SR 05:219 - Laserfiche WebLink

Section 3.1 Permits and Approvals. The Borrower shall obtain all governmental approvals necessary for the development and operation of the Project. Section 3.2 Construction Contract. By not later than fifteen (15) days prior to the proposed commencement of construction of the Project, the Borrower shall submit to the City for its limited approval the proposed construction contract for the Project. The City's review and approval shall be limited exclusively to a determination whether: (1) the guaranteed maximum construction cost set forth in the construction contract is consistent with the Approved Development Budget, and (2) the construction contract contains provisions consistent with and required by this Agreement. The City's approval of the construction contract shall in no way be deemed to constitute approval of or concurrence with any other term or condition of the construction contract. , Upon receipt by the City of the proposed construction contract, the City shall promptly review same and approve it within fifteen (15) business days if it satisfies the limited criteria set forth above. If the construction contract is not approved by the City, the City shall set forth in writing and notij'y the Borrower of the City's reasons for withholding such approval. The Borrower shall thereafter submit a revised construction contract for City approval, which approval shall be granted or denied in fifteen (15) business days in accordance with the criteria and procedures set forth above. Any construction contract executed by the Borrower for the Project shall be in the form approved by the City. If the City fails to approve or disapprove the forms of construction contract within the fifteen (15) business day review period, the form of construction contract shall be deemed approved by the City. Section 3.3 Construction Bonds. Prior to commencement of construction of the Project, the Borrower shall deliver to the City copies oflabor and material bonds and performance bonds for the construction of the Project in an amount equal to one hundred percent (100%) of the scheduled cost of the Project. Such bonds shall name the City as a co-obligee. Section 3.4 Commencement and Comoletion of Construction. Borrower shall cause the commencement and completion of construction of the Project pursuant to Section 3.S of the Lease. Section 3.5 Construction Pursuant to Plans and Laws. (a) Borrower shall construct the Project in conformance with the plans and specifications approved by the City building department. Borrower shall notify the City in a timely manner of any changes in the work required to be performed under this Agreement, and shall obtain any necessary approvals from the City building department. 9 144\105\217525.14