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Last modified
11/18/2022 4:31:35 PM
Creation date
11/18/2022 4:31:02 PM
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Contracts
Company Name
RCR BRISTOL, LLC
Contract #
N-2022-351
Agency
Planning & Building
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4. De osit. <br />A. At any time that City determines in good faith that the sums then held in any <br />deposits made pursuant to Sections 3.E above are inadequate to pay for the projected <br />Services to be paid from such deposit over the succeeding two (2) month period, <br />Developer shall replenish the relevant deposit with the amount requested by City in <br />writing, which amount shall not exceed Thirteen Thousand Dollars ($13,000) for any <br />particular replenishment, within twenty (20) Business Days of such written request, <br />B. Should any deposit not be replenished within twenty (20) Business Days of <br />Developer's receipt of City's written request, City may direct that all Services to be paid <br />from the deposit applicable to such Services be halted until such time as such applicable <br />deposit is replenished. <br />C. All deposits will be placed in a non -interest bearing trust account. <br />Developer understands and agrees that City will not pay interest to Developer on the <br />deposits, and Developer will not seek interest payments from City. <br />D. No later than forty (40) days after the earliest to occur of (1) final action is <br />taken by City on the Project, (2) Developer notifies the City in writing of its withdrawal of <br />the Project applications, or (3) the Project is otherwise abandoned by Developer, City <br />will provide Developer with a final accounting of costs and expenses, accompanied by <br />invoices, time records or other reasonable back-up therefor, which accounting the <br />Developer agrees will be conclusive. Should the total reimbursement amount required <br />for any Services be less than the total amount deposited by Developer with respect to <br />such Services, City will refund any remaining deposit amount relating to such Services <br />to Developer within forty-five (45) days after determining the final reimbursement <br />amount for such Services. <br />E. In the event Developer fails or refuses to make any of the deposits <br />required herein, Developer shall be liable to City for the amount of all fees charged to <br />the City for Services actually provided which exceed the amount of the deposit paid by <br />Developer for such Services, and City shall have the right to pursue a breach of contract <br />action, or any other pertinent legal action available to the City, against the Developer. <br />Further, the prevailing party in any dispute and/or litigation necessary to enforce or <br />interpret this Agreement shall be entitled to seek and collect its costs and reasonable <br />attorney's fees from the other party. <br />5. Other Costs. Developer acknowledges that the cost of the Services does not <br />include all application, permitting, inspection, or other fees which may be charged by <br />City in connection with the Project. To the extent the fees ordinarily charged by City for <br />projects similar to the Project relate to costs that are not reimbursed under this <br />Agreement, such fees shall be separately paid in accordance with the relevant City fee <br />schedule. <br />6. No Guarantee of Approval. Developer acknowledges that its payments and <br />deposits described herein do not mean that the City will approve the Project nor that <br />3 <br />
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