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• <br />• <br />e. Pave wear course. <br />f. Repair sidewalks on the east side of Stagecoach Drive, and complete <br />approximately 25 feet of missing sidewalk at the south end of <br />Marshan Meadows. <br />2. The City will complete the items listed under Paragraph 1(a), (b) and (c) <br />above. The Bank will complete the items listed under Paragraph 1(d), (e) <br />and (f) above, with said items referred to herein as "the Work." <br />3. As of November 8, 2010, the escrow account balance is, or will be, <br />$52,947.12. Of that amount, the City shall retain $10,188.50 for tree <br />plantings and $5,000 for administrative costs, leaving a net escrow balance <br />of $37,758.62. Notwithstanding the language of Paragraph V.A. of the <br />Development Contract, the Developer and the City agree that the net <br />escrow balance may be utilized for the payment of direct costs incurred by <br />the Bank to complete the Work, subject to Paragraph 5(b) below. Direct <br />costs includes only those costs invoiced by contractors performing the <br />Work and does not include any administrative or personnel costs incurred <br />by the Bank or the Developer ("indirect costs "). All indirect costs shall be <br />the sole responsibility of the Bank or Developer, respectively. <br />4. The City's continuing right to reimburse itself for costs incurred by the City <br />pursuant to the existing Paragraph V.A. of the Development Contract takes <br />priority over payments out of the escrow for the Work. Because of non - <br />Work costs, the parties hereto acknowledge that not all of the existing <br />escrow is available to pay for the Work, and that the remaining balance <br />may or may not cover the total cost of the Work. <br />5. Completion of the Work. <br />a. The Bank shall contract with contractors as necessary to complete <br />the Work in accordance with the Development Contract. Consistent <br />with the Development Contract, the City retains the right to approve <br />the contractors. <br />b. The sidewalk repair referenced in Paragraph 1(f) shall be completed <br />by July 1, 2011. In order to provide security for completion of the <br />sidewalk work, $4,000 of the $37,758.62 net escrow balance is <br />specifically reserved for that purpose and will not be released by the <br />City until the sidewalk work is completed and approved by the City. <br />c. The Bank shall undertake reasonable efforts to complete the street <br />• Work referenced in Paragraphs 1(d) and (e) as soon as possible <br />2 <br />