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<br />,'"^" <br />0.:' I <br />. , <br /> <br />WHEREAS, the Contractor wishes to purchase the materials to <br />construct .the praject and to construct the project with its own <br />work force; and <br /> <br />WHEREAS, pursuant to section 1 of Chapter 32, Session Laws <br />of Colorado 1987, as amended by SB 92-87, the state has been <br />authorized to loan One Hundred Eighty Thousand Dollars <br />($180,000) for construction of the project; and <br /> <br />WHEREAS, the Contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto <br />as follows: <br /> <br />A. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare project plans and specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the State before <br />construction on the project can commence. For purposes of this <br />paragraph, "construction" includes any real estate and water <br />rights acquisitions. <br /> <br />2. Construct said project in such a manner that the <br />Cor.sultant will certify that the construction conformed to the <br />project plans and specifications. <br /> <br />3. Cause construction of the project to be completed <br />within two (2) years of the date of this contract, in accordance <br />with the project plans and specifications and any necessary <br />modification(s) thereof approved by the State. This time may be <br />extended by the State in writing if such time is insufficient <br />because of acts of God or other acts or circumstances beyond the <br />control of the Contractor. The Contractor must produce <br />documented justification of any such acts or circumstances. <br /> <br />4. Indemnify the State against all liability and loss, and <br />against all claims, actions, and legal expenses and costs <br />incurred in the defense of any claim or action based upon or <br />arising out of damage or injury, including death, to persons or <br />property caused by any acts or omissions of the Contractor or <br />sustained in connection with the performance of any contract <br />related to the project or by conditions created thereby, or <br />based upon any violation of any statute, ordinance, or <br />regulation by the Contractor. <br /> <br />Page Z of 12 Pages <br />