03-24-2001 Workshop Meeting - Laserfiche WebLink

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Section 3.3: Installation of the Hike and Bike Trail. Morgans Point will dedicate if necessary, (a) Mor g a temporary access easement for the Hike and Bike Trail to PHA on any right-of-way that Morgans Point owns. (b) PHA will administer the contract for the installation of the Hike and Bike Trail in accordance with the approved Hike and Bike Trail plans and specifications. PHA shall provide supervision of the Hike and Bike Trail installation through completion. (c) PHA will bear all costs to install the Hike and Bike Trail up to $80,000. If the installation costs exceed $80,000, Morgans Point will reimburse PHA the amount in excess of $80,000. Any reimbursement will be paid not later than 45 days after PHA finally accepts the Hike and Bike Trail as complete. Section 3.4: Ownership: Maintenance of the Hike and Bike Trail. (a) Upon PHA's final acceptance of the Hike and Bike Trail, ownership of the Hike and Bike Trail will transfer to Morgans Point. (b) Upon transfer of ownership, Morgans Point will be solely responsible for the operation and maintenance of the Hike and Bike Trail and PHA shall have no further duties and obligations for the Hike and Bike Trail. ARTICLE IV MISCELLANEOUS PROVISIONS Section 4.1: Term. Unless sooner terminated pursuant to Section 3.2 or by mutual agreement of the Parties, this Agreement shall continue in force and effect until December 31, 2011. After the initial term, this Agreement shall automatically renew each January 1, for successive one-year terms. After the initial term, any party may terminate this Agreement by providing notice to the other Parties on or before July 1 of the year prior to termination. Termination shall be effective January 1 of the following year. Upon termination of this Agreement, ownership of all Landscaping and Irrigation Facilities located within La Porte's corporate limits will transfer to La Porte and ownership of all Landscaping and Irrigation Facilities within Morgans Point's corporate limits will transfer to Morgans Point. Ownership of all Landscaping and Irrigation Facilities within PHA's property will transfer to PHA. Upon termination of this Agreement, PHA will have no further obligation for the operation and maintenance of the Landscaping and Irrigation Facilities. Section 4.2: Default, Notice, Cure. Should any of the Parties fail to perform any obligation under this Agreement, written notice shall be given to the non -performing party as to the details of such non-performance. If the allegedly non -performing party does not perform its obligations within 30 days of receipt of said notice, or commence performance of its obligations with 30 days and diligently continue to complete such obligation, the notifying party may terminate this Agreement or may seek any other remedy at law or in equity. Section 4.3: Applicable Law. This Agreement shall be subject to all applicable, local, state, and federal laws and regulations. The provisions of this Agreement shall be construed in accordance with the laws of the State of Texas. Section 4.4: Modification. This Agreement shall be subject to change or modification only with the mutual written consent of the Parties. Section 4.5: Construction of Agreement. Construction of Agreement shall not be construed in favor of or against any party on the basis that the party did or did not author this Agreement. 2-11