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F. Oakwood has offered to contribute the sum of Six Million and 00/100ths Dollars <br /> ($6,000,000.00) towards the total Project costs subject to its right of reimbursement, as <br /> hereinafter set forth; and <br /> <br /> 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 /> <br /> ARTICLE 1 <br /> CONSTRUCTION OF PRO,IECT <br /> <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 /> <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 /> <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 /> <br /> Section 1.04 Construction. The City shall be solely responsible for the construction <br /> and installation of the Project. <br /> <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 thc City. <br /> <br />-212- <br /> <br />2 <br /> <br /> <br />