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<br />) <br /> <br />, <br /> <br />!. <br /> <br />,~ <br />~ <br /> <br />WHEREAS. pursuant to section 1 of chapter 32. Session Laws <br />of Colorado 1987. as amended by Senate Bill 85 (1989), the <br />State has been authorized to loan Two Hundred Fifteen Thousand <br />Dollars ($215.000) for construction of the project. including <br />the cost of the feasibility 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 /> <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. <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. ~o( purposes of this <br />paragraph. "constructionl' 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 two and one-half (2 1/2) years of the date of this <br />contract. in accordance with the project plans and <br />specifications and any necessary mOdification(s) thereof <br />approved by the State. This time may be extended by the State <br />in writing if such time is insufficient because of acts of God <br />or other acts or circumstances beyond the control of the <br />Contractor. If the project is not completed within two and <br />one-half (2 1/2) years. and if the contract is not extended by <br />the State. the contract shall be terminable at the option of <br />the State. The Contractor must produce documented <br />justification of any such 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 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 createrl 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 />5. Require all Construction Firms and their subcontrac- <br />tors to maintain during the term of their contracts for project <br />construction the following: <br /> <br />a. Workmen's compensation and employers' liability <br />insurance in the required statutory amounts. <br /> <br />b, Automobile liability insurance for all vehicles. <br />and comprehensive general liability insurance. both in <br />at least the following amounts: <br /> <br />Page ~ of 10 Pages <br />