R2003-170 AUTHORIZING WATER MAIN AGREEMENT

Home Browse Search

Construction Agreement, as approved by the City's Director, and also in accordance with the terms and provisions hereof. The costs to construct the Water Main are not expected to exceed a total sum of$452,422 as set out in the Construction Agreement (the "Construction Price"). The parties acknowledge and agree that, pursuant to 720 ILCS 5/33E-9, the City Directors are hereby authorized to approve change orders which cause said total reimbursement not to exceed the Contract Price by more than 10%; provided, however, if the City does not, or is not able to, authorize any such change order and East Lake is not in default of any of its obligations hereunder, East Lake shall have the right to terminate this Agreement as set forth in Section 7 below. 2. East Lake shall submit to the City and the Escrow Agent (as defined in the Infrastructure Funding Escrow Agreement (the"Escrow Agreement") attached as Exhibit C draw requests for monthly payrnents all costs incurred by East Lake(or,to third parties, at East Lake's direction) under the Construction Agreement in connection with the construction of the Water Main concurrently with monthly draw requests submitted pursuant to the Infrastructure Agreement, the Escrow Agreement and the Projected Payment Schedule attached as Exhibits C, D and E,respectively, together with such documentation thereof deemed necessary by the City. 3. Upon approval of such draw requests by the City Directors, or their designee, and not later than 30 days after the receipt of said request, the City shall make payment thereon to East Lake or, at East Lake's direction, to Entler or any subcontractor performing work relating to constructing the Water Main. 4. Disputes with regard to the proper amount of any draw request shall be resolved as per the provisions for such disputes in Section 9 of the Infrastructure Agreement. 5. The City hereby grants to East Lake and Entler a revocable license entitling them to full access to the Right of Way and Martin Luther King, Jr. Drive, for the purposes described herein, during the term of and for construction of the Water Main. Upon completion of the construction of the Water Main (in accordance with the plans and specifications therefore) and the full payment of the costs thereof, East Lake shall convey or dedicate, as applicable, its right, title and interest therein to the City. 6. This Agreement shall terminate upon the conveyance or dedication, as the case may be, of the Water Main from East Lake to the City, unless sooner terminated by the parties hereto. If, due to no fault of East Lake (or any contractor or subcontractor hired by East Lake in connection with the construction of the Water Main) this Agreement and the performance of the construction of the Water Main is terminated, either in whole or in part, the City shall be liable to East Lake for the following amounts which shall be paid to the East Lake within 30 days of receipt by the City of a written claim setting out in detail: (a)the total cost of all the reimbursable third-party costs incurred by East Lake of the date of termination, less the total amount of reimbursements previously made to East Lake by the City; (b) the cost of settling and paying claims, if any, under subcontracts and material orders for Water Main work performed and materials and supplies delivered to the construction site, payment for which has not been made by the City to East Lake; (c) the cost of preserving and protecting the Water Main work already performed until the City or its assignee takes possession thereof or assumes responsibility W283630.6 - 2 -