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<br />>L. <br /> <br />10. 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 th~ 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 CONSULTANr, with staff registered in the State of Colorado to prepare <br />PROJECT plans and specifications. The E:!ORROWER/CONSULTANT agreement. and the PROJECT plans <br />and specifications must be approved in writing by the STATE, Plans and specifications for all <br />jurisdictional storage dams and reservoirs must also be approved by the State Engineer's office. <br /> <br />b, Bidding. CWCB staff must be notifi~d of bidding for the PROJECT. BORROWER may prepare the <br />notice of award and the notice to pro~eed with construction; however, both notices must be <br />approved by the CWCB staff before they are issued. The BORROWER shall conduct a pre. <br />construction conference and the CWCB staff will have the opportunity to review and approve the <br />construction schedule. <br /> <br />c. Performance of work. The BORROWER shall contract for the construction of the work with <br />responsible and capable firms, hereinaftlir referred to as CONSTRUCTION FIRMS, which CONSTRUCTION <br />FIRMS shall be selected by the BORROWER end found acceptable by the STATE before work under this <br />contract begins. <br /> <br />d. Completion. Upon completion of th~ PROJECT, the BORROWER will provide as.buiit drawings of <br />dams and reservoirs to the State Engine~r's office for approval and filing, As-built drawings for all <br />other PROJECTS will be provided to the C;WCB staff for approval and filing. <br /> <br />2. Time for PROJECT completion. The BORRClwER shall commence with construction of the PROJECT as <br />soon as practicable after meeting all preconstructio~ requirements of this contract to effect completion within <br />two (2) years of the date of this contract. The PROJECT shall be constructed in accordance with the PROJECT <br />plans and specifications and any modification(s) th~reof approved by the STATE. The time for completion of <br />the PROJECT may be extended subject to the mutual agreement of the STATE and the BORROWER. To request <br />such an extension, the BORROWER must provide, in Writing, documented justification for request of extension <br />sixty (60) days prior to the end of the two (2) year period for compietion, The BORROWER further recognizes <br />that time is of the essence in the performance of all of its obligations under this contract. <br /> <br />3. Indemnification of the STATE. The BO~ROWER shall require all CONSTRUCTION FIRMS and their <br />subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and <br />actions based upon or arising out of damage or injury, including death to persons or property, caused by any <br />acts or omissions of those parties or sustained in connection with the performance of any contract related to <br />the PROJECT or by 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 />MILITARY PARK RESERVOIR COMPANY <br /> <br />Page 2 of 11 <br /> <br />LOAN CONTRACT <br />