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<br />NOW, THEREFORE, the parties hereto agree as follows: <br />1. BELMONT'S APPROVAL. BELMONT hereby acknowledges that REDWOOD <br />CITY has included in its contract for completion of the Project certain improvements benefiting <br />BELMONT and that BELMONT has reviewed and approved that portion of the Project relating <br />to BELMONT's interest in the Project. BELMONT hereby agrees to share in the costs of the <br />Project as hereinafter set forth. <br />2. COST ALLOCATION. BELMONT hereby agrees to reimburse <br />REDWOOD CITY for Belmont's proportionate cost estimate for the Project. BELMONT's <br />estimated pro-rata share of the costs of the Project is Sixteen Thousand Nine Hundred Fifty and <br />Noll 00 Dollars ($16,950.00), based upon a 25% share of the proposed consulting engineering <br />services for the Project. The parties agree that the final costs are not to exceed the foregoing <br />estimated amount. <br />BELMONT shall reimburse REDWOOD CITY for its proportionate share of the costs of <br />the Project, based upon the actual final costs for the Project, payment for which shall be made by <br />BELMONT within thirty (30) days of billing therefor by City; provided, however, that said <br />billing shall not be made until substantial completion ofthe Project has occurred. <br />3. PERFORMANCE. Upon execution hereof by BELMONT, REDWOOD CITY <br />shall proceed, by and through its Consultant, with the Project. BELMONT hereby acknowledges <br />that the estimated time of completion for the Project is April, 1996. <br />4. HOLD HARMLESS. To the extent permitted by law, each party (as <br />"Indemnitor") shall indemnify, defend and hold the other party (as "Indemnitee") harmless from <br />and against any and all claims, demands and causes of action by third parties for personal injuries <br /> 2 <br /> ..,-_. <br />