Res 2010-011 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the foregoing and the mutual promises and obligations of the Parties in this Agreement, the City and Village agree as follows: ARTICLE 1 PURPOSE The purpose of this Agreement is to set forth the terms and conditions under which the City will provide funding in an amount not to exceed $500,000.00 (the "Funds") to the Village for payment of certain eligible expenses as outlined in Exhibit "B", attached hereto and made a part hereof related to the implementation, design and construction of the Village Main Project (the `Eligible Expenses"), subject to the limitations and restrictions in this Agreement. ARTICLE 2 OBLIGATIONS OF THE VILLAGE 2.1 The Village agrees to utilize the Funds it receives wider this Agreement to pay for Eligible Expenses and in compliance with all the terms and conditions specified in this Agreement. 2.2 The Village shall pursue the financing, design and construction to completion of the Village Main Project with commercially reasonable diligence. 2.3 Village agrees to promptly notify the City, in writing, of any substantial changes in the primary purposes of, the Eligible Expenses, the description and specifications for, and estimated costs for completion of the Village Main Project (as set forth in Exhibits "A" and "B"). Any such substantial changes must be approved by the City. 2.4 During the Term of this Agreement, the Village shall provide to the City quarterly written reports outlining the status of the Village Main Project to include information regarding the progress of the design, fundraising efforts and the construction of improvements. The quarterly report shall also provide a list of Eligible Expense paid to date. The first quarterly report shall be due on or before the 90s` day after the effective date of this Agreement. 2.5 Before the Village enters into any contracts for services to be paid for with the Funds, it shall submit such contracts to the City for approval of the payment terms to ensure that invoices shall be submitted and paid consistent with the requirements of paragraph 3.2. 2.6 The persons, firm or firms with which the Village contracts to perform the services paid for with the Funds shall be duly licensed and otherwise legally qualified to perform such services in the state of Texas. 2.7 The real property upon which the Village Main Project is located shall be subject to recorded restrictions and covenants approved by the City restricting the use of the Village Main Project for charitable, non-profit or other public purposes. 2