CC PACKET 02221994 - Laserfiche WebLink

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Disclaimer by HRA. It is understood and agreed that the HRA, the HRA and the City Council, and the agents and employees of the HRA and the City shall not be personally liable or responsible in any manner to the Corporation, the Corporation's contractors or subcontractors, materialmen, laborers or to any other person, firm or corporation, for any debt, claim, demand, damages, actions or causes of action of any kind or character arising out of or by reason of the execution of this Agreement, demolition of the existing structure, or the construction of the House. The Corporation agrees to hold the City, the City Council, the HRA, and the agents, officers and employees of the City and the HRA, harmless from any and all claims, damages, demands, actions or causes of action arising in relation to this Agreement, demolition of the existing structure or construction of the House, and the costs, disbursements and expenses of defending the same. 5. Security. For the purpose of assuring to the HRA that the House shall be constructed according to the terms of this Agreement, and that the Corporation shall pay all claims for work done and materials and supplies furnished for the performance of this Agreement, the Corporation agrees to furnish to the HRA corporate surety payment and performance bonds in the amount of at least $ in form satisfactory to the HRA, naming the HRA as obligee, and conditioned upon the performance by the Corporation of the Corporation's obligations under this Agreement. At the Corporation's option, in lieu of the bond, the Corporation may deposit with the HRA cash, certified funds or an irrevocable letter of credit in at least said amount, provided that the HRA is able to draw upon such funds or letter of credit in its sole discretion to complete the House and cure other defaults if the HRA determines that the Corporation has failed to perform any of the Corporation's obligations under this Agreement. If the Corporation completes the House in accordance with this agreement and the work is accepted by the HRA, the security shall be returned by the HRA to the Corporation. The bond or security shall not expire prior to a date 30 days after the date for final completion of all work. 6. Remedies Upon Default. If the Corporation defaults in the performance of any of the covenants and agreements herein contained and such default is not cured within 30 days after receipt by the Corporation of written notice thereof, the HRA, if it so elects, may cause the House to be constructed and installed. and may cause the entire cost thereof, including all reasonable engineering, legal and administrative expense incurred by the HRA, to be assessed as a special assessment against the Property. In addition, the HRA may use all or any part of the security deposited with it pursuant to paragraph 5 hereof for the payment of said costs and expenses. The HRA also may take legal action against the Corporation and any surety on its performance bond to collect said costs and expenses. In the event of anemergency, as determined by the HRA, the notice requirements to the Corporation shall be and hereby are waived in their entirety, and the Corporation -2-