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" " and the project plans and specifications must be approved by the State before initiation of construction on the project, including any real estate and water rights acquisitions. can cormnence. 2. Contract for the construction of said project to a responsible and capable firm or firms (herei~after referred to as Construction Firm or Firms), which Constr~ction Firms shall, when required by the State, be selected thro~gh competitive pUblic bidding, said project to be completed within two (2) years of the date of this contract in ,accord8oce with the project plans and specifications and any necessary modification thereof approved bY the State. The State mU6t 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 aod 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 dny violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Require all Construction Firms and their subcontrac- tors to maintain t~e following: d. Workmen's compensation and employers' liability insurance. b. AutomObile liability insurance for all vehicles. c. Compr@hensive general liability insurance in at least the following amounts; (1) for any injury to one person in any single occur~ence, the sum of Five Hundred Thousand Oolla~s ($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 thi~ contract unless a copy of a certificate of said liab!lity insurance has been filed 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 unidiv!ded fifty percent (50%) of the following: a. ZOO,OOO~ cubic yards of embankment. b. J7,OOO~ tons of filter material. c. J.050! linear feet of toe drains. d. JO,OOO! tons of riprap. e. ~lO~ cubic yards of COncrete. f. J06~ linear feet of 42-inch reinforced concrete pipe. g. 1wo 42-inch square outlet gates. Page 2 of 8 Pages