Agenda - Council - 07/12/2022 - Laserfiche WebLink

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ARTICLE V CONSTRUCTION OF 2022 PROJECT Section 5.1 Agreement to Construct the 2022 Project. The Company shall proceed with due diligence to construct the 2022 Project in accordance with the Plans and Specifications and all applicable laws and regulations. The Company agrees to use its best efforts to diligently cause the substantial completion of the 2022 Project, subject only to "punch list" items, on or before , 20 , but the Company shall not be in violation of such agreement if the progress of construction is delayed at any time by changes ordered in the work, or by labor disputes, fire, supply chain disruptions, unusual delay in transportation, unavoidable casualties or any causes beyond the Company's and contractor's control, or by any event which an Independent Architect determines may justify the delay, then the Completion Date shall be extended for such reasonable time as such Independent Architect may determine but not beyond and there shall be no resulting liability of the Company hereunder. If the Company encounters any underground storage tanks or Hazardous Substance on the 2022 Project Site, the Company shall remediate the 2022 Project Site in accordance with the applicable Environmental Regulations; provided that such remediation shall be deemed to justifiably delay the completion of the 2022 Proj ect. In any case,there shall be no abatement or diminution in the Loan Repayments and other payments required to be made by the Company under this Loan Agreement. Section 5.2 Changes in the 2022 Project. The Company may make any changes in the Plans and Specifications or any construction contract for the 2022 Project, and may make any deletions from or substitutions or additions to the 2022 Project without the prior consent of the Issuer or the Trustee, so long as such changes in the Plans and Specifications or a construction contract or deletions from or substitutions or additions to the 2022 Project do not (i) materially impair the usefulness or character of the 2022 Project; (11) materially increase the cost of completing the 2022 Project(unless there is sufficient money to cover such increased cost already on deposit in the 2022 Project Fund, or unless the Company determines by resolution or written action that money is available to the Company for payment of additional costs and such additional money is deposited with the Trustee for credit to the 2022 Project Fund); (iii) disqualify the 2022 Project as a "project"under the Act; (iv)violate any license,permit or approval given by the State, the Issuer,or any other governmental unit with respect to the 2022 Project; (v)decrease the amount of Building Lease Aid that the Charter School will qualify for with respect to the School Facilities; or (vi) change the status of the construction contract from a "stipulated sum contract" unless the Company first deposits sufficient money in the 2022 Project Fund to complete the 2022 Project. No change in the Plans and Specifications or a construction contract and no deletion from or substitution or addition to the 2022 Project may be made without prior approval of a contractor's surety if required by the payment and performance bond provided by such surety. The Trustee shall have no duty or obligation to determine whether the conditions of clauses (i) through (vi) of this Section 5.2 have been satisfied and shall be entitled to receive and rely upon a Company Certificate to the effect that such conditions have been satisfied. Section 5.3 Construction Contracts. The Company agrees that, pursuant to the Collateral Assignment, all of its right, title and interest to any material construction contract relating to the 2022 Project necessary to complete the 2022 Project have been collaterally assigned 18 730911770