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financial information in the format specified by FRIENDS. The FRIENDS Duties A. FRIENDS may provide suggestions regarding the design of walkways constituting the Proj ect. B. FRIENDS shall assist with compliance with grant guidelines to timely obtain grant funds and disburse those funds to CITY. C. FRIENDS shall transfer to City, Friends Funds including grants and contributions which have been collected on behalf of the City for the Project. Said transfer to the City shall occur prior to the City award of a construction contract. 4. Time for Performance FRIENDS shall transfer $75,000 of the grant funds to CITY within thirty (30) days following the execution of this agreement by both parties. Said grant funds shall be deposited in a fund to be utilized only for the payment of Project costs. CITY shall complete the Project by April 30, 2012. Ownership and Maintenance The Zoo pathways and service roads shall remain the property of the CITY, and CITY shall maintain responsibilities therefor. Preparation and Ownership of Documents It is hereby understood that any and all documents pertaining to the Project design and construction, including applicable "as- built" drawings, will be created in accordance with the highest professional quality. All development documents and drawings shall remain the property of the CITY. 7. Financial Requirements The CITY shall account for all funds requested by and released pursuant to this Agreement and the disbursement thereof. The CITY shall maintain a full set of books on a double entry basis in accordance with generally accepted accounting principles, procedures, and regulations as deemed necessary by the CITY. Such records shall be maintained by qualified personnel and in a timely manner. All financial reports and schedules shall be prepared in accordance with generally accepted accounting principles and CITY reporting requirements. Indemnification CITY agrees to save, indemnify, defend and hold harmless, FRIENDS, its board members, directors, officers, agents and employees from any and all claims, demands, losses, liens, expenses (including reasonable attorney's fees) or liability, including but not limited to claims of damage of property or injury to or death of persons accruing or resulting to any and all contractors, subcontractors, material men, laborers and any other person, firm or corporation furnishing or supplying work, services, materials or supplies in connection with the performance of this Agreement by the CITY and from any and all claims and losses accruing