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<br />-:","",\r-', <br />(.:.,) <br /> <br />. '. <br /> <br />8. The RESERVOIR is located in the White River National Forest and is allowed to be maintained by the <br />BORROWER under the provisions of a special use permit issued by the United States Forest Service; and <br /> <br />9. During the term of this loan. BORROWER and COOK intend to apply for an easement from the United <br />States Government under the provisions of Section 43 USC Section 1761. This easement, if granted, will be <br />substituted for the special use permit now authorizing the maintenance of .the RESERVOIR in the White River <br />National Forest; and <br /> <br />10. The execution of this contract by the BORROWER and the obtaining of the loan under the terms and <br />conditions contained herein, shall not constitute a waiver by the BORROWER of any right conferred upon <br />BORROWER by law to seek reimbursement form COOK and/or the distributees thereof for their proportionate share <br />of the costs and expenses necessary for the repair and maintenance of the RESERVOIR, including but not limited <br />to the work included in the PROJECT; and <br /> <br />11, Since the PROJECT is located upon federal lands, the structuring of an adequate security interest <br />in order to protect the STATE must involve collateral other than the PROJECT; and <br /> <br />12. BORROWER has the full right and lawful authority to execute this agreement, to borrow these monies <br />from the STATE, and to give the security contemplated; and <br /> <br />13. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions; and <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it is agreed <br />by the parties as follows: <br /> <br />A. The BORROWER agrees as follows: <br /> <br />1. Construction Fund Program procedures. The following items are procedures the BORROWER will <br />follow during the construction phase of the PROJECT. <br /> <br />a. Preparation of plans and specifications. The BORROWER shall employ an engineering firm, <br />hereinafter referred to as the CONSULTANi, registered in the State of Colorado to prepare PROJECT <br />plans and specifications for the PROJECT. The CONSULTANT, the BORROWER/CONSULTANT agreement, <br />and the PROJECT plans and specifications must be approved in writing by the STATE before <br />construction on the PROJECi can commence. <br /> <br />b. Bidding. CWCB staff must approve bidding for the PROJECT. BORROWER may prepare the notice <br />of award and the notice to proceed with construction; however, both notices must be approved by <br />the CWCB staff before they are issued. The BORROWER shall conduct a pre-construction conference <br />and the CWCB staff will have the opportunity to review and approve the construction schedule. <br /> <br />c. Performance of work. The BORROWER shall contract for the construction of the work with <br />responsible and capable firms (hereinafter referred to as CONSTRUCTION FIRMS), which CONSTRUCTION <br />FIRMS shall be selected by the BORROWER and found acceptable by the STATE before work under this <br />contract begins. <br /> <br />d. Completion. Upon completion of the PROJECT, the BORROWER will provide as-built drawings of <br />dams and reservoirs to the State Engineer's office for approval and filing. As-built drawings for all <br />other PROJECTS will be provided to the eWCB staff for approval and filing. <br /> <br />Caryl Carroll <br /> <br />Page 2 of 11 <br /> <br />loan Contract <br />