11-28-2007 Council Agenda - Laserfiche WebLink

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Contractor. Painters shall pay one -third (1/3) of the Construction Costs. Such portion of the Construction Costs shall be paid directly to the Contractor within twenty (20) days after receipt of a copy of the draw request submitted by the Contractor and all supporting documentation submitted by the Contractor. Upon execution of this Agreement, Heritage's share of the Construction Costs have been deposited into escrow with Commercial Partners Title, LLC ( "Escrow Agent "), and within ten (10) days after receipt of a draw request submitted by the Contractor and all supporting documentation submitted by the Contractor, Heritage agrees to direct the Escrow Agent to pay its share of the Construction Costs set forth in such draw request to the Contractor. In the event Heritage does not so direct the Escrow Agent to pay its share of the Construction Costs set forth in such draw request to the Contractor within such time, Painters shall have the right and option to pay such share to the Contractor, and Heritage shall be responsible for reimbursing Painters for such amount paid to the Contractor together with interest thereon until paid at the rate of seven percent (7 %) per annum and all costs of collection, including reasonable attorneys fees. The Painters' share of the Construction Costs will be paid from the proceeds of a construction loan being provided by Union Bank and Trust Company ( "Union Bank "), and within five (5) days after receipt of a draw request submitted by the Contractor and all supporting documentation submitted by the Contractor, Painters agrees to submit a draw request under its construction loan to Union Bank, requesting payment of its share of the Construction Costs set forth in such draw request to the Contractor. In the event Painters does not so direct the Escrow Agent to pay its share of the Construction Costs to the Contractor within such time, Heritage shall have the right and option to pay such share to the Contractor, and Painters shall be responsible for reimbursing Heritage for such amount paid to the Contractor together with interest thereon until paid at the rate of seven percent (7 %) per annum and all costs of collection, including reasonable attorneys fees. In the event of a dispute as to the proper completion of construction of the Access Road and Utility Lines, any such dispute shall be resolved by arbitration in accordance with the construction industry rules of the American Arbitration Association, and so long as the Contractor is bound by any such arbitration the parties agree to be bound by any such arbitration and that judgment may be entered in any court of competent jurisdiction based upon the award in such arbitration. 4.3 Maintenance and Repair of Access Road and Utility Lines; Payment of Costs. The Owner of Lot 1 shall maintain, repair and replace, if necessary, the Access Road and Utility Lines in good condition and repair, and shall keep the Access Road reasonably free of debris, snow and ice. Notwithstanding the foregoing, each Owner or Occupant, at its sole expense, shall be responsible for the repair of any damage to the Access Road or the Utility Lines resulting from the negligence or wrongful and willful act of any Owner or Occupant or the failure of any Owner or Occupant to utilize the Access Road or Utility Lines in accordance with design standards. Within ten (10) days after receipt by the Owners of Lot 2 and the Owners of Lot 3, from time to time, of invoices from the Owner of Lot 1, the Owners of Lot 2 and the Owners of Lot 3 shall each pay to the Owner of Lot 1 one -third (1/3) of the out -of- pocket costs of such maintenance, repair, replacement and removal of debris, snow and ice, together with an administrative fee to