25H - AGMT - AFFORDABLE HOUSING 2151 E 1ST ST

Home Browse Search

(`b) realloce lc suffident fines to pay the Lxccss Coq from hulls allocated 'to"(."oningency " in the Vrtiject Budget; provided, however, that IhQ hxecutive Director's consent to any such reallocation shall he recluircd� err (c) deposit air ,nurteuamt ecpual to the Excess Cost in a non - inhere, hearing account. (the "Overrun Account") with City from which withdrawals may be made only with the consent of the Executive Director httt which will be exhausted prior to any further disbursenient for any 'lilac item, sr that any resulting surplus in any litre mete of the Project Buclgut will then lie reallocated to the line itern(s) to which the Excess Coss are expected to be incurred. City shall have no obligation to make itr tlter eh WblArseknents until Devdopier" has paid or otherwise provided lire the overtun as rowpaured above. Amounts deposited by Developer in the Overrun Account fair any Excess Costs shall be disbursed by City prior to the disbursement of any remaining rehabilitation portion procceds in the manner described iru sruhscctiaton M(c). 6,'1't Cost Savings. Upon completion of and disbursement tier all rn. alters covered by any Lind; items to the Project liu clge , any rett,aining uudisbrurscd ananuntw allcacated to that line item shall be reallocated to "Contingency" and thereaabter be available for disbursement in accordance with, the terms of this Agreement, 6,12 Retaainaage. Cily will withhold a Retainage (it' lt)w'Iir from each Disbursement laver each of the hard cost line items of the parnject co,s( breakdown (mind other hale items thereof designated for withholding ol` retaapnage) until all conditions to the fi.nat disburscnicnt of hard costs have been satisfied, In lieu ot'("ity "s withholding Retaainage, Developer cant by wr itien notice tax City select not to draw any overhead or profit as would otberwive lie penxutted under the C"ontruetion Contract until such orris as ltetrauinage would otherwise have been released. City shall riot retain l'uaids for building materials purchased by Developer for which Developer supplies documentation to City proving paaymcrat in bull or for soft costs. 6 121 floklhaaek. The r0ainoge otherwise available for disbtnsenerrl . shall he suhJect to a holdback of one hundred twenty -five percent (1251N)) of the estimated cost (its determined by the Executive Director) l6r items. Such holdback wilt he ucle ised when at] pruarclr -lint iterras have beery completed to the satisfiteticnr of CTity. o.'11 Waaivt *r of Disbursenient Conditions, Unlcs" City a atherwweseagrees i1l . wwruting, the making by City of any dkbursumcnt with krrowwlaxlge that any enndition to such uhshursenucnt is not luuulilled shall constit.ulte a waiver of such condition ordy With respCct 10 the pau-ticnlar dishau sentient made 6.14 Modification of Disbursement C:'oaiditions and Procedures, The EXUGLktive Director shall hauvc tht authority to modi'f'y the disbursement conhtunis and procedures vet 1'orth luur•ein in under to conarrai them to the payment provisions of" the Rehabilitar1ion Comma 12 25H -20