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<br />H. <br /> <br />Pavment Procedure. <br /> <br />1. Compensation and reimbursement of Costs of the Work shall be <br />made based upon monthly billing by Developer to City and Agency. The billing shall <br />include all of the following: <br />a) an itemized statement describing the Services (including the Cost <br />of the Work) performed by task and labor category or cost/expense, items billed <br />and invoices from Developer's Contractors and Consultants. <br />b) Waiver and release of lien forms as prescribed by Civil Code <br />Section 3262 completed by every Contractor, subcontractor and material supplier <br />for whose work Developer seeks payment. <br />c) Developer's verification and approval of the Contractor's and <br />Consultant's billings as correct and in accordance with the requirements of this <br />Agreement. <br />d) Each of the monthly reports described in Exhibit A. <br />2. City and Agency will make payment of the approved amounts within <br />twenty (20) days of receipt of a complete request for compensation and reimbursement <br />from Developer including all documents required by the City and Agency. The monthly <br />payment will include: <br />a) Ninety percent (90%) of the City Portion of the Cost of the Work <br />that City and Agency agree is completed and in place, plus <br />b) Ninety percent (90%) of the City Portion of the value of materials <br />delivered and stored at the Project Site in a manner acceptable to City and <br />Agency and subject to a Security Agreement and UCC-1 filing if required by City <br />and Agency, plus <br />c) A portion of Developer's Fee in an amount equal to three percent <br />(3%) of the City portion of the Cost of the Work completed and in place and <br />approved for payment. <br />3. City and Agency will release the ten percent (10) of the Cost of the <br />Work withheld during the course of construction no less than thirty five (35) days after <br />the City and/or Agency record a Notice of Completion for the Streetscape Improvements <br />and Street Modifications. Provided that Developer, Contractors and Consultants are <br /> <br />Atty/Agr/2005.072 <br />101105 <br />840847v1233786/0001LBack <br /> <br />9 <br />