. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must <br />be provided to the CWCB prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the CDOW unless all insurance <br />certificates are current. Notices of renewals of said policies shall also be filed with the CWCB as <br />they occur. During the time of construction, if the CWCB determines a need for, and the <br />CDOW agrees, the contractor shall increase the above amount of insurance so that said amounts <br />at a minimum correspond to the amount established by the Colorado Governmental Immunity <br />Act, now and as hereafter amended. <br /> <br />d) <br /> <br />7. Compensation and Method of Payment. Total compensation responsibility by the CWCB <br />under this MOU shall not exceed two million dollars ($2,000,000) for the time period covered by this <br />MOU, of which no more than $200,000 shall be allocated to operation and maintenance costs. In no event <br />shall the CWCB pay more than forty percent of the actual cost to develop, operate, and maintain the Facility <br />for the three (3) years following advertisement by CDOW of the notice of final settlement of construction <br />claims required pursuant to ~ 38-26- 1 07, C.R.S. The CWCB shall not disburse any funds under this MOU <br />until the CDOW has closed on its purchase of the Chiles property. The CWCB shall disburse grant funds to <br />the CDOW as follows: <br /> <br />a) During design and construction, the CDOW shall prepare monthly progress reports <br />which contain a statement of the Facility costs expended for that month, and shall submit said reports to <br />the CWCB staff. <br /> <br />b) After receipt of the monthly progress report from the CDOW, and review and acceptance <br />of the costs set forth therein, the CWCB shall pay to the CDOW forty percent (40%) of those costs <br />accepted within thirty (30) days from the CWCB staffs receipt of each progress report. This thirty day <br />time period shall not apply prior to the CDOW closing on the purchase of the Chiles property. <br /> <br />c) After construction, the CDOW shall submit monthly statements of Facility operation and <br />maintenance costs to the CWCB staff. After review and acceptance of the costs set forth in each such <br />statement, the CWCB shall pay to the CDOW forty percent (40%) of those accepted costs within thirty <br />days (30) from the CWCB staffs receipt of the statement, not to exceed $200,000. <br /> <br />8. Comprehensive Plan The CDOW shall complete the Comprehensive Plan, which will <br />describe the process by which the CDOW will identify declining species and develop priorities for habitat <br />improvement and use of the Facility, within one year of the date of this MOU. The CDOW shall make the <br />Comprehensive Plan available to the CWCB for review and comment as part of the routine public review <br />process. <br /> <br />. <br /> <br />. <br /> <br />9. Ownership and Operation of the Facility. The Facility shall be owned and operated by the <br />CDOW, but its operation will be undertaken in consultation with the CWCB. Annually, and prior to the <br />legislative budget process, the CDOW and CWeB staff shall meet to discuss plans for the following <br />Facility issues and activities: (I) budget; (2) research and genetics; (3) production; and (4) goals for <br />augmentation. Following this consultation process the CDOW shall finalize operational plans for the <br />Facility that will be summarized in a written report due by November I for the beginning of the following <br />fiscal year. CDOW shall provide a copy of this written report to the CWCB. The primary contact person <br />for the agencies regarding operation of the Facility shall be as follows: For CDOW - Eric Hughes (291-., <br /> <br />Page4of5 <br />