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<br />WHEREAS, the contractor or Borrower understands that this <br />Contract is also a promissory note for the repayment of funds <br />loaned to the Borrower according to the terms set forth herein. <br /> <br />NOW THEREFORE, in consideration of the mutual and <br />dependent covenants herein contained, it is agreed by the <br />parties hereto as follows: <br /> <br />A. The State and the contractor have previously entered into a <br />termination contract, attached hereto as Exhibit A, and a <br />feasibility report contract, attached hereto as Exhibit B. <br />Exhibits A and B are incorporated by reference herein. The <br />Contractor's Articles of Incorporation and By-Laws are also <br />incorporated by reference herein. <br /> <br />B. The Contractor agrees that it shall: <br /> <br />1. Employ an engineering firm (hereinafter referred to as <br />the Consultant) to prepare project plans and specifications for <br />the project. Both the Consultant and the project plans and <br />specifications must be approved in writing by the state before <br />construction on the project can commence. For purposes of this <br />paragraph, "construction" includes any real estate and water <br />rights acquisitions. <br /> <br />2. Contract for the construction of said project to a <br />responsible and capable firm or firms (hereinafter referred to <br />as construction Firm or Firms)-, which Construction Firms shall <br />be selected by the Contractor through competitive public <br />bidding. The state must approve in writing all contracts before <br />they can become effective. <br /> <br />3. Cause construbtion of the project to be completed within <br />two (2) years of the date of this contract, in accordance with <br />the project plans and specifications and any necessary <br />modification(s) thereof approved by the state. This time may be <br />extended by the state in writing if such time is insufficient <br />because of acts of God or other acts or circumstances beyond the <br />control of the Contractor. The contractor must produce. <br />documented justification of any such acts or circumstances. <br /> <br />4. Require all Construction Firms and their subcontractors <br />to indemnify the state and the Contractor against all liability <br />and loss, and against all claims and actions based upon or <br />arising out of damage or injury, including death, to persons or <br />property, caused by any acts or omissions of those parties or <br />sustained in connection with the performance of any contract <br />related to the project or by conditions created thereby, or <br />based upon any violation of any statute, ordinance, or <br />regulation, and the defense of any such claims or actions. <br /> <br />5. Require all Construction Firms and their subcontractors <br />to maintain during the term of their contracts for project <br />construction the following: <br /> <br />a. Workmen's compensation and employers' liability <br />insurance in the required statutory amounts. <br /> <br />b. Automobile liability insurance for all vehicles, <br />and comprehensive general liability insurance, both <br />in at least the following amounts: <br /> <br />(a) For any injury to one person in any single <br />occurrence, the sum of Five Hundred Thousand <br />Dollars ($500,000). <br /> <br />(b) For any injury to two or more persons in any <br />single occurrence, the sum of One Million Dollars <br />($1,000,000) . <br /> <br />Page l of 10 pages <br />