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Agmt21 ROEM Project at 353 Main
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Agmt21 ROEM Project at 353 Main
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Last modified
12/3/2021 11:37:01 AM
Creation date
12/3/2021 11:32:49 AM
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Agreement
Contractor Name
353 Main St.
PROJECT NAME
Loan Agreement
RMP File Number
304
Date
7/13/2021
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units in the Development shall be constructed to be readily accessible and usable by households <br />with a mobility impaired member and a minimum of three (3) units shall be constructed and to <br />be readily accessible and usable by households with a hearing or visually impaired member. The <br />Developer shall deliver to the City, a certification from a Certified Access Specialist certifying <br />that the Development (as constructed) meets the requirements of this subsection (d). <br />Section 4.7 Progress Report. <br />Until such time as the Developer has completed construction of the Improvements, as <br />evidenced by issuance of final Certificates of Occupancy by the City for all buildings in the <br />Development, the Developer shall provide the City with quarterly progress reports, or more <br />frequent updates if City reasonably requires, regarding the status of the construction of the <br />Development, including a certification that the actual construction costs to date conform to the <br />Financing Plan. <br />Section 4.8 Construction Responsibilities. <br />(a) It shall be the responsibility of the Developer to coordinate and schedule <br />the work to be performed so that commencement and completion of construction will take place <br />in accordance with this Agreement. <br />(b) The Developer shall be solely responsible for all aspects of the <br />Developer's conduct in connection with the Development, including (but not limited to) the <br />quality and suitability of the plans and specifications, the supervision of construction work, and <br />the qualifications, financial condition, and performance of all architects, engineers, contractors, <br />subcontractors, suppliers, consultants, and property managers. Any review or inspection <br />undertaken by the City with reference to the Development is solely for the purpose of <br />determining whether the Developer is properly discharging its obligations to the City, and should <br />not be relied upon by the Developer or by any third parties as a warranty or representation by the <br />City as to the quality of the design or construction of the Development. <br />Section 4.9 Mechanics Liens Ston Notices and Notices of Completion. <br />(a) If any claim of lien is filed against the Property or the Improvements or a <br />stop notice affecting the Loan is served on the City or any other lender or other third party in <br />connection with the Development, then the Developer shall, within twenty (20) days after such <br />filing or service, either pay and fully discharge the lien or stop notice, effect the release of such <br />lien or stop notice by delivering to the City a surety bond from a surety acceptable to the City in <br />sufficient form and amount, or provide the City with other assurance satisfactory to the City that <br />the claim of lien or stop notice will be paid or discharged provided, however, that Developer <br />shall have the right to contest in good faith any such liens or stop notice. <br />(b) If the Developer fails to discharge any lien, encumbrance, charge, or claim <br />in the manner required in this Section or obtain a surety bond, then in addition to any other right <br />or remedy, the City may (but shall be under no obligation to) discharge such lien, encumbrance, <br />charge, or claim at the Developer's expense. Alternatively, the City may require the Developer <br />to immediately deposit with the City the amount necessary to satisfy such lien or claim and any <br />REV: 06-17-2020 PR <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 34 of 143) <br />
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