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<br />for the CWCB staff, CONSTRUCTION FI~M, 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 two (2) years 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,
<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 ConstructiOr1. 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 shall
<br />include products/completed operations and personal injury,
<br />
<br />d, Builder's risk insurance for construction in progress for all perils of loss including 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 until
<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 />During the time of construction, the STATE reseNes the right to increase the above amount of
<br />insurance so that said amounts at a minimum correspond to the amount established by the
<br />Colorado Govemmentallmmunity Act, now and as hereafter amended,
<br />
<br />5. BORROWER'S Indemnification Of The STATE. The BORROWER shall, without expense or legal
<br />liability to the STATE, manage, operate, and maintain the PROJECT continuously in an efficient and
<br />economical manner. The BORROWER agrees to indemnify and hold the STATE harmless from any
<br />liability incurred by the STATE as a result of the STATE'S interest in the PROJECT facilities and any
<br />other property identified in the Collateral Provisions of this contract.
<br />
<br />Greeley & Loveland
<br />Irrigation Company
<br />
<br />Page 3 of 13N
<br />Loan Contract
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