Agmt97 M.J. Brock & Sons (3) - Laserfiche WebLink

Browse Search

liability assumed by Owner under the terms of this agreement, including, but not limited to, the provisions of paragraph 1 above. 5. Time is of the essence of this agreement; provided, however, that in the event good cause is shown therefor to City by Subdivider, City may extend the time in which the aforementioned improvements may be made and completed under this agreement; provided, however, that said extensions of time, if any, may be granted without notice to the surety, escrow agent, or guarantor and any extensions so granted shall not relieve the surety, escrow agent, or guarantor of any responsibility or guarantee and shall not affect the bond, deposit, or instrument of credit given to secure Subdivider's performance under this agreement. City shall be the sole and final judge of whether or not good cause has been shown to entitle Subdivider to an extension of time hereunder. Subdivider shall provide a copy of the agreement to surety or otherwise inform surety of the above extension provisions of this agreement. 6. It is agreed that title and ownership of any and all improvements constructed for the benefit of City hereunder by Subdivider shall vest absolutely in City, upon completion and acceptance of such improvements by City. 7. All work provided for in this agreement and more specifically described in the plans and specifications herein referenced shall be subject to the approval and acceptance by the City Engineer before the release of any security required herein. Upon completion of the aforementioned work, and prior to the release of any security required herein, Subdivider shall furnish City with a complete set of F:~shar ec~R edwood',Cou ncil 5 Agmt*124 FXS:rg 10/07/97