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Project, as set out and as modified (including modifications as to new agreed completion <br />dates) in the Completion Contract with the Owner, as defined below, and has procured a <br />Public Construction Bond acceptable to Owner in the full amount of the Completion <br />Contract naming Owner as obligee and Surety as additional obligee. <br />NOW THEREFORE, in consideration of the promises and the mutual covenants <br />set forth herein, and for other good and valuable consideration, the receipt and sufficiency <br />of which are hereby acknowledged, the Parties agree as follows: <br />TERMS OF AGREEMENT AND RELEASE <br />1. Recitals. All recitals set forth above are true and correct and incorporated <br />herein by reference. <br />2. Contract Balance. The Owner represents and warrants that the current <br />undisputed Contract Balance held by the Owner is $171,871.68 (the "Undisputed Contract <br />Balance"), calculated as follows: <br />Original Contract amount: <br />$260,470.00 <br />Approved Modifications: <br />$255,830.26 <br />Revised Contract Amount: <br />$516,300.26 <br />Less Payments: <br />($344,428.58) <br />Contract Balance: $171,871.68 <br />The Owner agrees to dedicate the Undisputed Contract Balance to the completion of the <br />Original Contract. <br />3. Completine Contractor. Surety hereby tenders and Owner hereby accepts <br />the Completing Contractor to perform the remaining work under the Original Contract. <br />The Owner shall directly contract with the Completing Contractor to perform the remaining <br />work under the Original Contract (the "Completion Contract") for the sum of $451,512.00 <br />(the "Completion Contract Sum"). The Completing Contractor shall furnish to the Owner <br />a Public Contract Bond for the Completion Contract in the penal sum of $451,512.00, <br />which represents 100% of the total bid price for the Completion Contract. The Owner <br />agrees that Completing Contractor shall have 90 days from issuance of a notice to proceed <br />by the Owner to complete the work under the Completion Contract. Owner acknowledges <br />that certain items, specifically the air handler and vent hood, may have lead times that <br />would necessitate a longer period than 90 days for final completion Owner agrees to work <br />with Completing Contractor to ascertain a reasonable finalization time based upon the <br />availability of those items. The notice to proceed will not be delayed based on the delivery <br />2 <br />