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� <br />k. Upon completion of the PRO�ECT construction, the BoRROwER shall arrange a final inspection for <br />the CWCB staff, CONSTRUCTION FIRM, 8fld th2 CONSULTANT. <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 date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the S7a.7E. The BORROwER must provide, in <br />writing, documented justification for any request for extension sixty (60) days prior to the end of the <br />period for completion. The STaTE will provide to the BoRROwER within 30 days following receipt of <br />th@ BORROWER's request, a letter of approval or denial of the request for extensiori of time for <br />completion. <br />3. Indemnification By The CONSTRUCTION FIRM. Th2 BORROWER Sh211 feqUlfO 811 CONSTRUCTION <br />FiRnns 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 PRO�eCT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any <br />such claims or actions. <br />4. Liability Insurance During Construction. The BoRROwER shall �2qui�e th2 CONSTRUC710N FIRM <br />and its subcontractors to maintain, during the term of their contracts for construction of the PRO.IECr, <br />the following insurance with a company that is satisfactory to the S'raTE: <br />a. Worker's compensation and employer's liability insurance in the required statutory amounts. <br />b. Automobile liability insurance which includes coverage for ail owned, non-owned and hired <br />vehicles with minimum limits of $1,000,000 combined single limit for bodily inju.ry and property <br />damage. <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include <br />products/completed operations and personal injury. <br />d. Builders risk insurance for construction in progress for all perils of loss including fire, wind, hail, <br />vandalism, and flood in an amount equal to the completed value of the PRO,IECr. <br />Said general liability insurance shall name the BoRROwER and the STATE as additional insured. An <br />additional insured endorsement and a current copy of a certificate of said Iiability insurance must be <br />provided to the STaTE prior to commencement of construction.and maintained until construction is <br />complete. No payments shall be made to the BORROwER unless all insurance certificates are <br />current. The BoRROwER shall file notices of renewals of said policies with the ST,aTE as renewals <br />occur. <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 Colorado <br />Governmental Immunity Act, now and as hereafter amended. <br />5. BoRROwER'S Indemnification Of The STATE. The BoRROwER shall, without expense or legal <br />liability to the SrarE, manage, operate, and maintain the PRO�ECr continuously in an efficient and <br />economicai manner. The BoRROwER agrees to indemnify and hold the STATE harmless from any <br />liability incurred by the SrnrE as a result of the STnrE's interest in the PRO�ECr facilities and any <br />other property identified in the Collaterel Provisions of this contract. <br />8oulder & Left Hand Irri9a6on Company Page 3 of 12 � Loan Contrect <br />