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<br /> or may be insufficient to pay all Rehabilitation Costs that may be payable under this Agreement <br /> or otherwise in connection with the Rehabilitation, Developer shall, within ten (10) days after it <br /> receives written notice thereof from City of any of the foregoing matters, do one or more of the <br /> following: <br /> (a) provide satisfactory evidence to City that Developer has previously paid <br /> such excess or otherwise provided for such insufficiency (collectively, the "Excess Cost") with <br /> funds from a source other than the NSP Funds; <br /> (b) reallocate sufficient funds to pay the Excess Cost from funds <br /> allocated to "Contingency" in the Rehabilitation Budget; provided, however, that the <br /> City Manager's consent to any such reallocation shall be required; or <br /> c de osit an amount e ual to the Excess Cost in anon-interest bearing <br /> q <br /> p <br /> account (the "Overrun Account") with City from which withdrawals may be made only with the <br /> consent of the City Manager but which will be exhausted prior to any further disbursement for <br /> any line item, so that any resulting surplus in any line item of the Rehabilitation Budget will then <br /> be reallocated to the line item(s) in which the Excess Costs are expected to be incurred. <br /> City shall have no obligation to make further disbursements until Developer has paid or <br /> otherwise provided for the overrun as required above. Amounts deposited by Developer in the <br /> Overrun Account for any Excess Costs shall be disbursed by City prior to the disbursement of <br /> any remaining Rehabilitation Portion proceeds. <br /> 405. Cost Savings. Upon completion of and disbursement for all matters covered by any <br /> line items in the Rehabilitation Budget, any remaining undisbursed amounts allocated to that line <br /> item shall be reallocated to "Contingency" and thereafter be available for disbursement in <br /> accordance with the terms of this Agreement. <br /> 406. Retainage. City will withhold a Retainage of 10% from each Disbursement for <br /> each of the Hard Cost line items of the Project Cost Breakdown (and other line items thereof <br /> designated for withholding of retainage) until all conditions to the final Disbursement of Hard <br /> Costs have been satisfied. In lieu of City's withholding Retainage, Developer can by written <br /> notice to City elect not to draw any overhead or profit as would otherwise be permitted under the <br /> Construction Contract until such time as Retainage would otherwise have been released. <br /> City shall not retain funds for building materials purchased by Developer for which Developer <br /> supplies documentation to City proving payment in full or for soft costs. <br /> 407. Holdback. The retainage otherwise available for disbursement shall be <br /> subject to a holdback of one hundred twenty-five percent (125%) of the estimated cost (as <br /> determined by the City Manager) for "punch-list" items. Such holdback will be released when <br /> all punch-list items have been completed to the satisfaction of City. <br /> 408. Waiver of Disbursement Conditions. Unless City otherwise agrees in writing, <br /> the making by City of any disbursement with knowledge that any condition to such disbursement <br /> is not fulfilled shall constitute a waiver of such condition only with respect to the particular <br /> 8 <br /> 25K-44 <br /> <br />