Laserfiche WebLink
to be disbursed to the City by Escrow Agent therefor; <br />and <br />(ii) a payment application from the general <br />contractor employed by the City to perform the <br />applicable portion of the Project (the "City General <br />Contractor") for such amount, based on the schedule of <br />values attached to this Agreement as Exhibit C. <br />(g) Upon receipt of a City Disbursement Notice, <br />Centennial shall promptly either (i) countersign the City <br />Disbursement Notice and forward a countersigned copy (a <br />"Countersigned Notice") to Escrow Agent, or (ii) if <br />Centennial objects to all or any portion of the City <br />Disbursement Notice, Centennial shall deliver written notice <br />o f such objection (an "Objection Notice") to the City and <br />Escrow Agent on or before the fifth (5th) business day after <br />the City delivers the City Disbursement Notice to <br />Centennial. <br />(h) Upon receipt of a Countersigned Notice, Escrow <br />Agent shall immediately disburse funds in the amount <br />✓ equested in the City Disbursement Notice from the Escrow <br />Deposit to the City. <br />(i) Any Objection Notice shall be made only in good <br />faith and shall identify the amount of the requested <br />disbursement to which the objection applies and the basis <br />for such objection, shall include a certification from <br />Centennial and the engineer for the Project, Kimley-Horn and <br />Associates, Inc. ("Kimley-Horn") to the City and Escrow <br />Agent that the City has failed to satisfy the requirements <br />set forth in this Agreement for disbursement of such portion <br />o f the Escrow Deposit and shall identify in detail the <br />nature of such failure. <br />(j) If Escrow Agent receives an Objection Notice from <br />Centennial, then (i) Escrow Agent shall disburse to the City <br />t he amount of the payment requested under such City <br />Disbursement Notice to which Centennial has not objected in <br />such Objection Notice, and (ii) Escrow Agent shall not <br />d isburse the portion of the Escrow Deposit requested under <br />such City Disbursement Notice to which Centennial has <br />o bjected until: (A) Escrow Agent receives mutual concurring <br />instructions with respect to the requested disbursement from <br />Centennial and the City; or (B) Escrow Agent receives a <br />final, nonappealable order from a court of competent <br />jurisdiction in Boulder County, Colorado with respect to the <br />✓ equested disbursement. The City may in its sole discretion <br />d irect the General Contractor to stop work on any portion of <br />