Res 2003-137 - Laserfiche WebLink

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1. 12.5% of the estimated IH-35 Project costs no later than October 10,2003; provided, that if either Bennett or Blanco does not make such payment by such date, it shall be deemed to have withdrawn from this Agreement. If either Bennett or Blanco so withdraws, the other may make such payment by October 25,2003, and this Agreement shall continue. If the non-withdrawing party fails to make the payment for the withdrawing party, this Agreement shall terminate; and 2. 37.5% of the estimated IH-35 Project costs within 10 days of the date the IH-35 Project Manager notifies the Parties that the construction contract for the IH-35 Project is ready for execution; provided, that if either Bennett or Blanco does not make such payment by such date, it shall be deemed to have withdrawn from this Agreement. If either Bennett or Blanco so withdraws, the other may make such payment by within 15 days after the date the payment was due, and this Agreement shall continue. If Bennett withdraws from this Agreement and Blanco makes such payment, Blanco shall assume the role, authority and obligations ofIH-35 Project Manager, and Bennett shall, upon Wlitten request from Blanco, immediately forward all contracts, invoices, accounting records and other records related to the IH-35 Project Manager's role to Blanco. If the non-withdrawing party fails to make the payment for the withdrawing party, this Agreement shall terminate, and any funds in excess of the costs then incurred shall be returned to Bennett and Blanco. The IH-35 Project Manager will ensure that all funds escrowed by the Parties are deposited in accounts that are fully federally insured. 6. City Inspections and Acceptance. The City agrees, at no cost to the other Parties, to: A. Inspect the construction of the IH-35 Project as construction progresses; B. Inspect the IH-35 Project promptly upon completion of construction; and C. Issue a certificate of acceptance of the IH-35 Project to the IH-35 Project Manager promptly after 1) all required inspections are passed, 2) the IH-35 Project Manager submits a one-year warranty against defects in materials and workmanship in the IH-35 Project executed by the contractor, and 3) the IH-35 Project Engineer submits complete as-built drawings for the IH- 35 Project to the City. 7. Reservation of Water Capacity. The City agrees to reserve, for a period often years after substantial completion of the IH-35 Project (the "Reservation Period"), the following capacity (the "Reserved Capacity") in the IH-35 Project for use by the owners of the Bennett and Blanco properties in the City's water service units (SU) determined by using the City's water impact fee service unit calculations formula in effect as of September 30, 2002: Party Phase 1 Reserved Capacity (SU) Bennett 252 Blanco 248 I The Reserved Capacity for each of the Bennett and Blanco properties will be reduced for each City water impact fee service unit issued by the City with respect to such property for use of the IH-35 Project, and the resulting Reserved Capacity will be deemed the "Adjusted Reserved Capacity" for that Party. The City agrees to honor requests by the owners of the Bennett and Blanco properties to connect .., .:)