1994 AGN FEB 15 I10 - Laserfiche WebLink

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AMENDMENT NO. l TO THE CONTRACT MANAGEMENT AGREEMENT This AMENDMENT NO. 1 to the Contract Management Agreement by and between the City of Colton, a public body, corporate and politic (the "City") and Steward & Associates, a California corporation (the "Contract Manager"), is entered into as of this day of , 1994, and shall be effective as of the date hereof. The Contract Management Agreement is hereby amended as follows: 1. ollows:1. Page 1, Section 3, shall be amended to read as follows: 3. Financing of Project. The Project shall be financed by the City through the sale and delivery of its Certificates of Participation ("COP's") or by any legal means designated by the City relating to the 'Project. This Agreement and the City's obligations hereunder are contingent upon the successful sale and delivery of said COP's. 2. Page 2, second paragraph of Section 4, shall be amended to read as follows The City shall pay an initial amount equal to $150,000 (less amounts previously remitted by the City to the Contract Manager) on or before seven (7) business days from and after the date of this Agreement. Any portion of such initial payment used and applied by the Contract Manager for the payment of Project costs shall be reimbursed to the Contract Manager from the proceeds of the COP's legally available funds of the City upon submittal of appropriate invoices and verification of payment by the Contract Manager. Upon issuance of the COP's Commencing on February 1, 1994, and on or before the first business day of each month thereafter, the City shall remit a monthly payment of $10,000 per month for a total of ten (10j such payments. The City may: consider advances previously remitted to the Contract Manager for payment by the Contract Manager of architectural, engineering and similar project costs for which appropriate invoices were not presented to the City as payment by the City, in whole or in part, of one (1) or more such monthly payments. The remainder of any amounts payable to the Contract Manager for compensation pursuant to' this Section 4 shall be paid only upon final acceptance of the Project by the City. pursuant to the terms of the financing documents for the issuance of the COP's. -1- 4 AMENDMENT NO. l TO THE CONTRACT MANAGEMENT AGREEMENT This AMENDMENT NO. 1 to the Contract Management Agreement by and between the City of Colton, a public body, corporate and politic (the "City") and Steward & Associates, a California corporation (the "Contract Manager"), is entered into as of this day of , 1994, and shall be effective as of the date hereof. The Contract Management Agreement is hereby amended as follows: 1. ollows:1. Page 1, Section 3, shall be amended to read as follows: 3. Financing of Project. The Project shall be financed by the City through the sale and delivery of its Certificates of Participation ("COP's") or by any legal means designated by the City relating to the 'Project. This Agreement and the City's obligations hereunder are contingent upon the successful sale and delivery of said COP's. 2. Page 2, second paragraph of Section 4, shall be amended to read as follows The City shall pay an initial amount equal to $150,000 (less amounts previously remitted by the City to the Contract Manager) on or before seven (7) business days from and after the date of this Agreement. Any portion of such initial payment used and applied by the Contract Manager for the payment of Project costs shall be reimbursed to the Contract Manager from the proceeds of the COP's legally available funds of the City upon submittal of appropriate invoices and verification of payment by the Contract Manager. Upon issuance of the COP's Commencing on February 1, 1994, and on or before the first business day of each month thereafter, the City shall remit a monthly payment of $10,000 per month for a total of ten (10j such payments. The City may: consider advances previously remitted to the Contract Manager for payment by the Contract Manager of architectural, engineering and similar project costs for which appropriate invoices were not presented to the City as payment by the City, in whole or in part, of one (1) or more such monthly payments. The remainder of any amounts payable to the Contract Manager for compensation pursuant to' this Section 4 shall be paid only upon final acceptance of the Project by the City. pursuant to the terms of the financing documents for the issuance of the COP's. -1-