Resolution 2014-34 - Laserfiche WebLink

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(c) The Property Owner will keep, or caused to be kept, proper and current books, records and accounts in which complete and accurate entries shall be made of Project Costs and activities related to the Project. All books, records and reports of the Property Owner relating to Project Costs and completion of the URA Public Improvements shall at all reasonable times be open to inspection by the City and LRC and their authorized agents. (d) The LRC may replace the City with an escrow agent at a bank with trust powers; however, nothing herein shall require the City or LRC to utilize an escrow agent to administer the Construction Fund. (e) The cost of the escrow agent, if any, shall be paid from interest earnings or other funds in the Construction Fund. (f) If there are unexpected site conditions that trigger a change order, such as hazardous materials or underground structures, or other change orders caused by the acts or omissions of the Property Owner or resulting from the breach of Property Owner's obligations hereunder, and there are insufficient funds in the Construction Fund to pay for the change order and the remaining Project Costs ( "Shortfall "), the Property Owner shall deposit sufficient funds into the Construction Fund to alleviate the Shortfall. 6. Acceptance of URA Public Improvements. (a) The URA Public Improvements shall be subject to City inspection and Construction Acceptance, followed by a two -year warranty period, and then final acceptance in accordance with the City's procedures for inspection and acceptance of subdivision improvements ( "Final Acceptance "). Contracts for construction of the URA Public Improvements shall require that for a two -year period from and after the date of City Construction Acceptance, Property Owner or its contractor(s) shall, at no expense to the City, take all actions necessary to remedy any defect in the URA Public Improvements under such warranty, and make all— related repairs or replacements which, in the reasonable opinion of the City, shall become necessary to obtain Final Acceptance. A financial guarantee for completion of warranty work, in an amount equal to 15% of the costs of the completed improvements as determined by the City, shall be maintained until final acceptance, through retained funds within the Construction Account or through a financial guarantee posted with the City in accordance with the Subdivision Agreement. Property Owner shall assign all contractor warranties applicable to the URA Public Improvements to the City. (b) The Property Owner shall make reports in such detail and at such times as the City and LRC may reasonably request as to Property Owner's progress with respect to the construction and completion of the URA Public Improvements. 7. Insurance and Indemnification. (a) Insurance. During the period from commencement of construction of the URA Public Improvements until Final Acceptance of the URA Public Improvements, the 6