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<br />i. Upon completion .of the PROJECT construction, the BORROWER shall provide as-built drawings of <br />t~e PROJECT to the CWCB staff. <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection for <br />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 commence <br />with construction in order to complete the PROJECT no later than two (2) years from the date of this <br />contract. The time for completion of the PROJECT may be extended subject to the approval of the <br />STATE. The BORROWER must provide, in writing, documented justification for any request fo( an <br />extension within sixty (60) days prior to the end of 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 BORROWER against all liability and loss, <br />and against all claims and actions based upon or arising out of damage or injury, including death, to <br />persons or property, caused by any acts or omissions of those parties or sustained in connection <br />with the performance of any contract related to the PROJECT or by conditions created thereby, or <br />based upon any violation of any statute, ordinance, or regulation, and the defense of any such <br />claims or actions. <br /> <br />4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM <br />and its subcontractors to maintain, during the term of their contracts for construction of the PROJECT, <br />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 property <br />damage. <br /> <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 /> <br />d. Builder's risk for construction in progress for all perils of loss including fire, wind, hail, vandalism, <br />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. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to beginning of construction and maintained until construction is <br />complete. No payments shall be made to the BORROWER unless all insurance certificates are <br />current. Notices of renewals of 'Said policies shall also be filed with the STATE as they occur. During <br />the time of construction, the STATE reserves the right to increase the above amount of insurance so <br />that said amounts at a minimum correspond to the amounts established by Colorado Governmental <br />Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S indemnification of the STATE. The BORROWER shall, without expense or legal liability <br /> <br />Town of Morrison <br /> <br />Page 3 of 13 <br />