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,-" construction, the BORROWER shall employ an inspector who has been approved by the CWCB staff. L The BORROWER shall construct the PROJECT in accordance with the approved plans and specifications. j, Upon completion of the PROJECT con5truction, the BORROWER shall provide as-built drawings of the PROJECT to the CWCS staff, and, if required by 9 37-87-105, C.R.S, (1990), the BORROWER shall provide the same drawings to the State Engineer's Office for approval and filing, k, Upon completion of the PROJECT con5truction, the BORROWER shall arrange a final inspection for the CWCB staff, CONSTRUCTION FIRM, and the CONSULTANT. 2. Time For PROJECT Completion. The BOR~OWER recognizes that time is of the essence in the performance of all of its obligations under this contract. Therefore, the BORROWER shall commence with construction in order to complete the PROJECT no later than two (2) years from the date of this contract. The time fOr completion of the PROJECT may be extended subject to the approval of the STATE. The 130RROWER must provide, in writing, documented justification for any request for extension sixty (60) days prior to the end of the period for completion. 3. Indemnification By The CONSTRUCTlOtll FIRM. The BORROWER shall require all CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and actions based upon or arising out of damage or injury, including.death, to persons or property, caused by any acts or omissions of those parties or sustained in connection with the performance of any contract related to the PROJECT or by conditions created thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of any such claims or actions. 4. Liability Insurance During Construction. The BORROWER shall require the CONSTRUCTION FIRM and its subcontractors to maintain du~ng the term of their contracts for cOnstruction of the PROJECT the following insurance with a c;ompany that is satisfactory to the STATE: a. Worker's compensation and employets liability insurance in the required statutory amounts. b, Automobile liability insurance which inCludes coverage for all owned, non-owned and hired vehicles with minimum limits of $1,000,000 combined single limit for bodily injury and property damage. c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include products/completed operations and personal injury. d, Builder's risk insurance for construction in progress for all perils of loss including fire, wind, hail, vandalism, and flood in an amount equal to the completed value of the PROJECT. Said general liability insurance shall name the BORROWER and the STATE as additional The Agricultural Ditch and Reservoir Company Page 3 of 14 Loan Contract