Laserfiche WebLink
2. Centennial Contribution; Escrow. <br />(a) Centennial agrees to pay the total costs incurred <br />by the City for surveying, planning, labor and materials for <br />the Project in accordance with the schedule of costs set <br />forth as Exhibit B, attached hereto and incorporated herein <br />by reference (the "Project Costs") . Centennial payments in <br />excess of $342, 078 . 00 shall be subject to Paragraph 3 (b) , <br />below. At or prior to the time the City executes a <br />construction contract for the Parkway Project and/or the <br />P roject, Centennial shall deposit $342,078.00 (the "Escrow <br />Deposit"), which is equal to the currently estimated Project <br />Costs plus 10% contingency, in an interest bearing escrow or <br />t rust account (the "Escrow Account") established with Escrow <br />Agent. <br />(b) The City shall be entitled to draw from the Escrow <br />Account the Project Costs by submitting City Disbursement <br />Notices (as defined in this Section 2) pursuant to the <br />procedures set forth in Section 2 (e) . <br />(c) All interest earned on the funds contained within <br />t he Escrow Account shall be deemed earned by Centennial. <br />Centennial and the City shall only be entitled to draw upon <br />t he funds contained in the Escrow Account pursuant to and <br />subject to the terms and the procedures and at the times set <br />f orth in this Agreement. Escrow Agent shall disburse the <br />Escrow Deposit in accordance with the terms of this <br />Agreement. <br />(d) The City shall be entitled to receive <br />d isbursements of the Escrow Deposit from time to time (but <br />no more often than once per month) equal to the portion of <br />t he Project Costs incurred by the City in the performance of <br />t he Project and not previously disbursed pursuant to a prior <br />City Disbursement Notice. <br />(e) In order to receive disbursement of the Escrow <br />Deposit, the City shall submit to Escrow Agent and <br />Centennial a written request (each a "City Disbursement <br />Notice") for disbursement of the portion of the Escrow <br />Deposit requested by the City. <br />(f) Each City Disbursement Notice shall include: <br />(i) a statement from the City that sets forth the <br />portion of the Project completed by the City for which <br />a disbursement is requested, the applicable portion of <br />the Project Costs and the portion of the Escrow Deposit <br />