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<br />f <br /> <br />r <br /> <br />BORROWER must provide, in writing, documented justification for any request for an extension at least sixty <br />(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 and <br />their subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against <br />all claims and actions based upon or arising out of damage or injury, including death, to persons or <br />property, caused by any acts or omissions of those parties or sustained in connection with the <br />performance of any 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 actions. <br /> <br />4. Liability insurance during construction. The BORROWER shall require the CONSTRUCTION FIRM and its <br />subcontractors to maintain during the term of their contracts for construction of the PROJECT the following <br />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 vehicles <br />wi~h minimum limits of $1,000,000 combined single limit for bodilyiniury and property damage. <br /> <br />c. Commercial general liability insurance with minimum limits of $1,000,000 combined single limit <br />for each occurrence and $2,000,000 general aggregate. This insurance coverage shall include <br />products/completed operations and personal injury. <br /> <br />d. Builder's risk for construction in progress for ail perils of loss including fire, wind, hail, vandalism, <br />and flood in an amount equal to the completed v<llue 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 9Elid 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 />During the time of construction, the STATE reserves the right to increase the above amount of <br />insurance so that said amounts at a minimum correspond to the amount established by the Colorado <br />Governmental Immunity Act, now and as hereafter amended. <br /> <br />5. BORROWER'S indemnification of the STATE. The BORROWER shall, without expense or legal liability <br />to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and economical <br />manner. The BORROWER agrees to indemnify and hold the STATE harmless from any liability incurred by <br />the STATE as a result of the STATE'S interest in the PROJECT facilities and any other property identified in <br />the Collateral Provisions of this contract. <br /> <br />6. BORROWER'S liabilitv insurance. Upon execution of this contract and continuing until complete <br />repayment of the loan is made to the STATE, the BORROWER shall maintain commercial general liability <br />insurance with a company that is satisfactory to the STATE covering the management, operation, and <br />maintenance of the PROJECT with minimum limits of $1,000,000 combined single limit for each occurrence <br />and $2,000,000 general aggregate, including products/completed operations and personal injury. <br /> <br />Said general liability insurance shall name the STATE as additional insured. A copy of a certificate of <br />said insurance and an additional insured endorsement must be filed with the STATE. Evidence of current <br />, insurance coverage is to be provided as renewals occur. No loan funds shall be advanced by the STATE <br />without evidence of said current coverage. Throughout the life of this contract, the STATE reserves the <br /> <br />Bravo Ditch Company <br /> <br />Page 3 of 11 <br /> <br />Loan Contract <br />