Agmt03 City of Belmont - Laserfiche WebLink

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future. As of June 30, 2003, the amount of accrued interest is Two Hundred and Twenty Thousand Nine Hundred and Sixty Five Dollars ($220,965.00). By signing this agreement, Belmont waives all right, title and interest in any interest that has accrued or will accrue in connection with these funds, and agrees that Redwood City may use the funds and all interest in connection with the Project. C. The amounts Belmont pays or has paid for acquisition of the Lucas Trust property described in Article 1 of Section II above and under the contracts described in Article 4(A) of Section II will be credited against the amounts Belmont is to contribute to the Project under Articles 5(A) 5(B) of Section II only. Such payments do not affect Belmont's obligation to contribute to Project costs u, nder Articles 6 and 7 of Section II, below. 6. In addition to the funds described in Article 5 of Section II, above, Belmont shall contribute one hundred percent of the cost of the Overlay, as described in the Project Construction Plan sheets C-5A and C-5B and all other related plan sheets, including but not limited to change orders issued to the contractor, engineering and testing costs and administrative costs arising from or related to the Overlay. Redwood City will calculate the estimated cost of the Overlay based on the successful bidder's unit prices and the estimated quantities required for the Overlay, as determined by the Resident Engineer, plus a reasonable amount for the cost of services related to the Overlay. Redwood City will advise Belmont of the estimated cost of the Overlay promptly following the bid date. The complete construction costs of the Overlay shall be determined only after performance of all work, the closure of all claims, and upon final accounting of all costs for Project. Redwood City will provide a final accounting of the complete cost of the Overlay and notify Belmont of this cost promptly upon completion of the Project. Belmont shall, within twenty (20) days of the date it receives Redwood City's final accounting, pay to Redwood City any amounts in excess of the monthly payments made on account of the Overlay. If the actual cost of the Overlay is less than those monthly payments, Redwood City will promptly refund the difference to Belmont. 7. Belmont's financial contributions to the Project may be increased from the amounts described above to cover the costs of additional utility protection, relocation, or removal as provided in Article (10) of Section III of this Agreement, to cover changes in the Project made at Belmont's request or that benefit Belmont, the costs for remedy and/or remedial action of hazardous substances or contaminated sites, and to cover the costs of protecting cultural, archaeological, paleontological, or other protected materials as is provided for in Articles (11) and (12)-(17) inclusive, of Section III of this Agreement. Belmont's total contribution may also be increased to cover costs in excess of the initial estimated total costs of construction and Services as specified in this Agreement. 8. To support Redwood City's application for funding from the State Transportation Improvement Program (STIP) in an amount of Seven Million Six F:Atty/Agr/Agr.149 080503 L.BECK 6