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Last modified
1/29/2024 11:37:37 AM
Creation date
1/29/2024 11:29:13 AM
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Contracts
Company Name
SOUTH COAST PLAZA
Contract #
N-2024-043
Agency
Planning & Building
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F. City shall provide Developer with a monthly statement of draws against the <br />deposit described in Section 3.E., accompanied by invoices, time records, or other <br />reasonable back-up therefor. None of the back-up documents shall be redacted. City <br />agrees that all reimbursable expenses subject to this Agreement shall be reasonable and <br />customary. <br />G. It is understood and agreed that if any consultant begins Services on the <br />Project prior to execution and delivery of this Agreement by all parties, the fees incurred <br />in connection with the Project prior to such execution and delivery will be subject to <br />reimbursement pursuant to this Agreement upon execution and delivery of this <br />Agreement by all parties and the deposit of funds by Developer pursuant to Section 3.E. <br />4. Deposit. <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 Fifty Thousand Dollars ($50,000) for any particular <br />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. Developer <br />understands and agrees that City will not pay interest to Developer on the deposits, and <br />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 will <br />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 barring errors in the accounting. Should the total <br />reimbursement amount required for any Services be less than the total amount deposited <br />by Developer with respect to such Services, City will refund any remaining deposit amount <br />relating to such Services to Developer within forty-five (45) days after determining the <br />final reimbursement amount for such Services. <br />E. In the event Developer fails or refuses to make any of the deposits required <br />herein, Developer shall be liable to City for the amount of all fees charged to the City for <br />Services actually provided which exceed the amount of the deposit paid by Developer for <br />such Services, and City shall have the right to pursue a breach of contract action, or any <br />other pertinent legal action available to the City, against the Developer. Further, the <br />prevailing party in any dispute and/or litigation necessary to enforce or <br />rt? <br />
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