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NOW THEREFORE, in consideration of the mutual and dependent covenants herein contained, it is agreed by the parties hereto as follows: A. The Borrower agrees that it shall: 1. Employ an engineering firm to prepare oroiect plans and specifications for the oro;ect. Both the engineerinq firm and the project plans and specifications must he aooroveo bv the State before initiation of construction on the oro~ect, including any real estate and water rights acquisitions, can cormnence. 2. Contract for the construction of said oro;p.ct 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 throuqh competitive public bidding, said pro;ect to be completed within two (2) years of the date of this contract in accordance with the project plans and specifications and any necessary mo~if.ication thereof approved by the State. The State must approve, in writing, all contracts before they can hecome 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 aqainst all liability and loss, and against all claims and actions hased upon or arising out of damage or injury, includinq 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 subcontrac- tors to maintain the following: a. T.olorkmen1s compensation ann employers' liahilitv insurance. b. Automobile liability insurance for all v~hicles. c. Comprehensive general liability insurance in at least the following amounts: ( 1 ) For any in; urv to one person in any sinqle occurrence, the sum of Pive Hundred Thousand Dollars (S500,000). (2) For any in;ury to two or more per.sons in any single occurrence, the sum of One Million Dollars ($1,000,000) . Said liability insurance shall name the Rorrower ann the State as co-insureds. No payments shall be made under this contract unless a copy of a certificate of said liability insurance has been filed with the Colorado Water Conservation Board. 5. Execute a warranty deerl which shall convey the following real property to the Board as security for the loan: a. A 24-inch, class 50 ductile iron pipe, 1Q,500+ linear feet, includinq 10 vaults and air release - valves,S drain valves, and assemblies and all other appurtenances. b. 3.6+ acres of land to be used as nioeline easements. Page 2 of B Pages