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<br />BELMONT shall bill REDWOOD CITY on a monthly basis during the term of the Project. <br /> <br />Payment shall be made by REDWOOD CITY within thirty (30) days of each billing. At the <br /> <br />completion of the Project, a review of all costs shall be done to determine if REDWOOD CITY <br /> <br />has paid the amount equal to the actual costs of design work for the Interchange Improvements <br /> <br />portion of the Project. If additional amounts or refunds are due, said payments or refunds shall <br /> <br />be tendered within thirty (30) days of the completion of the Project review. The parties agree <br /> <br />that the final costs are not to exceed the foregoing estimated amount. <br /> <br />4. <br /> <br />PERFORMANCE. Upon execution hereof by REDWOOD CITY, BELMONT shall <br /> <br />proceed, by and through its Consultant, with the Project. <br /> <br />5. <br /> <br />HOLD HARMLESS. To the extent permitted by law, each party (as "Indemnitor") <br /> <br />shall indemnify, defend and hold the other party (as "Indemnitee") harmless from and against <br /> <br />any and all claims, demands and causes of action by third parties for personal injuries <br /> <br />(including loss of life) or property damages (including loss of use thereof) arising out of the <br /> <br />Project and resulting from the negligent act or omissions of Indemnitor, its officers, employees, <br /> <br />or agents. <br /> <br />6. <br /> <br />GOVERNING LAW. This Agreement shall be governed by the laws of the State <br /> <br />of California and any suit or action initiated by either party shall be brought in the County of San <br /> <br />Mateo, California. <br /> <br />7. <br /> <br />PARAGRAPH HEADINGS. Paragraph headings as used herein for convenience <br /> <br />only, and shall not be deemed to alter or amend the provisions of the paragraphs headed <br /> <br />thereby. <br /> <br />8. <br /> <br />AUTHORIZATION. This Agreement becomes effective when endorsed by both <br /> <br />parties in the space provided below. <br /> <br />Sh/rwc/CoWlcil/ Agmt <br />Agmt-241 <br />FXS/fs <br /> <br />-3- <br />