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Page 8 of 13 <br />ATTY/AGR/2022.014.07/TRI-PARTY AGREEMENT <br />REV: 01-25-2022 VR <br />inspection from the Owner’s Engineer and within five (5) business days <br />following such written notice from the Developer, Owner’s Engineer shall <br />conduct another final inspection. If the Owner’s Engineer determines that the <br />DemolitionWork is complete, the Acceptance will be deemed to have occurred. <br />If the Owner’s Engineer determines that the items identified in the notice is not <br />complete, then Owner’s Engineer and Developer shall repeat the inspection <br />procedures specified in this Section 4(b)(iii) until the successful completion of <br />the Demolition Work and a final inspection. <br />(c) Labor Requirements. <br />(i)Developer acknowledges and agrees that the Demolition Work will <br />constitute a “public work” as defined in California Labor Code Section <br />1720(a)(1). Accordingly, Developer shall comply with, and cause its <br />contractor and all subcontractors to comply with, all State Labor Code <br />requirements and implementing regulations of the Department of Industrial <br />Relations pertaining to “public works,” including the payment of prevailing <br />wages (collectively, “Prevailing Wage Laws”) in connection with the <br />Demolition Work. <br />(d) Payment. In consideration of Developer’s performance of the Demolition Work, <br />Owner and County will reimburse Developer as follows: <br />(i)Within ten (10) days of the later of (i) the Commencement Date, or (ii) City’s <br />receipt from Developer of a fully signed Demolition Work Selected <br />Contract, City shall pay Developer 50% of the cost estimate associated <br />with the Demolition Work Selected Contract less $100,000 (“City <br />Deposit”). Additionally, if Developer elects in its discretion, within thirty <br />(30) days after Developer provides evidence to City that Developer’s <br />contractor has performed and submitted bills for at least 50% of the cost <br />estimate associated with the Demolition Work Selected Contract, City shall <br />pay Developer an additional amount equal to 25% of the cost estimate <br />associated with the Demolition Work Selected Contract less $100,000 <br />(“Additional City Deposit”). <br />(ii) Within thirty (30) days after such acceptance and confirmation of Owner’s <br />lien-free title to the Demolition License Area as provided above, Owner will <br />pay its and the County’s remaining respective shares of the Out-of-Pocket <br />Costs (defined below) of the Demolition Work as follows: <br />a.Developer will be responsible for a capped One-Hundred- <br />Thousand Dollars ($100,000.00) of the Out-of-Pocket Costs <br />(“Developer Responsibility”). <br />b.City will pay Developer the difference of (i) the total Out-of-Pocket <br />Costs and (ii) the sum of (A) the Developer Responsibility; and (B) <br />the sum of the City Deposit and (if paid) the Additional City Deposit. <br />If the sum of the City Deposit and (if paid) Additional City Deposit <br />exceeds the total Out-of-Pocket Costs less $100,000, Developer <br />shall reimburse Owner the dollar amount of such difference.