RIDGE VIEW COMMONS - CONSTRUCTION LOAN

154964 ARTICLE 1 THE CONTRACT DOCUMENTS The Contract Documents consist of this Agreement, the Conditions of the Contract (General, Supplementary and other Conditions), the Drawings, the Specifications, all Addenda issued prior to and all Modifications issued after exe- cution of this Agreement. These form the Contract, and all are as fully a part of the Contract as if attached to this Agreement or repeated herein. An enumeration of the Contract Documents appears in Article 7. ARTICLE 2 THE WORK The Contractor shall perform all the Work required by the Contract Documents for WILLOW GLEN, (Here insert the caption descriptive of the Work as used on other Contract Documents.) (also known as Ridge View Commons) a 200 -unit senior housing apartment complex, including a community building with dining facilities. ARTICLE 3 TIME OF COMMENCEMENT AND SUBSTANTIAL COMPLETION The Work to be performed under this Contract shall be commenced on the date stipulated in the notice to proceed; and, subject to authorized adjustments, Substantial Completion shall be achieved not later than four hundred fifty (450) calendar days thereafter, with Substantial Completion of the Phase I portion achieved within the first three hundred sixty -five (365) calendar days. The Contractor agrees to pay, as liquidated damages, the sum of Five Hundred Dollars ($500.00) for each calendar day that either or both of the following conditions exist: (a) The Phase I portion remains uncompleted beyond the time for substantial completion of Phase I. (b) The entire Work remains uncompleted beyond the time for substantial completion. AIA DOCUMENT A101 • OWNER- CONTRACTOR AGREEMENT • ELEVENTH EDITION • JUNE 1977 • AIA. 01977 • THE AMERICAN INSTITUTE OF ARCHITECTS, 1735 NEW YORK AVE., N.W., WASHINGTON, D. C. 20006 A101 -1977 2