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<br />g. The BORROWER shall conduct a pre-construction conference at which time the CWCB staff <br />shall have the opportunity to review and approve the construction schedule. <br /> <br />h. If the cwca staff determines that the PROJECT requires a resident inspector during <br />construction, the BORROWER shall employ an inspector who has been approved by the <br />CWCB staff. <br /> <br />i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications, <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br />of the PROJECT to the CWCB staff, and, if required by S 37-87-105, C.R.S. (1998), 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 date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the STATE. The BORROWER must provide, in <br />writing, documented justification for any request for extension sixty (60) days prior to the end of <br />the period 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 <br />FIRM 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 <br />property 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, vandalism, and flood 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 /> <br />North Poudre Irrigation Company <br /> <br />Page 3 of 13 <br /> <br />Loan Contract <br />