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<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 />The STATE acknowledges that the BORROWER has begun the PROJECT using its own funds <br />and as of the effective date of this contract was in compliance with the procedures set forth in <br />the above paragraphs. <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 sixty (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 Weldon Valley Ditch Company <br /> <br />Page 3 of 14 <br /> <br />Loan Contract <br />