AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

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7.A. - Page 74 of 176 10/09/2020 Construction Agreements and/or bonds. SCOA, within 10 days following City's demand, will assign any such Design and Construction Agreements and/or bonds to City at no cost to City except as hereinafter specified in this subdivision (a). If City opts to continue the Levee Improvements project and perform the work of constructing the Levee Improvements, then no Acquisition Price shall be paid but City, from the proceeds of Special Taxes collected by City, shall pay to SCOA, in the manner and within the time specified in the Purchase Contract, SCOA's actual out-of-pocket costs incurred in connection with preparation of Final Construction Documents, which have been delivered to City, if any, less any costs City has accrued that have not already been reimbursed, and Owners and their successors in interest shall remain obligated to pay all Special Taxes and Assessments imposed in connection with the construction and maintenance of the Levee Improvements. City may take all necessary steps to preserve City's rights, as SCOA's successor, under any such assumed Design and Construction Agreements and /or bonds. (b) Default Following Commencement of Work. In the event SCOA Defaults following commencement of the Levee Improvements construction work, City shall have the right to pursue one or more of the following remedies: i. Declare that SCOA and Owners have no further rights under this Agreement (or any related Encroachment Permit) to proceed with construction of the Levee Improvements; ii. Exercise its rights under the improvement security issued by SCOA's surety and SCOA will pay any sums owed to SCOA's surety for performance of SCOA's obligations, and the actual out-of-pocket costs and charges which City incurs in enforcing the improvement security and/or completing the Levee Improvements project and which are not covered by SCOA's surety, together with a ten percent (10%) overhead charge; iii. Demand the assignment of any or all of SCOA's Design and Construction Agreements, including without limitation bid bonds, the Construction Contract and construction contractor bonds, in which case SCOA, within 10 days following such demand, will assign such Design and Construction Agreements and/or bonds in whole or in part to City at no cost to City; and/or iv. Receive from Owners, within 10 business days of City's demand therefor, conveyance to City of any portion of the Levee Improvements which SCOA has completed. Upon completion of the Levee Improvements, no Acquisition Price shall be paid but City, from the proceeds of Special Taxes collected by City, shall pay to SCOA, in the manner and within the time specified in the Purchase Contract, SCOA's reasonable hard and soft costs (including overhead costs), derived from the Final Design and Construction Budget, of any portion of the Levee Improvements which SCOA has completed and Owners have conveyed to City less any costs City has accrued that have not already been reimbursed, and Owners and their successors in interest shall remain obligated to pay all Special Taxes and Assessments imposed in connection with the construction and acquisition of the Levee Improvements and the maintenance of the New Levee and Seaport Centre Wet Utilities, maintenance of which is currently funded by the Maintenance District. OAK #4819-4834-1908 v19 27 ATTY/AGR/2020.230/SEAPORT LEVEE AGREEMENT 256