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NOW, THEREFORE, in consideration of the hereinabove recitals, and the amounts to be <br />paid, and of the mutual promises, representations, warranties, covenants and agreements <br />hereinafter stated, and upon the terms and subject to the conditions hereinafter set forth, THE <br />PARTIES AGREE AS FOLLOWS: <br />ARTICLE 1 <br />CONSTRUCTION OF PROJECT <br />Section 1.01 Plans and Specifications. The City shall be solely responsible for the <br />preparation of the plans and specifications for the construction of the Project. <br />Section 1.02 Bidding. The City shall be solely responsible for advertising for bids, and <br />letting the contract for the Project to the selected contractor. <br />Section 1.03 Bids Exceed $10,000,000.00. The City, in its sole discretion, may elect to <br />not proceed with the Project if the lowest responsible bid for the Project exceeds $10,000,000.00. <br />In the event the City elects not to proceed with the Project, this Agreement shall be null and void. <br />Section 1.04 Construction. The City shall be solely responsible for the construction <br />and installation of the Project. <br />Section 1.05 Construction Observation. The City shall be solely responsible for all <br />construction observation. The observation work for this Project shall be performed by the City <br />Engineer or other appointed representative of the City. <br />ARTICLE 2 <br />OAKWOOD CONTRIBUTION <br />Section 2.01 Contribution. Oakwood shall contribute, subject to its reimbursement <br />right described below, the sum of Six Million and 00/100ths Dollars ($6,000,000.00) towards the <br />total costs of the Project (herein referred to as the "Oakwood Contribution"). <br />2 <br />