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notice in writing, sent by certified mail, return receipt requested, to the Construction <br />Manager at Risk and his surety of such delay, neglect or default, specifying the same, and <br />if the Construction Manager at Risk within a period of fifteen (15) days after such notice <br />shall not proceed in accordance therewith, then the Owner shall, declare this contract in <br />default, and, thereupon, the surety shall promptly take over the work and complete the <br />performance of this contract in the manner and within the time frame specified. In the <br />event the surety shall fail to take over the work to be done under this contract within <br />fifteen (15) days after being so notified and notify the Owner in writing, sent by certified <br />mail, return receipt requested, that he is taking the same over and stating that he will <br />diligently pursue and complete the same, the Owner shall have full power and authority, <br />without violating the contract, to take the prosecution of the work out of the hands of said <br />Construction Manager at Risk, to appropriate or use any or all contract materials and <br />equipment on the grounds as may be suitable and acceptable and may enter into an <br />agreement, either by public letting or negotiation, for the completion of said contract <br />according to the terms and provisions thereof or use such other methods as in his opinion <br />shall be required for the completion of said contract in an acceptable manner. All costs <br />and charges incurred by the Owner, together with the costs of completing the work under <br />contract, shall be deducted from any monies due or which may become due said <br />Construction Manager at Risk and surety. In case the expense so incurred by the Owner <br />shall be less than the sum which would have been payable under the contract, if it had <br />been completed by said Construction Manager at Risk, then the said Construction <br />Manager at Risk and surety shall be entitled to receive the difference, but in case such <br />expense shall exceed the sum which would have been payable under the contract, then <br />the Construction Manager at Risk and the surety shall be liable and shall pay to the <br />Owner the amount of said excess. <br />6. It is fiu'ther mutually agreed between the parties hereto that if at any time after the <br />execution of this agreement and the surety bonds hereto attached for its faithful <br />performance, the Owner shall deem the surety or sureties upon such bonds to be <br />unsatisfactory, or if, for any reason, such bonds cease to be adequate to cover the <br />performance of the work, the Construction Manager at Risk shall, at its expense, within <br />five (5) days after the receipt of notice from the Owner so to do, famish an additional <br />bond or bonds in such form and amount, and with such surety or sureties as shall be <br />satisfactory to the Owner. In such event no further payment to the Construction Manager <br />at Risk shall be deemed to be due under this agreement until such new or additional <br />security for the faithful performance of the work shall be furnished in manner and form <br />satisfactory to the Owner. <br />7. Preliminary Guaranteed Maximum Price <br />Cost of the Work $ 12,401,000.00 <br />Construction Management Fee $ 1,297,000.00 <br />Construction Manager's Bonds and Insurance $ 349,000.00 <br />Construction Manager's Construction Contingency $ 246.000.00 <br />Total Preliminary Guaranteed Maximum Price $ 14,293,000.00 <br />Attachment number 2 \n <br />G-3 Page 192 <br />