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(the "Park Improvements") in the location shown in the attached Exhibit C in exchange <br /> for the Funding and Payment set forth in section 5 and 6 below <br /> 2 Prevailing Wages MidPen will cause the contract with L& D Construction to require <br /> payment of prevailing wages, and compliance with all applicable requirements of the <br /> California Labor Code, for any work done pursuant to this Agreement <br /> 3 Grant Requirements MidPen acknowledges that funding for the Park Improvements is <br /> pursuant to the Grant, which is subject to the requirements and guidelines set forth in <br /> Exhibit D MidPen will cause the contract with L&D Construction to require L&D <br /> Construction to abide by the Grant requirements and guidelines <br /> 4 Timing for Completion MidPen acknowledges that the Grant requires Grant funds to be <br /> expended by June 30, 2017 Therefore, MidPen will cause the contract with L&D <br /> Construction to (a) require completion of the Park Improvements to the reasonable <br /> satisfaction of City staff, the Park Improvements by April 31, 2017, and (b) submission <br /> of final invoice to the City by May 15, 2017 <br /> 5 Compensation City shall pay MidPen up to three-hundred thirty thousand nine-hundred <br /> dollars ($330,900) for the construction of the Park Improvements <br /> 6 Method of Payment <br /> A Progress Payments As of the twentieth day of each month, MidPen may submit for <br /> review a request for progress payment, listing the amount and value of work actually <br /> performed during the preceding month, or part thereof Upon the City's review and <br /> approval, including adjustments if any, City shall make a progress payment to <br /> MidPen <br /> B 5% Retention Five percent (5%) of the amount due shall be retained by the City as a <br /> retention The City shall retain five percent (5%) of the Agreement amount for thirty- <br /> five (35) days after the Notice of Completion for the work is recorded MidPen may <br /> elect to receive 100 percent of payments due under the Agreement from time to time, <br /> without retention from any portion of the payment by the City, by depositing <br /> securities of equivalent value with the City in accordance with the provisions of <br /> Section 22300 of the California Public Contract Code Such securities, if deposited <br /> by MidPen, shall be valued by the City, whose decision on valuation of the securities <br /> shall be final Securities eligible for investment under this provision shall be limited <br /> to those listed in Section 16430 of the California Government Code <br /> C Time of Payment Requests submitted promptly as of the 20th day of each month <br /> will be paid by the 10th day of the following month <br /> 7 Indemnification Prior to the Assignment and Assumption set forth below MidPen shall <br /> indemnify, save and hold harmless from and defend the City, members of the City <br /> Council and their agents, servants and employees, against any and all claims, costs, <br /> demands, causes of action, suits, losses, expense or other detriment or liability to the <br /> extent arising from or out of acts or omissions of MidPen, and its employees in <br /> connection with the construction of the Park Improvements <br /> Page 2 of 6 <br />