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<br />WHEREAS, the state agrees to loan money for the
<br />construction and rehabilitation of said project upon mutually
<br />agreeable terms and conditions, subject to the availability of
<br />funding for that purpose; and '
<br />
<br />WHEREAS, pursuant to Session 1 of Chapter 326, Session Laws of
<br />Colorado 1991, the State has been authorized to loan a sum not to
<br />exceed Two Hundred Fifty Thousand Dollars ($250,000) for the
<br />feasibility report and the construction of the project; and
<br />
<br />WHEREAS, the State and Borrower agree to include the repayment
<br />of the sum of Twenty Thousand Dollars ($20,000), previously
<br />advanced by the State for the feasibility study of the Hourglass
<br />Dam, in the repayment of the loan of Two Hundred Thirty Thousand
<br />Dollars ($230,000) made under this contract for a total principal
<br />repayment of Two Hundred Fifty Thousand Dollars ($250,000).
<br />
<br />NOW> THEREFORE, in consideration of the mutual and dependent
<br />covenants herein contained, it is agreed by the parties hereto as
<br />follows:
<br />
<br />.A. The state and the Borrower have entered into a termination
<br />contract, attached hereto as Exhibit A, and a feasibility report
<br />contract, .attached herE!to as Exhibit B. . Exhibits A and Bare
<br />incorporated by reference herei~.
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<br />B. '. The Borrowei-a:grees'that ';itshaUi .
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<br />2. Contract for the construction of said project to a
<br />responsible and capable firm or firms (hereinafter referred to as
<br />Construction Firm or Firms), which Construction Firms shall be
<br />selected through competitive public bidding, said project to be
<br />completed within two and one-half (2-1/2) years of the date of
<br />this contract in accordance with the project plans and
<br />specifications and any necessary modification thereof approved by
<br />the State. The State must give written approval of all contracts
<br />before they can become effective. An extension of the
<br />above-specified time may be granted in writing by the State in its
<br />sole discretion if such time is insufficient because of acts or
<br />circumstances beyond the control of the Borrower.
<br />
<br />3. Require all Construction Firms and their subcontractors
<br />to indemnify the state and the Borrower against all liability and
<br />loss, and against all claims, actions, and legal expenses and
<br />costs incurred on the defense of any claim or action based upon or
<br />arising out of damage or injury, including death, to persons or
<br />
<br />Page ~ of 10 Pages
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