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WHEREAS, pursuant to Section 1 of Chapter 32, Session Laws <br />of Colorado 1987, as amended by Senate Bill 92-87, 1992 Sessiol, <br />the State has been authorized to loan One Million Eight Hundred <br />Thousand Dollars ($1,800,000) for construction of the project. <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 />NOW THEREFORE, in consideration of the mutual and dependent <br />covenants herein contained, it is agreed by the parties hereto <br />as follows: <br />A. The Contractor agrees that it shall: <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 />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 before <br />they can become effective. <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 />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 persons or <br />property, caused by any acts or omissions of those parties 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, and the defense of any such claims or actions. <br />Page 1 of 13 Pages <br />