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<br />j. Upon completion of the PROJECT construction, the BORROWER shall arrange a final <br />inspection 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 <br />in the performance of all of its obligations under this contract. Therefore, the BORROWER <br />shall commence with construction in order to complete the PROJECT no later than two (2) <br />years from the date of this contract. The time for completion of the PROJECT may be <br />extended subject to the approval of the STATE. The BORROWER must provide, in writing, <br />documented justification for any request for extension sixty (60) days prior to the end of <br />the period for completion. <br /> <br />3. Indemnification By The CONSTRUCTION FIRM. The BORROWER shall require all <br />CONSTRUCTION FIRMS and their subcontractors to indemnify the STATE and the BORROWER <br />against all liability and loss, and against all claims and actions based upon or arising out <br />of damage or injury, including death, to persons or property, caused by any acts or <br />omissions of those parties or sustained in connection with the performance of any <br />contract related to the PROJECT or by conditions created thereby, or based upon any <br />violation of any statute, ordinance, or regulation, and the defense of any such claims or <br />actions. <br /> <br />4. Liability Insurance During Construction. The BORROWER shall require the <br />CONSTRUCTION FIRM and its subcontractors to maintain during the term of their contracts <br />for construction of the PROJECT the following insurance with a company that is satisfactory <br />to the STATE: <br /> <br />a. Worker's compensation and employer's liability insurance in the required statutory <br />amounts. <br /> <br />b. Automobile liability insurance which includes coverage for all owned, non-owned and <br />hired vehicles with minimum limits of $1 ,000,000 combined single limit for bodily injury <br />and property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined <br />single limit for each occurrence and $2,000,000 general aggregate. This insurance <br />coverage shall include 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, <br />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 <br />insured. An additional insured endorsement and a current copy of a certificate of said <br />liability insurance must be provided to the STATE prior to commencement of construction <br />and maintained until construction is complete. No payments shall be made to the <br />BORROWER unless all insurance certificates are current. Notices of renewals of said <br />policies shall also be filed with the STATE: as they occur. <br /> <br />During the time of construction, the STATE reserves the right to increase the above <br />amount of insurance so that said amounts at a minimum correspond to the amount <br />established by the Colorado Governmental Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or <br />legal liability to the STATE, manage, operate, and maintain the PROJECT continuously in an <br /> <br />Pinon Mesa Ranches Community Association <br /> <br />Page 3 of 13 <br /> <br />Loan Contract <br />