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<br />drawings of the PROJECT to the CWCB staff, and, if required by 9 37-87-105, C,RS,
<br />(1990), the BORROWER shall provide the same drawings to the State Engineer's Office for
<br />approval and filing,
<br />
<br />k, Upon completion of the PROJECT construction, the BORROWER shall arrange a final
<br />inspection 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
<br />the performance of all of its obligations under this contract Therefore, the BORROWER shall
<br />commence with construction in order to complete the PROJECT no later than two (2) years
<br />from the date of this contract The time for completion of the PROJECT may be extended
<br />subject to the approval of the STATE, The BORROWER must provide, in writing, documented
<br />justification for any request for extension siJ<ty (60) days prior to the end of the period for
<br />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
<br />and loss, and against all claims and actions based upon or arising out of damage or injury,
<br />including death, to persons or property, caused by any acts or omissions of those parties or
<br />sustained in connection with the performance of any contract related to the PROJECT or by
<br />conditions created thereby, or based upon any violation of any statute, ordinance, or
<br />regulation, and the defense of 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
<br />the 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
<br />amounts,
<br />
<br />b, Automobile liability insurance which includes coverage for all owned, non-owned and
<br />hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury
<br />and 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
<br />shall include prOducts/completed operations and personal injury.
<br />
<br />d, Builder's risk 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 PROJECT,
<br />
<br />Said general liability insurance shall name the BORROWER and the STATE as additional
<br />insured, An additional insured endorsement and a current copy of a certificate of said liability
<br />insurance must be provided to the STATE prior to commencement of construction and
<br />maintained until construction is complete. No payments shall be made to the BORROWER
<br />unless all insurance certificates are current Notices of renewals of said policies shall also be
<br />filed with the STATE as they occur.
<br />
<br />During the time of construction, the STATE reserves the right to increase the above amount of
<br />
<br />The Decker Lateral Company
<br />
<br />Page 3 of 14
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<br />Loan Contract
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