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the State before initiation of construction on the project, including any real estate and water rights acquisitions, can commence. 2. Contract for the construction of said project to a responsible and capable firm or firms (hereinafter referred to as Construction Firm or Firms), which Construction Firms shall, when required by the State, be selected through competitive public bidding, said project to be completed within two (2) years of the date of this contract in accordance with the I project plans and specifications and any necessary modification thereof approved by the State. The State must approve, in writing, all contracts before they can become effective. The above-specified time may be extended by the State if such time is insufficient because of acts of God or other acts or circumstances beyond the control of the Borrower. 3. Require all Construction Firms and their subcontrac- tors to indemnify the State and the Borrower against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including death, to persons or property caused by or sustained in connection with the performance of any contract or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Require all Construction Firms and their subcontract- ors to maintain the following: a. Workmen's compensation and employers' liability insurance. b. Automobile liabi Ii ty insurance for all vehicles. c. Comprehensive general liability insurance in at least the following amounts: (1) For any injury to one person in any single occurrence, the sum of Five Hundred Thousand Oollars ($500,000), (2) For any injury to two or more persons in any single occurrence, the sum of One Million Dollars ($1,000,000) . Said liability insurance shall name the Borrower and the State as co-insureds. No payments shall be made under this contract unless a copy of a certificate of said liabi li ty insurance has been fi le(l with the COlorado Water Conservation Board. 5. Execute a warranty deed which shall convey the following real property to the Board as security for the loan: An undivided sixty-four percent (64%) interest in the service spillway and the emergency spillway of the rehabilitated Fuchs dam with all appurtenances attached thereto. The deed will be recorded by the Borrower in the proper county or counties and all recording fees shall be paid by the Borrower. The retainage shall not be paid to the Borrower until a warranty deed has been executed, recorded, and filed with the Colorado Water Conservation Board. 6. Permit periodic inspection of construction by authorized representat.ives of the State during and after construction. Page 2 of 8 Pages