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<br />'.' <br /> <br />of the PROJECT to the CWCB staff, and, if required by 9 37-87-105, C.R.S. (2000), the <br />BORROWER shall provide the same drawings to the State Engineer's Office for approval and <br />filing. <br /> <br />k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection <br />for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. <br /> <br />2. Time For PROJECT Completion. The BORROWER recognizes that time is of the essence in the <br />performance of all of its obligations under this contract. Therefore, the BORROWER shall complete <br />the PROJECT within two (2) years from the effective date of this contract. The time for completion <br />of the PROJECT may be extended subject to the approval of the STATE. The BORROWER must <br />provide, in writing, documented justification for any request for extension sixty (60) days prior to <br />the end of the period for completion. The State will provide to the Borrower within thirty (30) days <br />following receipt of the Borrower's request, a letter of approval or denial of the request for <br />extension of time for completion. <br /> <br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION <br />FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br />any such claims or actions. <br /> <br />4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION FIRM <br />and its subcontractors to maintain, during the term of their contracts for construction of the <br />PROJECT, the following insurance with a company that is satisfactory to the STATE: <br /> <br />a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and hired <br />vehicles with minimum limits of $1 ,000,000 combined single limit for bodily injury and property <br />damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall <br />include products/completed operations and personal injury. <br /> <br />d. Builder's risk insurance for construction in progress for all perils of loss including fire, wind, <br />hail and vandalism in an amount equal to the completed value of the PROJECT. <br /> <br />Said general liability insurance shall name the BORROWER and the STATE as additional insured. <br />An additional insured endorsement and a current copy of a certificate of said liability insurance <br />must be provided to the STATE prior to commencement of construction and maintained until <br />construction is complete. No payments shall be made to the BORROWER unless all insurance <br />certificates are current. The BORROWER shall file notices of renewals of said pOlicies with the <br />STATE as renewals occur. <br /> <br />During the time of construction, the STATE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amount established by the <br />Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal <br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and <br /> <br />Tunnel Water Company <br /> <br />Page 3 of 12 <br /> <br />Loan Contract <br />