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- ''', ~ :- .-,. ,". : ;.~-. -/. -~: . . - . . . . ~ ..":.~.~ :_.".'~':~~:' :::~. .i.;;:.>:'\-. :::.~_;-:.'. ..~;. -.'. :. .-.--.' ,....... {, 9. At its September 19, 1991 BO,ard meeting, the CWCB, approved a loan to the BORROWER in an amount not to exceed One Hundred Thousand Dollars ($100,000), at an interest rate of five percent (5%) per annum, and for a duration of twenty (20) years; and 10. Pursuant to Section 37-60-122(1 )Ie) CRS, the cost of the above referenced feasibility report contract shall be deducted from the approved loan amount, so the amount remaining for construction is Ninety Seven Thousand Five Hundred Dollars ($97,500), hereinafter referred to as MAXIMUM LOAN AMOUNT; and 11. The BORROWER has authority to contract to borrow money from the STA TE and to give security set forth below to assure repayment of the loan to the STA TE in accordance with the terms of this contract and other security instruments called for herein; and 12, The STATE now desires, by this contract, t9 loan money to the BORROWER for this PROJECT upon mutualfy agreeable terms and conditions. NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it is agreed by the parties as follows: " A. The BORROWER agrees as follows: 1. Construction Fund Program procedures. The following items are procedures the" BORROWER will follow during the construction phase of the PROJECT. a. Preparation of plaris and specifications. The BORROWER shall employ an engineering firm, hereinafter referred to as the CONSULTANT, with staff registered in the State of Colorado; to prepare plans and specifications for the PROJECT, The BORROWER/CONSUL T ANT agreement, and the plans and specifications must be approved by the STATE in writing. Plans and specifications for all jurisdictional storage dams and reservoirs must also be approved by the State Engineer's office. b. Bidding. CWCB staff must approve bidding for the P~jECT. BORROWER may prepare the notice of award and the notice to proceed with cF!U~'f~i.tQ.Jii~.l:ontractor; however, both notices must be approved by the CWCB staff before theV"&re Issued, The BORROWER shall conduct a pre-construction conference and the CWCB staff will havl1.t~e,-9IlPDfJygity to review and approve the construction schedule. IlPtN I.l 0 c, Performan~e of work.. The BORRO~;~A"~lt<:~.dCf&~nstruc~ion of the work with responsible and capable flfms, hereinafter referreCl" to as CONSTRUCTION FIRMS, which CONSTRUCTION FIRMS shall be . selected by the BORROWER and found acceptable by the STATE before work under this contract begins. d. As-built drawings. Upon completion of the PROJECT, the BORROWER will provide as-built drawings of dams and reservgirs to the State Engineer's office for approval and filing. 2, Time for PROJECT completion, The BORROWER shall commence with construction of the PROJECT as soon as practicable to effect completion within two (2) years of the date of this contract. The PROJECT shall be constructed in accordance with the plans and specifications, and with any modification(s) thereof approved by the STATE, The time for completion of the PROJECT may be extended subject to the mutual agreement of the STATE and the BORROWER. The BORROWER must provide, in writing, documented justification for request of extension sixty (60) days prior to the end of the two (2) year period for completion, The BORROWER further recognizes that time is of the essence in the performance of all of its obligations under this contract. 3. Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all lli'mS and actions based upon or arising out of damage or injury, including death, to persons or property, caus " by acts or omissions of those LLOYD RANCH LIMITED PARTNERSHIP Page 2 of 10 LOAN CONTRACT