HomeMy WebLinkAboutC.054.93011_0446funds expected to be available for such purposes. The County shall use its best efforts to cause
the construction of the Project to be completed by the Completion Date, unforeseeable delays
beyond the reasonable control of the County only excepted.
Prior to commencement of construction of the Project, the County shall deliver to the Lender (A)
environmental assessments conducted at the Site, and (B) a flood hazard certificate for the Site.
Upon completion of the Project, the County shall deliver to the Lender, (A) a certificate (the
"Completion Certificate") of the County stating the fact and date of such completion and stating
that all of the costs of construction have been determined and paid (or that all of such costs have
been paid less specified claims which are subject to dispute and for which a retention in the
escrow fund, if any, is to be maintained in the full amount of such claims until such dispute is
resolved), (B) a certificate of a duly authorized officer or agent of the architects, engineers or
supervising contractors selected and hired by the County in connection with the construction of
the Project stating the fact and date of such completion, and (C) proof of the insurance coverage
required by this Agreement.
Compliance with Laws and Regulations and Securingof f Regulatory Approvals. The County will
comply with all applicable laws, regulations and requirements of any governmental authority
having jurisdiction over the Project and has secured, or caused to be secured, all regulatory
approvals that are available at this time and necessary for the construction of the Project. The
County will secure, or cause to be secured, any additional regulatory approvals if required as
construction of the Project progresses.
Payment and Performance Bonds. Each contractor of the Project shall be required by the County
to furnish a performance bond and a separate labor and materials payment bond as required by
North Carolina General Statutes, Article 3, Chapter 44A, copies of which shall be provided to the
Lender.
In the event of any material default by a contractor, or in the event of a material breach of
warranty with respect to any materials, workmanship or performance, the County shall promptly
proceed, either separately or in conjunction with others, to pursue diligently its remedies against
such contractor and/or against each surety of any bond securing the performance of the contract
with such contractor. The Net Proceeds of any amounts recovered by way of damages, refunds,
adjustments or otherwise in connection with the foregoing, remaining after deduction of
expenses incurred in such recovery (including, without limitation, attorneys' fees and costs), and
after reimbursement to the County of any amounts theretofore paid by the County and not
previously reimbursed to the County for correcting or remedying the default or breach of
warranty or nonperformance which gave rise to the proceedings against such contractor shall be
applied toward prepayment of the Installment Payments. The Net Proceeds of any performance
or payment bond or insurance policy required by this paragraph shall likewise be applied toward
prepayment of the Installment Payments.
Contractor's General Public Liability and Property Damage Insurance. Each contractor shall be
required by the County to procure and maintain standard form comprehensive general public
liability and property damage insurance, at its own cost and expense, during the duration of such
contractor's contract, in the amount of at least $1,000,000 bodily injury and property damage
liability combined single limit each occurrence/annual aggregate. Such policies shall include the
County and the Lender as additional named insureds, and shall include a provision prohibiting
cancellation or termination without 30 days' prior notice by certified mail to the Lender. A
certificate evidencing such coverage shall be provided to the County or, if such insurance is
provided by a private carrier, a completed certificate of insurance, in form acceptable to the
County, shall be provided to the County with respect to each contractor engaged. Such insurance
shall provide protection from all claims for bodily injury, including death, property damage and
contractual liability, products/completed operations, broad form property damage and XCU
(explosion, collapse and underground property damage), where applicable.
Contractor's Builder's Risk Completed Value Insurance. The County will purchase and
maintain or cause each contractor to purchase and maintain property insurance (builder's risk) on
its portion of the Implementation of the Project (excluding contractor's tools and equipment) at
the full and insurable value thereof. This insurance (i) shall insure against "all risk" subject to
standard policy conditions and exclusions, (ii) shall include the County and the Lender as
additional insureds, and (iii) shall include a provision prohibiting cancellation or termination