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CCP 04-24-2006
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CCP 04-24-2006
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5/8/2007 1:21:29 PM
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11/15/2006 10:09:50 AM
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<br />. <br /> <br />. <br /> <br />. <br /> <br />the eligible project costs are $ I ,000,000.00 and a DEED grant is awarded, a $250,000.00 local <br />match would bc requircd. Council Grant money may be used to fund up to 13% of the DEED <br />eligible project cost, or $130,000.00. If a Council grant were awarded and no additional funding <br />is available through the County or any other source, then CMK would be responsible for paying <br />the total local match of $ ] 20,000.00. CMK hereby agrees and confirms that the City shall have <br />no liability or responsibility for any costs arising out of the Remediation Project, this Agreement, <br />or arising out of the City's applications for the Grants. <br /> <br />2. Pavment to Citv bv CMK. CMK shall make payment to the City within twenty <br />(20) days after receipt of written request for that portion of its loeal match obligation that is due <br />and payable pursuant to the awarded Grants, this Agreement, and the completed work on the <br />]{crnediation Project. The City shall provide CMK with written documentation of the amount <br />owed by CMK, to CMK's reasonable satisfaction. <br /> <br />3. Lctter of Credit. Concurrently with theex.ecutiOlvOfthis Agreement, CMK shall <br />post a letter of credit with the City in the amount of $1 00,000.00 in form reasonably aeceptable <br />to the City as security for the performance ofCMK's obligations hereunder (the "LOC"). The <br />LOC shall contain the It,ll owing terms: <br /> <br />a. If no Grants are awarded to the p:U1ies on or before Augnst 1, 2006 (the <br />"Grant Determination Date"), the LOC shall be returned to CMK, and this Agreement <br />shall automatically terminate, and neither party shall have further obligations hereunder. <br /> <br />b. If onc or more Grants are awarded to the parties on or beforc the Grant <br />Detcrmination Date, thc LOC amount shall be adjusted in light of the award amounts <br />(either upward or downward, as applicable) to be equal to CMK's corresponding <br />maximum local match obligation hereunder. For example, if the total Grant awards are <br />equal to the example set forth in Section I of this Agreement, the LOC amount would be <br />incrcased by $20,000.00 to $120,000.00. In such case, CMK shall post a replacement <br />LOC within tcn (10) days after the Grant Determination Date. <br /> <br />c. The LOC shall be in force until such timc as CMK's obligations under this <br />Agreement are satisfied and all costs and expenses incurred in conncction with the <br />Remediation Project havc been paid and evidence of same has been submitted to the City. <br /> <br />d. The City shall not be authorized to draw against the LOC until it has given <br />CMK writtcn notice of its failure to fulfill its payment obligation under Section 2 ofthis <br />Agreement and thirty (30) days to cure such failurc. <br /> <br />4. Noticq. All notices required or allowed hereunder shall be in writing and shall be <br />delivered to the parties as follows: <br /> <br />2 <br />
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