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<br />WHEREAS, pursuant to section 1 of chapter 32, session Laws <br />of Colorado 1987. as amended by House Bill 1042, 1985 Session. <br />the State has been authorized to loan Two Hundred Fifty <br />Thousand Dollars ($250.000) for construction of the project, <br />including the cost of the feasibility report. <br /> <br />WHEREAS. the amount of Two Hundred Fifty Thousand Dollars <br />($250.000) may be increased by an amount justified by reason of <br />ordinary fluctuations in construction costs as indicated by'the <br />engineering cost indices applicable to this project; and <br /> <br />WHEREAS. the amount of Two Hundred Fifty Thousand Dollars <br />($250.000) may also be increased by reason of changes made in <br />the plans of the project; and <br /> <br />WHEREAS. the amount of Two Hundred Fifty Thousand Dollars <br />($250.000) was increased to Three Hundred Twenty Thousand <br />Dollars ($320.000). including thE- cost of the feasibility <br />report. <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 <br />dependent covenants herein contained. it is agreed by the <br />parties hereto as follows: <br /> <br />A. The State and the Contractor have previously entered into a <br />termination contract, attached hereto as Exhibit A. and a <br />feasibility report contract. attached hereto as Exhibit B. <br />Exhibits A and B are incorporated by reference herein. The <br />Contractor's Articles of Incorporation and By-Laws are also <br />incorporated by reference herein. <br /> <br />B. 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. llcons-::.ruction" includes any real estate and water <br />rights acquisitions. <br /> <br />2. Contract for the construction of said project to a <br />responsible and capable firm or firms (hereinafter referred to <br />as Construction Firm or Firms), which Construction Firms shall <br />be selected by the Contractor through competitive pUblic <br />bidding. The State must approve in writing all contracts <br />before they can become effective. <br /> <br />3. Cause construction of the project to be completed <br />within three (3) years of the date of this contract. in <br />accordance with the project plans and specifications and any <br />necessary modification(s) thereof approved by the State. This <br />time may be extended by the State in writing if such time is <br />insufficient because of acts of God or other acts or <br />circumstances beyond the control of the Contractor. The <br />Contractor must produce documented justification of any such <br />acts or circumstances. <br /> <br />4. Require all Construction Firms and their subcontractors <br />to indemnify the State and the Contractor against all liability <br />and loss. and against all claims and actions based upon or <br />arising out of damage or injury. including death. to peC"sons or <br />property. caused by any acts or omissions of those parties or <br />sustained in connection with the performan:e 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, and the defense of any such claims or actions. <br /> <br />Page ~ of II Pages <br />