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<br />e <br /> <br />e <br /> <br />III. <br /> <br />It is anticipated that Association shall enter into and <br />agreement wi 1:h Moorehouse Construction, Inc., of Houston, Harris <br />County, Texa:;, for construction of the City approved facility. <br />This agreement shall stipulate, among other things, the following: <br /> <br />a) ThE! construction cost shall not exceed $50,000.00. The <br />ci t:y of La Porte shall not be a party to the agreement <br />bet:ween the Association and Moorehouse Construction, <br />Inc:., and shall have no corporate liability thereon. <br /> <br />b) Moclrehouse Construction, Inc. shall provide insurance <br />coverage as described on Exhibit "A" hereto, naming the <br />Association and the City as "additional named insureds". <br /> <br />c) Moclrehouse construction, Inc. shall provide statutory <br />pez'formance and payment bonds in the full amount of the <br />cor.ltract price, naming the Association as owner- <br />ber.leficiary. Association shall assign its rights and <br />benef its as owner and contracting party, under the <br />performance and payment bonds, to the City of La Porte. <br /> <br />d) The! construction contract shall provide that the project <br />sha.ll be substantially completed with 120 consecutive <br />calendar days. <br /> <br />e) Pla,n review and building permits are required by the <br />City, but the City shall waive all associated fees for <br />this project. <br /> <br />f) The: construction contract shall provide that Moorehouse <br />Construction, Inc. shall provide a one year warranty for <br />this facility, which one year warranty shall be assigned <br />by the Association to the City. <br /> <br />IV. <br /> <br />The Association shall comply with Texas law having to do with <br />progress paym,entsi retainage; and the obtaining of final affidavits <br />of bills paid for labor and material, upon completion of the <br />project. Upc:m delivery by the Association to the City of such <br />final affidavits of payment by the contractor, and upon expiration <br />of the final thirty (30) day retainage period, the City shall <br />deliver the sum of $15,000.00 cash to the Association. <br /> <br />v. <br /> <br />Ownership of the facility shall remain in the City. The <br />Association :;hall have no claim to ownership or use of the <br />facility, except as set forth in a separate agreement between the <br />City and the Association. <br /> <br />2 <br />