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<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 ~ 37-87-105, C.R.S. (1990). 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 />The STATE acknowledges that the BORROWER has begun the PROJECT using its own funds, and has <br />complied with the procedures set forth in paragraphs (a) through (f) above as of the effective date <br />of this contract. <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 commence <br />with construction in order to complete the PROJECT no later than two (2) years from the date of this <br />contract. The time for completion of the PROJECT may be extended subject to the approval of the <br />STATE. The BORROWER must provide, in writing, documented justification for any request for <br />extension sixty (60) days prior to the end of the period for completion. <br /> <br />3. Indemnification by the CONSTRUCTION FIRM. The BORROWER shall require all CONSTRUCTION FIRMS <br />and their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and <br />against all claims and actions based upon or arising out of damage or injury, including death, to <br />persons or property, caused by any acts or omissions of those parties or sustained in connection with <br />the performance of any contract related to the PROJECT or by conditions created thereby, or based <br />upon any 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 CONSTRUCTION FIRM <br />and its subcontractors to maintain during the term of their contracts for construction of the PROJECT <br />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 shall <br />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 insured. An <br />additional insured endorsement and a current copy of a certificate of said liability insurance must be <br />provided to the STATE prior to commencement of construction and maintained until construction is <br />complete. No payments shall be made to the BORROWER unless all insurance certificates are current. <br />Notices of renewals of said policies shall also be filed with the STATE as they occur. <br /> <br />Vouga Reservoir Association <br /> <br />Page 3 of 1 2 <br /> <br />Loan Contract <br />