Agmt00 Irvine Apartment Communi - Laserfiche WebLink

Browse Search

1. Improvements Defined. The Improvements subject to this Agreement are those identified in Exhibit "A" ("Description of Improvements Subject to Reimbursement" ). The estimated cost for the Improvements is shown on Exhibit "A", which estimate is included herein for information. 2. Effect. Construction and installation of the Improvements are obligations of IAC ur/der the Improvement Agreement. Nothing herein shall be deemed to modify, amend or change the terms and provisions of the Improvement Agreement. 3. Construction Payments; Reimbursement. IAC shall pay all costs for designing and constructing the Improvements in a timely manner pursuant to the Improvement Agreement and such agreements, subcontracts, or other obligations IAC may enter into or incur for said construction. Agency shall reimburse to IAC an amount (the "Reimbursement Amount") equal to the lesser of (i) the sum of One Hundred Ninety-Two Thousand Dollars ($192,000), or (ii) the actual costs of the Improvements. Verification of actual costs are subject to audit by Agency and/or its designated representative. Payment by Agency of the Reimbursement Amount shall be made upon final acceptance by City of the Improvements, subject to the aforesaid verifications. For purposes of this Agreement the cost of the Improvements shall be determined by including those costs paid by IAC to its general contractor or contractors for construction of the Improvements, the costs of required permits and plan checks, bonding, payments of plan check and inspection fees directly attributable to construction of the Improvements, and other third party out-of-pocket costs relating to the construction of the Improvements. IAC shall not charge for, nor shall reimbursement be provided for, IAC's overhead relating to construction of the Improvements. -4- Form dated: 6/19/00 C:\TEMP\IAC Reimbursement v.4 Clea copy.doc