AG 2003 10 20 - Laserfiche WebLink

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3. Allocated Funds for Architectural Fees/Construction for the Facility. The County has budgeted up to $155,250.00 for architectural fees and construction for the Facility, anticipating construction of a one-story Facility. HYA has budgeted up to $60,000.00 for additional architectural fees and construction costs attendant to addition of a second story on the Facility. 4. Procedure for Review a~d Approval of Construction Bids. Upon receipt of the construction bids, thc County and HYA will review the bids. HYA will determine, within [ I days of its review with thc County of thc bids, whether HYA desires to move forward with funding the additional architectural and construction fees attendant to addition of a second story onto the Facility. 5. Escrow of HYA Funds. In the event HYA determines to proceed with funding of the second story on the Facility, HYA must deliver $60,000.00, or such lesser sum as approved by the County (the "HYA Funds") to the County by the earliest of which to occur: (1) within LO_Qdays after the County Board of Commissioners approves the winning bid for the Facility construction; or (2) by October 31, 2003. The HYA Funds shall be held in escrow by the County for the sole purpose of funding architectural and construction fees attendant to construction of a second story onto the Facility and shall be disbursed by the County with the County's required payments to the Architect and the Contractor, in accordance with the County's contractually agreed prescribed payment schedules for the Architect and the Facility contractor. In the event it is determined that HYA may initially deposit less than $60,000.00 in escrow with the County and it is later determined that additional funds are needed to pay the Architect's fees and complete construction attendant to the addition of a second story onto the Facility, HYA agrees to immediately provide such additional funds to the County, not to exceed an aggregate contribution of $60,000.00. In the event it is determined that the funds escrowed by HYA with the County for the purposes set forth herein exceed the funds required for HYA's contribution to the Facility, the County will refund to HYA such excess funds held in escrow. 5. Rgso~ution of Disputes. In the event either party to this Agreement disagrees with the actions of the other party hereto, both parties agree to use their best efforts to resolve such disagreement prior to resorting to litigation. The terms and conditions of this Agreement shall be governed by North Carolina law. 6. Miscellaneous Provisioqs. Paragraph headings hereunder are for convenience only and shall not be deemed a controlling part of this Agreement. In the event any term or condition of this Agreement is deemed for any reason to be unenforceable against either party hereto, the remaining terms and conditions of this Agreement shall bc deemed to be severable from thc unenforceable provision and shall remain in full force and effect. (Signatures on following page)