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<br />'. <br /> <br />'~) <br /> <br />8. Pursuant to the BORROWER'S articles of incorporation, by-laws and by statute, the BORROWER has <br />authority to contract to borrow money and to levy assessments assuring repayment of the loan to the STATE <br />in accordance with the terms of this contract provided that a resolution approving said actions has been duly <br />adopted by its board of directors; and <br /> <br />9, The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon <br />mutually agreeable terms and conditions. <br /> <br />NOW THEREFORE, in consideration of the mutual and dependent covenants contained, it is agreed <br />by the parties as follows: <br /> <br />A, The BORROWER agrees as follows: <br /> <br />,. Construction Fund Program procedures. The following items are procedures the BORROWER will <br />follow during the construction phase of the PROJECT, <br /> <br />a. Preparation of plans and specifications. The BORROWER shall employ an engineering firm, <br />hereinafter referred to as the CONSULTANT, with staff registered in the State of Colorado, to prepare <br />plans and specifications for the PROJECT. Both the BORROWER/CONSULTANT agreement, and the plans <br />and specifications must be approved by the STATE in writing. <br /> <br />b. Bidding, CWCB staff must approve bidding for the PROJECT. BORROWER may prepare the notice <br />of award and the notice to proceed with construction to the contractor; however, both notices must <br />be approved by the CWCB staff before they are issued. The BORROWER shall conduct a pre- <br />construction conference and the CWCB staff will have the opportunity to review and approve the <br />construction schedule, <br /> <br />c. Performance of work. The BORROWER shall contract for the construction of the work with <br />responsible and capable firms, hereinafter referred to as CONSTRUCTION FIRMS, which CONSTRUCTION <br />FIRMS shall be selected by the BORROWER and found acceptable by the STATE before work under this <br />contract begins. <br /> <br />d, Completion. Upon completion of the PROJECT, the BORROWER will provide as-built drawings of <br />the PROJECT to the CWCB staff for approval and filing. <br /> <br />2, Time for PROJECT completion. The BORROWER shall commence with construction of the PROJECT as <br />soon as practicable to effect completion within two (2) years of the date of this contract. The PROJECT shall <br />be constructed in accordance with the PROJECT plans and specifications and any modification(s) thereof <br />approved by the STATE, The time for completion of the PROJECT may be extended subject to the mutual <br />agreement of the STATE and the BORROWER. The BORROWER must provide, in writing, documented justification <br />for request of extension sixty (60) days prior to the end of the two (2) year period for completion, The <br />BORROWER further recognizes that time is of the essence in the performance of all of its obligations under this <br />contract, <br /> <br />3, Indemnification of the STATE. The BORROWER shall require all CONSTRUCTION FIRMS and their <br />subcontractors to indemnify the STATE and the BORROWER against all liability and loss, and against all claims and <br />actions based upon or arising out of damage or injury, including death, to persons or property, caused by any <br />acts or omissions of those parties or sustained in connection with the performance of any contract related to <br />the PROJECT or by conditions created thereby, or based upon an violation of any statute, ordinance, or <br />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 /> <br />KINGS ROW HOMEOWNERS ASSOCIATION <br /> <br />Page 2 of 11 <br /> <br />LOAN CONTRACT <br />