Agmt08 Field Turf Builders, LLC - Laserfiche WebLink

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NOW, THEREFORE, based on the exchange of valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and based on the Recitals set forth above which form a part of this Agreement, the Surety and Owner agree to the following terms and conditions: II. TERMS AND CONDITIONS 1. Recitals. The above recitals are contractual and not merely recitals, and the agreements contained herein and consideration transferred are to satisfy rights and obligations between the Owner and the Surety. 2. Incorporation of the General Contract. The General Contract is incorporated by reference into this Agreement, including, without limitation, the General Contract terms and conditions, the Plans or Drawings, any Special Conditions, the Specifications, and the Contract Documents as defined therein, as well as all addenda, amendments, change orders and modifications to those documents issued in accordance with the General Contract. 3. Remainina Work. The Remaining Work includes all of the uncompleted Work, Work needed to be corrected or repaired or completed, other Work included in the General Contract, and Contractor's other obligations under the General Contract. As used in this Agreement, the term "Work" shall be as defined in Section I.A. of the General Contract, and shall include all of Contractor's obligations under the General Contract.] 4. The Current Contract Sum. The Owner represents that as of the date of this Agreement, the current estimated Contract Sum as defined in the General Contract is $946,575.20 ("Contract Sum"), which includes Change Orders 1-3, in the sum of $41,128.20. The amount paid to Contractor prior to the date of this Agreement was $220,837.50, not including statutory retainage. 5. Prior and Future Payments. Owner represents that, as of the date of this Agreement, Contractor has been paid the above amount through Payment Request NO.2 under the General Contract, and that the Owner is presently holding accrued retainage of $24,537.50 under the General Contract. Surety acknowledges that these amounts are correct. Future payments under the General Contract and this Agreement shall be subject to the Owner's quantification and approval of the Work as provided under the General Contract and consistent with the terms of the General Contract and satisfaction of all other contractual requirements imposed by the General Contract as a condition precedent to such payments, and shall be further subject to any with holdings by Owner made pursuant to the stop notice law, the prevailing wage law, and any other applicable federal, state or local regulations. TAKEOVER AGREEMENT - Page 2 of 9 {7672.005-00232947; 1} 1175334v6 33786/0010