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<br />r:"--, <br />. " <br /> <br />~-, ,~ <br />.' <br /> <br />WHEREAS, pursuant to section 1 of chapter 32, Session Laws of Colorado 1987, as <br />amended by HB 93 1273, the State has been authorized to loan Seventy-One Thousand Five <br />Hundred Dollars ($71,500) for construction of the project. <br /> <br />WHEREAS, the Contractor or Borrower understands that this Contract is also a <br />promissory note for the repayment of funds loaned to the Borrower according to the terms <br />set forth herein. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants herein <br />contained, it is agreed by the parties hereto as follows: <br /> <br />A. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as the Consultant) to prepare <br />project plans and specifications for the project. Both the Consultant and the project plans <br />and specifications must be approved in writing by the State before construction on the <br />project can commence. For purposes of this paragraph, "construction" includes any real <br />estate and water rights acquisitions. <br /> <br />2. Contract for the construction of said project to a responsible and capable firm or <br />firms (hereinafter referred to as Construction Firm or Firms), which Construction Firms <br />shall be selected by the Contractor through competitive public bidding. The State must <br />approve in writing all contracts before they can become effective. <br /> <br />3. Cause construction of the project to be completed within two (2) years of the date <br />of this contract, in accordance with the project plans and specifications and any necessary <br />modification(s) thereof approved by the State. This time may be extended by the State in <br />writing if such time is insufficient because of acts of God or other acts or circumstances <br />beyond the control of the Contractor. The Contractor must produce documented <br />justification of any such acts or circumstances. <br /> <br />4. Require all Construction Firms and their subcontractors to indemnify the State and <br />the Contractor against all liability and loss, and against all claims and actions based upon <br />or arising out of damage or injury, including death, to persons or property, caused by any <br />acts or omissions of those parties or sustained in connection with the performance of any <br />contract related to the project or by conditions created thereby, or based upon any violation <br />of any statute, ordinance, or regulation, and the defense of any such claims or actions. <br /> <br />5. Require all Construction Firms and their subcontractors to maintain during the term <br />of their contracts for project construction the following: <br /> <br />a. Workmen's compensation and employers' liability insurance in the required <br />statutory amounts. <br /> <br />Page Z of 11 pages <br />