Laserfiche WebLink
correct copy thereof, and Executive Director shall have reasonably approved such General <br />Contractor) as having the experience and financial resources (based on audited or unaudited financial <br />statements submitted to Executive Director) necessary to construct and complete the Project. <br />Developer shall submit to Agency and City evidence regarding each entity serving as a subcontractor <br />for the construction of each portion of the Improvements, along with satisfactory evidence of <br />necessary license(s), certification(s), bonding (with respect to the General Contractor's license bond <br />required by the State of California) and insurance, all as required by this Agreement and as <br />reasonably requested by Executive Director. Each Construction Contract (and all subcontracts) shall <br />include the Section 3 Clause set forth in Section 309.2 hereof. ;lllp Construction Contract with the <br />General Contractor shall be for a fixed, all-inclusive fee to complete`all work to be performed by the <br />General Contractor to construct the Improvements, subject to hp~toved change orders. <br />601.5 Construction Secm•ity. <br />delivered to Agency and City an unconditional anc <br />equal to fi$een percent (15%) of the total the coil, <br />ProjecC Budget which is approved by Agency ati~ <br />Letter of Credit"), along with reasonably sit, <br />Contractor's financial strength (such as the two mo <br />of General Contractor) and reputation for quality <br />a'oper stiall~J}avc obtained and shall have <br />ocable staii'c~;y`,;;letter of credit in an amount <br />on costs for £he 'Project, as set forth in the <br />for the Project (ciihcctively, "Performance <br />pry evidence demonstrating the General <br />~. ,. <br />pt aUdtt~,e~ or unaudited;fi)aarcial statements <br />complete the Project in accordance wrth;this;Agreement. <br />deposited with the Executive Director acid shall be, in full <br />unconditional and irrevocable right to di'2w on siich'nstn <br />date of recordation of the notige of completion in the~eVa <br />ceases construction in v-io]atidn of this Agreement or•••~'ails <br />violation of this Agrcci)cnt. In s <br />Performance better of Credit in its <br />whether the proceeds of the Perfor <br />the Project.: Agciicy and Crty w <br />Beneficiar~ies)sigrie$ ;aliel dated sta <br />of Credit effecting Agency's, and`( <br />ba h•ansmitted to Developer oil,the <br />of the Perfofin'Ance Letter oI Cr'edii <br />of other and/tii`-additional seew ity~, <br />performance bonds eovermg one <br />guarantees and/or combinations <br />Security"), which Agency and;Cit; <br />her sole, reasonable diso'ratiori that <br />security that is substantially similar <br />and pcrforrtratice necessary to <br />nance Letter of CrediC shall be <br />effect with Agency and City's <br />I thirty-five (35) days after the <br />qer (or its General Conhactor) <br />e'construction of the R•oject in <br />event, t`tgency~and City.'Shall have the right to draw on the <br />disorcttoh,` and have the sole and absolute right to determine <br />cp. Letter of Credit shall be used to pay for the completion of <br />rovi'de Developer with a copy of Agency's and City's (as <br />;nt pr'b~i~ed to the Lender pursuant to the Performance Letter <br />ixy,'s draw oil the Performanw Letter of Credit, which copy will <br />sarxie,date that the statement is transmiCted to the Lender. In lieu <br />Developer may propose providing Agency and City other forms <br />addressirt`g Che completion of construction (such as payment and <br />gndred percent (100%) of the Project), other bonds and sureties, <br />~ any of those, collectively referred to herein as "A]lernatc <br />'will approve and accept if the Executive Director determines in <br />such Alternate Security will provide Agency and City a level of <br />and equivalent to the Performance Letter of Credit. <br />601.6 Financing, The Agency shall have approved Developer's evidence of <br />financing of the Improvements on the Property as provided in Section 311.1 and such financing shall <br />be available for development of the Bnprovemenes or, to the extent said financing consists of a third <br />party loan or loans, said loan or loans shall have closed and funded or be ready to close and fund <br />concurrently with the Loans. <br />601.7 Final Project Budget and Construction Schedule. Developer shall have <br />submitted to Agency/City and Agency/City shall have approved the final/updated Project Budget and <br />updated construction schedule for the construction oFImprovemcnts. <br />21 <br />