12-06-1995 Council Agenda - Laserfiche WebLink

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5.11 Notwithstanding any provision of this Agreement to the contrary, in the event that the EDA should reasonably determine that the actual quality or value of the Work performed or the materials furnished does not correspond with the quality or value of the Work required by the Plans, the EDA may notify Developer of its objections thereto, and, upon demand, Developer shall correct the conditions to which the EDA objects. 5.12 Title will keep and maintain, at all times, full, true and accurate books and records, in sufficient detail to reflect the disbursement made by it hereunder. The EDA, acting by and through its officers, employees and agents, may, at any time and from time to time, during normal business hours, examine all books and records of Title pertaining to disbursements made by it hereunder and make extracts therefrom and copies thereof. 5.13 It is expressly understood and agreed the EDA assumes no liability or responsibility for the sufficiency of the Loan to complete the Work, for the protection of the Work, for the satisfactory completion of the Work, for inspection during construction, for the adequacy of any construction reserves or retainers, for the adequacy or accuracy of the Sworn Construction Cost Statement, for any representations made by Developer, or for any acts on the part of the Developer or the contractors to be performed in the construction and equipping of the Project. Developer shall be responsible for making inspections of the Project during the course of construction, and shall determine to its own satisfaction that the work done or material supplied by the contractor or any subcontractor to which disbursements are to be made out of each Advance has been properly done or supplied in accordance with the applicable contract with the contractor or any subcontractor. EDA shall not be required to conduct any inspection of the Project. It is expressly understood and agreed the EDA assumes no liability or responsibility for the satisfactory completion of the Project, for the adequacy of the funds advanced or to be advanced pursuant hereto to complete the Project, or for any acts on the part of Developer or the contractors to be performed in the construction of the Project. 5.14 Developer shall, and shall cause its contractors to keep EDA advised at all times of the names of all contractors, and of the type of work, material or services and the dollar amount covered by each of the contracts. If requested by the EDA, Developer also shall furnish to the EDA a copy of each contract. It is understood that only contractors whose names, contract descriptions and, after a request therefor, contracts have been furnished to EDA shall be entitled to receive disbursements from the Advances. 6. Affirmative Covenants. To further induce the EDA to make the Loan, Developer hereby covenants and agrees that it will: 304291.2 6.1 Prepare Rehabilitation Work Plans and submit the Rehabilitation Work Plans to the EDA for review prior to , 199_. The EDA shall have Page 16