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<br />as described in this Agreement. <br /> <br />AGREEMENT <br />The City and SMII, in consideration of the mutual promises, covenants and agreements set <br />forth in this Agreement, agree and contract as follows: <br />1. As the first phase ofthis project, SMII agrees to construct the Wastewater Improvements <br />described in Paragraph 2 of the Recitals as shown on the construction plans for the Subdivision to <br />be approved by the City. The Wastewater Improvements will be constructed according to the City's <br />construction standards and specifications and will have a capacity of 340 g.p.m.(the "Phase I <br />Capacity"). <br />2. SMII will act as project manager in the construction of the Wastewater Improvements. <br />SMII will ensure that the construction is carried out under the supervision of a professional engineer <br />registered in the State of Texas. <br />3. SMII will provide the City with a copy of the bid form provided by its contractor, and one <br />complete copy of the construction contract between SMII and the contractor. SMII will include in <br />the contract requirements that a) the contractor must maintain commercial general liability insurance <br />coverage for all of its operations under the contract, and b) all persons engaged in work under the <br />contract must be covered by workers' compensation insurance. <br />4. The City agrees to pay to SMII 50% of the cost of construction of the Wastewater <br />Improvements, being the estimated cost for the additional wastewater improvements being requested <br />by the City. This payment will be made in a lump sum no later than 30 days after the completion <br />and acceptance of the Wastewater Improvements by the City. The estimate of the total cost of the <br />Wastewater Improvements is $500,300. <br />5. The City agrees to inspect the construction of the Wastewater Improvements as <br />construction progresses and upon completion of construction, and to accept the dedication of the <br />Wastewater Improvements and associated easements upon the passing of final inspection. <br />6. SMII agrees to complete the Wastewater Improvements no later than July 1, 1999, and <br />upon completion, to dedicate them, together with all easements necessary for the City's ongoing <br />operation and maintenance of the Wastewater Improvements, to the City. <br />7. The City agrees to reserve for SMII's use 60 g.p.m. (peak flow) (the "Reserved Capacity") <br /> <br />-2- <br />