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hereunder is valid unless such task orders or amendments are approved by <br />City's Project Manager, the City Council and the Agency's Board of Directors. <br />H. Payment Procedure. <br />1. Compensation and reimbursement of Parking Facility Costs shall <br />be made based upon monthly billing by Developer to City and Agency. The <br />billing shall include all of the following: <br />a) an itemized statement describing the Services (including the Cost <br />of the Work)performed by task and labor category or cost/expense, items billed <br />and invoices from Developer's Contractors and Consultants. <br />b) Waiver and release of lien forms as prescribed by Civil Code <br />Section 3262 completed by every Contractor, subcontractor and material supplier <br />for whose work Developer seeks payment. <br />c) Developer's verification and approval of the Contractor's and <br />Consultant's billings as correct and in accordance with the requirements of this <br />Agreement. <br />d) Each of the monthly reports described in Exhibit A. <br />2. City and Agency will make payment of the approved amounts for <br />within twenty (20) days of receipt of a complete request for compensation and <br />reimbursement from Developer including all documents required by the City and <br />Agency. The monthly payment will include: <br />a) Ninety percent (90%) of the Cost of the Work that City and Agency <br />agree is completed and in place, plus <br />b) One Hundred percent (100%) of the value of Parking Facility Costs <br />other than Cost of the Work for Services City and Agency agree are completed; <br />c) Ninety percent (90%) of the value of materials delivered and stored <br />at the Project Site in a manner acceptable to City and Agency and subject to a <br />Security Agreement and UCC-1 filing if required by City and Agency, plus <br />d) A portion of Developer's Fee in an amount equal to three percent <br />(3%) of the Cost of the Work completed and in place and approved for payment. <br />3. City and Agency will release the ten percent (10) of the Cost of the <br />Work withheld during the course of construction no less than thirty five (35) days <br />Atty/Agr/Agr.147 <br />101403 Final <br />L. Beck <br />12 <br />