ILLUMINATION FOUNDATION (40) - Laserfiche WebLink

Home Browse Search

(i) GRANTEE, ON BEHALF OF ITSELF, ITS SUCCESSORS, AND ASSIGNS, WAIVES AND RELEASES THE CITY FROM ANY RIGHT OF ACTION THAT MAY BE AVAILABLE TO ANY OF THEM PURSUANT TO LABOR CODE SECTION 1781. ADDITIONALLY, GRANTEE SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS THE CITY AGAINST ANY CLAIMS PURSUANT TO LABOR CODE SECTION 1781, OR THE CITY'S COMMUNITY WORKFORCE AGREEMENT,ARISING FROM THIS AGREEMENT OR THE CONSTRUCTION OR INSTALLATION OF ALL OR ANY PORTION OF THE PROJECT. GRANTEE ACKNOWLEDGES THE PROTECTIONS OF CIVIL CODE SECTION 1542 RELATIVE TO THE WAIVER AND RELEASE CONTAINED IN THIS SECTION 8.6, WHICH READS AS FOLLOWS: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. (d) BY INITIALING BELOW, GRANTEE KNOWINGLY AND VOLUNTARILY WAIVES THE PROVISIONS OF SECTION 1542 SOLELY IN CONNECTION WITH THE WAIVERS AND RELEASES OF THIS SECTION 8.6. (e) ADDITIONALLY, GRANTEE SHALL INDEMNIFY, DEFEND AND HOLD HARMLESS THE CITY AGAINST ANY CLAIMS PURSUANT TO LABOR CODE SECTION 1781 ARISING FROM THIS AGREEMENT OR THE THE PROJECT. GRANTEE'S INITIALS: ? 6 8.7 Grantee's Assurance of Construction Completion. Prior to commencement of construction of the Improvements, Grantee shall furnish to City evidence that assures Grantee that sufficient monies will be available to complete the proposed construction (the"Construction Security"). The City Project Manager shall approve or disapprove the Construction Security, which approval shall not be unreasonably withheld. The amount of money available from the Construction Security shall be at least the total estimated construction cost. Subject to approval from the City Project Manager,the Construction Security may take one of the following forms: (i) Performance bond and labor and materials bond in a principal sum equal to the total estimated construction cost supplied by Contractor or subcontractors, provided said bonds are issued jointly to Grantee, City and any Senior Lenders as obligees. (ii) Irrevocable letter of credit issued to City from a financial institution to be in effect until City acknowledges satisfactory Completion of Construction; (iii) Cash deposited with the City(may be in the form of cashier's check or money order or may be electronically deposited);