2011-071 Council Resolution - Laserfiche WebLink

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VI. REIMBURSEMENT OF COSTS. A. The Developer agrees to establish a non - interest bearing escrow account with the City in an amount reasonably established by the City Engineer or his designee for the payment of all City fees and costs incurred by the City related to the Work, including, but not limited to, the following: 1 Total Estimated (Budget) Costs for Escrow Account for $5,400.00 Administration (Legal, Engineering, Planning, and Contract administration) 2 Existing project escrow as of April 30, 2011 $3,405.56 3 Additional escrow required $2,000.00 B. The City shall have a right to reimburse itself from the Escrow. Upon request, the City shall provide the Developer written notice and reasonably detailed invoices of the City's expenses charged to the escrow. If it appears that the actual costs incurred will exceed the estimate, then Developer and City shall review the costs required to complete the Work. In such case, Developer shall deposit additional sums with the City to pay for the agreed upon increase. If the escrow account drops below 10% of the original deposit amount, the City may require the submittal of an additional escrow deposit sufficient to cover any anticipated expenses. VII. REMEDIES FOR BREACH A. The City shall give written notice to the Developer of any default hereunder and not less than 30 days to cure any such default before proceeding to enforce such financial guarantee or before the City undertakes any work for which the City will be reimbursed through the financial guarantee. Within ten (10) days after such notice to it, the Developer shall notify the City in writing the manner in which the default will be cured and the time within which such default will be cured. If the Developer fails to provide a timely plan for curing the default in a manner satisfactory to the City, the City will proceed with the remedy it deems appropriate. B. At any time after the Completion Date and any extensions thereof, if any of the work is deemed incomplete, the City may proceed in any one or more of the following ways to enforce the undertakings herein set forth, and to collect any and all reasonable and necessary expenses incurred by the City in connection therewith, including, but not limited to, engineering, legal, planning and litigation costs and expense. Notwithstanding the foregoing, the City must first give Developer written notice and not less than 30 days to complete the Work. The enumeration Eagle Brook Performance Agreement 2011 page 5 of 8