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<br />said liability insurance shall name the Borrower and <br />the State as co-insureds. No payments shall be made <br />under this contract unless a copy of a certificate of <br />said liability insurance has been filed with the <br />Colorado Water Conservation Board. <br /> <br />S. Execute a warranty deed which shall convey the <br />following real property to the Board as security for the loan: <br /> <br />1200 feet of the Stewart Ditch located roughly 1 1/4 miles <br />below the intake of the North Fork of the Gunnison River. <br /> <br />The deed will be recorded by the Borrower in the proper <br />county or counties and all recording fees shall be paid by the <br />Borrower. The retainage shall not be paid to the Borrower <br />until a warranty deed has been executed. recorded, and filed <br />with the Colorado Water Conservation Board. <br /> <br />6. Permit periOdic inspection of construction by <br />authorized representatives of the State during and after <br />construction. <br /> <br />7. Without expense to the State, manage, operate. and <br />maintain the project continuously in an efficient and <br />economical manner. and assume all legal liability for such <br />management. operation. and maintenance. The Borrower agrees to <br />indemnify and hold the State harmless from any liability as a <br />result of the State's interest in the project facilities and <br />any other property identified in paragraph A.S. above. The <br />Borrower shall maintain general liability insurance covering <br />the management. operation. and maintenance of the project until <br />it completes repayment to the State in at least the following <br />amounts: <br /> <br />a. For any injury to one person in any single <br />occurrence, the sum of Five Hundred Thousand Dollars <br />($500.000). <br /> <br />b. For any injury to two or more persons in any single <br />occurrence. the sum of One Million Dollars ($1,000,000). <br /> <br />Said liability insurance shall name the State as a <br />co-insured. A copy of a certificate of said liability <br />insurance must be filed with the COlorado Water <br />Conservation Board prior to the start of the operation <br />of the project system. <br /> <br />8. Make the services of said project available within its <br />capacity to all persons in the Borrower's service area without <br />discrimination as to race, color. religion, or natural origin <br />at reasonable charges (including assessments. taxes. or fees). <br />whether for one or more classes of service, in accordance with <br />a schedule of such charges formally adopted by the Borrower <br />through its Board of Directors. as may be modified from time to <br />time. The initial rate schedule must be approved by the <br />State. Thereafter. the Borrower may. subject to the approval <br />of the State. make such modifications to the rate schedule as <br />the Borrower deems necessary to efficiently and economically <br />provide for the financial requirements of the system as long as <br />the rate schedule remains reasonable and non-discriminatory. <br /> <br />9. Adjust its operating costs and service charges from <br />time to time to provide for adequate operation and maintenance. <br />emergency repair services. obsolescence reserves. and debt <br />reserves. <br /> <br />10. Provide the State with such periOdic reports as the <br />State may require and permit periOdic inspections of its <br />operations and accounts by a designated representative of the <br />State. <br /> <br />Page 1 of ~ Pages <br />