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TICLE 5. CONTRACT A1. OUNT PA00988 PAYMENT$ AND FINAL PAYMENT <br />5.1 The City,s_ttall pay to the Contractor; fox theifaithful poi•foinanfiee of.!all Work in <br />connoction;with -this Agreement, an amount:not to exceed Ttvo Hundred: Sisty;Min <br />Thousand T6fee hundred Soveuty410:1.Doliar's.(�267,375,00): Payment shaft be. made <br />pursilant to uppcoYed applications for payment appr.gved'by the Ctty and accdrir'PW0'by <br />sufricientsuppor6g documentation, and•colifi ing'sufficient detail, to allow a j6per audit of <br />ekpeaditures, should the City require one'to'be performed. Contractor stroll bo:ontide- , — <br />other compeosation for the Work to be performed hereunder, and Contractor expiesslywvenants <br />end agrees that all expenses incurred by 'Contrdot6r in the coh6cit of "it ac <br />and the <br />performance of its obllgstions and services herepnde'r shall be Borrie exclusively by. Contractor and <br />Contructor'shallbe solely responsible far the payment of same. Coatia torpnderstands and agrees. <br />that Contractor shah:not be entitled to any benefits notexpressly speolfred is this • Agreement. <br />5,2 C.on tactor may make Application for Payrnent for Work completed during tho Project <br />at intervals of not more than once a•month, Contractor's Application fof Payment shall include <br />partial releases) of Itens'or consent Of:Surety relative to' the portion of the W6rk;'whioh'is.th6 <br />iMjedt of the Application for Payment aha any outer infotmation•required by tha,CityBnoh <br />Application for Payinenishall be'sAmitied'in tripftcate to the City foP.approval. <br />submit to the City an <br />as an.., <br />amount due for the Woik performed for wh <br />detalled breakdown and iternI76tion of su <br />completion-0fIbe Work performed, (d).il <br />Co'6wetor,hereunder; and (o) such :other-: <br />fcguhed by.the City for ptirpdses dfeva <br />reques.09,paynierit, At the time Contraob <br />rd'quesied by wl <br />rho City; Contractor il also <br />all involces and bills for labor and matede <br />be'mede on a work -in-place basis <br />wda+� eFless during the niokroO <br />Eecii sughAppiication for Paymentshall- be in <br />ity andshell include,withoat limitntion;,(a)'tlte <br />tractor is'requesting payment, (b) a ieusonably <br />k dndthe amount'due, (c) the percentage of <br />of 6lljptior.pgmonts mode. from ihe:,City to <br />itionlartdattuchmgnfsas,shall tie �e+isonably <br />the Work performed. for which: 06-n(m6tor is <br />its.an Application forPayment to he City,'if <br />:'to t¢e:City'trtte,'cotrdot`and legible:copies.of <br />toraied in.10 1Wak'and which aib to b'e'paid <br />5;2.2. Each Application for Payment made from Conu <br />;hall be deemed a.. representation and waaan(yby.Contmctorto ttie Ci <br />hpplicadonfovPayment, (a) there exis.....s o Event ofDafault(as hese!. <br />pr,'oondidon'diet, with notice or lapse oiino, orb, , 11 ould cogsli <br />there has been no inaterial varianoo from the Contract Doctunent <br />per formed.ihr5ugh tha:date of -such Appllcation for P,aymeul end <br />fuithemnce of ilio construction of.the Itnprovementa at the thcn.cuii <br />been done in a good and worlamm like' manner, and all matelots, <br />fixtures usually famished and installed.at such time linve,been so'fuff <br />and Wc'rkmanlike manner: <br />Ored178+R61Ea1CAN aAhiP C0�lPANY <br />Page 26 of,/ 63 <br />'the <br />i Event of Default; (b) tin <br />ger s <br />iespeot to theWork: <br />ll Work performed in <br />de of construction, has <br />meat, Rinushings and <br />and mstallad inagood <br />