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Provision Chan e <br /> Payment; <br /> (6) The Architect has approved the set of Record Documents kept on site <br /> for compliance <br /> (7) The Project Schedule has been updated by Contractor and accepted <br /> by the Owner and the Architect; <br /> (8) The Contractor has submitted all required certified weekly payroll <br /> forxns,including those required from Subcontractors. <br /> 12.1.3.3 Contractor and each Subcontractor shall be paid through a <br /> construction escrow established with Owner's lenders and Contractor. If and <br /> to the extent that such escrow does not provide for direct payment to <br /> Subcontractors, Contractor shall pay to each Subcontractor and supplier, out of <br /> the amount paid to the Contractor on account of such Subcontractor's or <br /> supplier's portion of the Work, the amount to which said Subcontractor and <br /> supplier is enritled within five(5)days of receiving payment from Owner. The <br /> Contractor shall not withhold any such sums from Subcontractors and <br /> suppliers without giving prior written norice of his intention to do so to and <br /> receiving approval to do so from the Owner. If for any reason Contractor has <br /> not paid a Subcontractor or supplier within such five(5)day period,Contractor <br /> shall, within twenty four (24) hours thereafter, return the amount due such <br /> Subcontractor or supplier to Owner, and provide Owner with a written <br /> statement explaining the reasons for not making such payment." <br /> 12.1.5 The following language is hereby inserted following the language "...to substanriate its accuracy <br /> as the..."and before"Architect may require.": <br /> "Owner and" <br /> 12.1.7.6 The following is hereby added at the end of the sentence: <br /> "and other amounts properly held by the Owner at the time of each progress payment." <br /> 12.1.09 Following Paragraph 12.1.9,the following is hereby inserted: <br /> "12.1.lONotwithstanding anything to the con�ary contained in this Paragraph 12.1,the <br /> Owner shall be entitled to withhold as retainage ten percent (10%) of all Cost of the <br /> Work items included in each Application for Payment. Following complerion of 80% <br /> of the Work, the retainage shall be reduced to five percent (5%) of the Cost of the <br /> Work. The Owner shall have the oprion,but not the obligarion, to reduce the retainage <br /> requirements of this Agreement or release any portion of retainage prior to the date <br /> specified in the Contract Documents. Any exercise of this option,however,shall not be <br /> a waiver of(i)any of the Owner's rights to retainage in connecrion with other payments <br /> to the Contractor or(ii)any other right or remedy that the Owner has under the Contract <br /> Documents,at law or in equity." <br /> 12.2.1 Prior to the first sentence,the following language is hereby inserted: <br /> "After the payment due the Contractor at Substantial Complerion has been made by the <br /> Owner, no other payment including the retained amount, shall be made until the <br /> Contract has been fully performed and the Owner has accepted the Work." <br /> 12.2.1.2 Following 12.2.1.2,the following is hereby inserted: <br /> 5 <br /> Doc#:CHI01 (239130-00107)50130735v3;0 811 2/20 0 3/Time:10:48 <br />