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The Developer shal | pay to.the City an amount equal to 72.5% of the

NS A EEN NN DS CO Eh ts ete Te

total cost of the Works to be Installed pursuant to this Agreement ;
provided that the "total cost of The Works" shall mean the amount of
the accepted tender for construction of the Works plus design, layout

and reasonable contract administration costs, al| bearing no

interest.

The Developer sha | | pay its contribution pursuant to section. 5 as

follows;

(a) monthly progress and final payments shal! be payable to the city

‘on recel ipt by the Developer from the City of a certificate from
the Eng ineer certifying completion of work on portions of the.

_ Water Matin System and Sewar Maln System;

(b) Immediately on receipt of a certificate referred to in paragraph

(a) above, payment of 72.5% of the total progress or tinal

payment shall be made by the Developer sxe) the Clty; and

(c). the Developer's 72.5% share of ‘design, layout and contract
administration costs shal! be paid to the City immediately on

receipt of invoices for such costs,

1

(a) As security for the due and proper performance of all of the

terms and conditions in Sections 3 and 6, the Developer has

deposited with the City by irrevocable letter of credit valid

ener

<=,
a

unt tl. the 31st day of January 1986, the sum of $134,584.65

Dollars, being 72.5%. of the estimated total cost of the Works as

TED ae I tee RN Se ca ese

defined in Section 5;

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