Res 1996-144 - Laserfiche WebLink

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( O( (- -6- - 4.02 The DOL agrees to dedicate any and all easements which are necessary for the construction of the Project. 4.03 The DOL agrees to execute and sign any and all plats required for completion of the Project so that the plats can be finally approved by the City. 4.04 The DOL warrants that it has the full power and authority to enter into this Agreement and fulfill its obligations, and that it has funds readily available to meet its obligations under this Agreement. . . 4.05 The DOL represents, warrants and agrees that it will promptly and timely pay to the City, DOL's share of all costs and expenses to be paid under the terms of this Agreement. . 4.06 The DOL acknowledges and agrees to establish an escrow account with a local federally insured financial institution within 30 days after execution of this agreement in an amount not less than $791,229.00, representing the cost estimate detailed in Exhibit "C," exclusive of Community Impact Fees, associated with Baker-Aicklen & Associates, Inc., Alternative #8, and agrees to replenish the ac;;count immediately upon a determination by the Project Manager that the funds previously escrowed are insufficient to cover the DOL's share of the Project costs and expenses. Draw requests submitted by the Project Manager to the financial institution selected, will be paid upon DOL approval. Draw requests submitted are deemed approved unless rejected in writing to the Project Manager within fifteen (15) days of submission. All draw request rejections shall include information indicating the basis of the rejection and the amount of the draw request not contested. Uncontested portions of a rejected draw request are payable immediately from the escrow