O-2004-2756 - Laserfiche WebLink

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LaPorteCanadaRoad5-28-04a to any inspection of either the site or documents and provided further that in conducting said inspections, County shall not interfere with the work in progress 9. PaYments by the County to City hereunder shall not be used by the City for any purpose other than paying Road Costs. Each cost or expense included within City Improvements Costs shall be paid entirely from funds paid by the City. 10. The City shall cause the funds paid by the County to City hereunder that are not needed to meet obligations due or contemplated to be due within sixty (60) days, to be invested in the same manner as similar funds are invested by the City in federal obligations or interest-bearing time deposits. The determination by City of the portion of said funds needed to meet such obligations shall be conclusive. Upon completion of construction of the Project, the City shall perform or cause to be performed, a final accounting. If the amounts paid by the County to the City hereunder, including interest earnings thereon, exceeds an amount equal to the lesser of (a) 50% of the estimated Road Costs or (b) $1,871,822, the City shall promptly pay over the amount of such excess to the County. If the amounts paid by the County to the City hereunder, including interest earnings thereon, are less than lesser of (a) 50% of the estimated Road Costs or (b) $1,871,822, the County shall promptly pay over the amount of such deficiency to the City. 11. The City acknowledges and agrees that the County's sole obligation under this Agreement during the construction of the Project is to contribute funding for the costs of the Project to the extent stated in this Agreement, and the County has not assumed any responsibility for the actual construction of the Project or the performance of the work other than the contribution of funds as provided herein. The County shall not be responsible for the maintenance or condition of the Project facilities during construction of the Project or thereafter. 12. The City may make such changes and amendments to the drawings and specifications within the general scope of the approved Project as the City deems necessary or desirable during construction of the Project. 13. Either the County or the City may terminate this Agreement, without cause, at any time prior to the letting of the Contract for construction of the Project, by written notice to the other party. After termination, neither party shall have any further obligations hereunder, except as follows: City shall return to the County any funds which the County has paid to the City hereunder less 50% of the Road Costs incurred prior to such termination, together with the interest earned on such funds; or, if the County has not yet paid any funds to the City hereunder, the City shall notify the County of the amount of Road Costs incurred prior to such termination, and the County shall deliver its check to the City in an amount equal to 50% of such incurred Road Costs within thirty days after notice of same. 14. Unless this Agreement is amended and additional funds are thereby made available, it is expressly understood and agreed that the City has available the maximum sum of $2,765,253 to satisfy its obligations under this Agreement; and that the County has available the maximum sum of $1,871,822 to satisfy its obligations under this Agreement; and neither party hereto shall be obligated to expend more than the said maximum sum available to the party.