Agmt03 BHV Innisfree Ven... (3) - Laserfiche WebLink

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subject to adjustment as a result of any audit, and the parties shall make any payment required as a result of the audit within twenty (20) days of the date the City and Agency give Developer written notice of the audit results. C. The Construction Contingency. 1. The "Construction Contingency" is a fund of One Million Dollars ($1,000,000) to be used solely to pay for unforeseen costs. An "unforeseen cost" is the Cost of the Work arising solely from non-material design deficiencies and changes in quantities of work about which Developer's Contractor made reasonable assumptions as set forth in Exhibit B. 2. Developer shall not be entitled to payment of any portion of the Construction Contingency without prior written authorization by City and Agency. In order to obtain funds from the Construction Contingency, Developer shall make a written request to City and Agency for a particular amount of funds for a specific purpose. Developer's request, and authorization by City and Agency, shall occur before the unforeseen construction costs are incurred. Any unexpended funds from the Construction Contingency will remain with the City and Agency except as provided in Section 3(D)(3). D. Payments to Developer. 1. City and Agency shall reimburse Developer for the Parking Facility Costs no more often than monthly, in accordance with the procedures set forth in section 3(H), below. 2. In addition to the Parking Facility Costs, City and Agency shall pay Developer a fee for Services in an amount equal to three percent (3%) of the Cost of the Work, as confirmed by audit. This Fee shall be paid monthly, based on the Cost of the Work approved for reimbursement as described in Section 3(H), beginning in the month Developer commences excavation for the Public Parking Facility. The Fee described in this Section 3(D)(2) is separate from the incentive payment described in Section 3(D)(3). The Fee shall be subject to adjustment upon completion of the Project based upon the audited Cost of the Work. Atty/Agr/Agr.147 101403 Final L. Beck 8