Agmt03 BHV Innisfree Ventures - Laserfiche WebLink

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such acceptance, and payment, the Developer shall be responsible for performing any required maintenance on such Work. As a condition to the Agency's obligation to pay Developer hereunder, the Developer shall assign to the City all of Developer's rights in any warranties, guarantees, maintenance obligations or other evidence of contingent obligations of third persons with respect to such Work. In addition, Developer shall provide City with a complete set of "record" drawings certified by the Developer's engineer showing the location of the Work as installed. 10. Reimbursement to Developer. Agency shall reimburse Developer up to a total of Three Million Six Hundred Thousand and Six HundredDollars ($3,600,600.00) (the "Reimbursement Payment") for Developer's Actual Cost (as defined herein) of the Work. As used in this Agreement, "Actual Cost" shall mean the sum of (a) Developer's actual cost of constructing the improvements included in the Work, including labor, material and equipment costs, (b) Developer's actual cost of preparing the construction documents for such Work, (c) the amount of any fees actually paid by Developer to governmental agencies in order to obtain permits, licenses or other necessary governmental approvals for such Work, (d) the Developer's actual, reasonable cost for construction management services for such Work (as the parties shall agree), and (e) the Developer's actual cost for professional services directly related to the construction of such Work, including engineering, inspection, construction staking, materials testing and similar professional services. In order to receive the Reimbursement Payment for the completed Work, Developer shall deliver to the Agency and the City a (a) written payment request for such Work, together with all attachments and exhibits to be included therewith, (b) a copy of the recorded Notice of Completion of such Work filed in accordance with Section 3093 of the California Civil Code, and (c) an assignment of the warranties and guarantees for such Work as described in Section 10 hereof, in form reasonably acceptable to the City and Agency. Upon receipt of a payment request and accompanying documentation for the Work, the City Engineer shall conduct a review in order to confirm that such Work was constructed in accordance with the approved construction documents and as included in Exhibit C, Guaranteed Maximum Price Budget Estimate (GMP) to verify and approve the Actual Cost of such Work. The cost of each item of work may be adjusted as long as the final cost does not exceed the Grand Total GMP of $3,600,600. The Developer agrees to cooperate with the City Engineer in conducting such review and to provide the City Engineer with such additional information and documentation as is reasonably necessary for the City Engineer to conclude such review. If the City Engineer determines that the Actual Cost specified in such Payment Request as initially submitted exceeds the Developer's actual cost of performing such Work, the Developer shall resubmit such payment request, with the Actual Cost specified therein modified so as to take into account such determination by the City Engineer. Upon confirmation that such Work has been constructed in accordance with the construction documents therefor, and verification and approval of the Actual Cost of such Work, the City Engineer shall sign the payment request and promptly forward the same to the City Manager. Upon receipt of the reviewed F:Atty/Ag r/Agr. 100 021903 7