Laserfiche WebLink
18. Payments. Developer agrees that it will pay, when due, all those furnishing <br />labor or materials in connection with the Work. Developer further agrees that pursuant to <br />Government Code section 66499.7, the payment security provided by Developer in <br />accordance with Subsection 12.1 of this Agreement will not be released if any mechanics <br />liens or stop notices are outstanding, unless said liens are released by bond in compliance <br />with Civil Code section 8424. <br />19. Notice of Breach and Default. The occurrence of any of the following <br />constitutes a breach and default of this Agreement: <br />19.1 Developer refuses or fails to complete the Work within the time set <br />forth herein or abandons the Work. <br />19.2 Developer assigns the Agreement without the prior written consent <br />of City. <br />19.3 Developer is adjudged bankrupt or makes a general assignment for <br />the benefit of creditors, or a receiver is appointed in the event of Developer's <br />insolvency. <br />19.4 Developer or Developer's contractors, subcontractors, agents or <br />employees, fail to comply with any terms or conditions of this Agreement. <br />19.5 Any delay in the construction of any portion of the Work or repairs, <br />which in the reasonable opinion of the City Engineer, endangers public or private <br />property. <br />City may serve written notice of breach and default upon Developer and the financial <br />institution holding the securities. <br />20. Opportunity to Cure. If City gives Developer notice under Section 19 <br />(Notice of Breach and Default) of breach and default of this Agreement, Developer will <br />have thirty (30) days within which to correct, remedy or cure the default. If the written <br />notification states that the problem is urgent and relates to the public health and safety, <br />then Developer will have twenty four (24) hours to correct, remedy or cure the default. If <br />Developer does not cure the default within the applicable timeframe, City may pursue the <br />remedies set forth in Section 21 (Remedies) below. <br />21. Remedies. <br />21.1 City may proceed to complete the Work by contract or other method <br />City considers advisable, at the sole expense of Developer. Developer, <br />immediately upon demand, will pay the costs and charges related to the Work and <br />any subsequent repairs. City, without liability for doing so, may take possession <br />of and utilize in completing the Work and repairs, if any, such materials and other <br />property belonging to Developer as may be on or about the Property and <br />necessary for completion of the work. In the event of default, the financial <br />institution holding the securities will be liable to City to pay the face amount of the <br />REV: 05-27-2022 SK <br />ATTY/AGR.2022.125/Timothy Regan (Page 11 of 22) <br />