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<br />'\ <br /> <br />i. The BORROWER shall construct the PROJECT in accordance with the approved plans and <br />specifications. <br /> <br />j. Upon completion of the PROJECT construction, the BORROWER shall provide as-built drawings <br />of the PROJECT to the CWCB staff, and, if required by S 37-87-105, C.RS. (1997), the <br />BORROWER shall provide the same drawings to the State Engineer's Office for approval and <br />filing. <br /> <br />k. Upon completion of the PROJECT construction, the BORROWER shall arrange a final inspection <br />for 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 complete <br />the PROJECT within six (6) months from the date of this contract. The time for completion of the <br />PROJECT may be extended subject to the approval of the STATE. The BORROWER must provide, in <br />writing, documented justification for any request for extension sixty (60) days prior to the end of <br />the period for completion. The State will prOVide to the Borrower within thirty (30) days following <br />receipt of the Borrower's request, a letter of approval or denial of the request for extension of time <br />for compietion. <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 and <br />loss, and against all claims and actions based upon or arising out of damage or injury, including <br />death, to persons or property, caused by any acts or omissions of those parties or sustained in <br />connection with the performance of any contract related to the PROJECT or by conditions created <br />thereby, or based upon any violation of any statute, ordinance, or regulation, and the defense of <br />any such 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 <br />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 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 <br />limit for each occurrence and $2,000,000 general aggregate. This insurance coverage shali <br />include products/completed operations and personai injury, <br /> <br />d. Builder's risk insurance for construction in progress for all perils of loss inciuding fire, wind. <br />hail, 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 insured, <br />An additional insured endorsement and a current copy of a certificate of said liability insurance <br />must be provided to the STATE prior to commencement of construction and maintained untii <br />construction is complete. No payments shall be made to the BORROWER unless all insurance <br />certificates are current. The BORROWER shall file notices of renewals of said poliCies with the <br />STATE as renewals occur. <br /> <br />Otero Ditch Company <br /> <br />Page 3 of 13 <br /> <br />loan Contract <br />