Resolution 2007-22 - Laserfiche WebLink

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II IIII IIIIII IIIIIII IIII II'I 851499 Iillil IIIII 1111111 III IIIII 04 / 2512007 02.45P Boulder County Clerk, CO RG R 56.00 D 0.00 further obligation to operate or maintain the Project except as set forth in this Agreement regarding guaranty of work. 2.6 Guaranty of Work. District agrees to guarantee all work for the Project for a period of one year from the date of Construction Acceptance by the City. If any unsatisfactory condition or damage develops within lthe time of this guaranty due to materials or workmanship that are defective, inferior, or not in accordance with the City's requirements or standards, as reasonably determined by City, then the District shall, when notified by City, immediately place such guaranteed work in a condition satisfactory to City. The City shall have all available remedies to enforce such guaranty, except that City shall not have any work performed independently to fulfill such guaranty and require District to pay City such sums as were expended by the City for such work, unless the City has first given notice to the District of the deficiency and given the District a reasonable opportunity to cure the same; unless, in the City's determination an emergency exists :requiring immediate action by the City. 2.7 Project Guarantee. District shall submit to the City a guarantee for the Project. Said guarantee shall be in cash. The total initial amount of the guarantee shall be One Hundred Thousand Dollars ($100,000), and shah be held through Final Acceptance. In addition to any other remedies it may have, the City may, at any time prior to Final Acceptance, draw on the guarantee issued pursuant to this Agreement if District fails to extend or replace any such guarantee at least t:hiri:y (30) days prior to the expiration of the guarantee. If the City draws on the guarantee to correct: deficiencies and/or complete the Project, any portion of said guarantee not utilized in correcting the deficiencies and/or completing the Project shall be returned to District within thirty (3~0) days after Final Acceptance. In the event the guarantee expires or the entity issuing the guarantee becomes non-qualifying, or the cost of correcting any deficiencies and/or completing the Project is reasonably determined by the City to be greater than the amount of the initial guarantee provided, then the City shall furnish written notice to the District of the condition, and within forty-five (45) days of receipt of such notice the District shall provide the City with a substituted qualifying guarantee, or augment the deficient guarantee as necessary to bring the guarantee into compliance with this Section 2.7. If such guarantee is not substituted or augmented withirt said forty-five (45) day period, then District is in default of this Agreement. ARTICLE 3 REIMBURSEMENT PHASE 3.1 Recovery of Costs. Recovery by the District of the Total Reimbursement Amount shall be made in accordance with the terms and conditions of this Article. a. An estimate of the Total Reimbursement Amount applicable to each property located within the Benefited Asea is set forth in Exhibit C attached hereto. At the time of Construction Acceptance of the Project by the City in accordance with Article 2, the District shall provide an updated Exhibit C 'to tlhe City, which updated Exhibit C shall certify and detail the Total Reimbursement Amount as revised to reflect the final Actual Capital Costs of the Project. In no event shall District be eligible for reimbursement for any Actual Capital Costs that