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<br />, ' <br /> <br />\ <br />I <br />I <br /> <br />WHKRr:AS. PUrl-HJdnt to the Contractocls BY-Laws. t.he <br />Contcdctor has aUthority to cont,ract to borrow money provided <br />that a Resolution be duly pass~d by a majc)riLy vote of the <br />Boa rd of Di cecto rs nnd 1.0 l(;!vy aS5(Hj!lIll(~fll.:; <:issue i ng repi::lyment <br />of the State according to tll(! I,~rms of the Cloflt.ract; and <br /> <br />WHEREAS. punnJant to sc:Wl.ion 1 of chapter 17.. Session Laws <br />of Colorado 1987, as amended by Senate Bill 30. Fifty-sixth, <br />General A:i:iembly. the Sl,ato has been iillttlori~ed to loan up to <br />Three Hundred Thousand Dollars ($300.000) for consl;rtJc:tion bf <br />the project. incllldirlg the cost of the feaSibility report. <br /> <br />Whereas the Contractor or Borrower understands that this <br />Corll.ract is <t1:w if promissory f1otP. for the repayment of funds <br />loaned to the Harrower according to the terms liltt f()rth herein. <br /> <br />NOW'l'HRRF.FORR. in GonRiderat.ion of the mutual and dependent <br />covenants herein contained, it is agreed by the parl.i(!!; hne-ete <br />dR follows: <br /> <br />A, The State and t.he Fruitland Mesa Water COO!i(HVancy District <br />tldve pcevj()IJ!lly entered irll:c) a l:ermination contract. attached <br />tloreto as Exhibit A. and a f(!aHibility r(~p()rt, (:(Jfll.cact. <br />attached hereto as Rxhibit. B, Rxhibits A and Bare <br />incorporated by reference hAraln. The Conl:ractor's Articles of <br />Incorporation and Corporate By-Laws are also incorporated by <br />reference her.ein. <br /> <br />B. The Contractor dgrees that it fihall: <br /> <br />1. Assume the obllyal,ions of the FrlJitland Mesa Water <br />Con!;ervancy Dist~icl: a~ detailed in the attached Termination <br />Contract (EXhibit A). <br /> <br />2, Employ an engineering firm (tlnr~inaft~r referred to as <br />l:he Consultant) to prepare project plans and specifications for <br />the project. Roth the ConslJ11.arlt and the project plans and <br />~penifications mUst be approve~ in writing by the State before <br />const.ruction OIl I.he project can (:()rnmence, F()r plJrpOSes of this <br />paragraph. lIconstructionll inc:ludes any real estate and water <br />rights acqllisitions. <br /> <br />3, Contract for the constrll(:t:ion of said project to a <br />responsible and capable firm or firms (he~einaftAr rnferred to <br />as Construction Firm or Firms). which Construction Firms shall <br />be selected by the Contra(:tor through c:ompetitive public <br />bidding. The State must approve in writing all c:ontracts <br />before they can become effecti~e. <br /> <br />4, Cause construction of the project to be completed <br />within three (3) years of the date of this contract. in <br />accordance with the project plans and specif.ications and any <br />necessary mOdification(s) l:h(!reof approved by l.he State. This <br />time may be extended by t.he State in writing if such time is <br />inslJffic:ient because of acts of God or other acts or <br />circumstances beYond the control of the Conl.ractor, The <br />Contractor must prOduce documented justification of any such <br />acts or circumstances. <br /> <br />5, ReqlJire all Consl:cuction Firms and their subcontractors <br />to indemrlify the State and the Contractor ag~inst all llahility <br />~nd loss, and ayainHt all claims and actions based Ilpon or <br />ariHing out of damage or injury, including death. to persons or <br />property. caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract <br />related to the project or by conditions created thereby. or <br />based uporl dny violati()fl ()f any statute, ()rdinance, or <br />regl11ation, and tho defense of arlY such claIms ()r ~(:tions. <br /> <br />Page ~ of 10 Pages <br />