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CONTRACTOR warrants and accepts that any and all work necessitated by inspections which is not prescribed in the Plans or Specifications, but necessitated to bring the project into conformity with the Contract Documents and all applicable laws, codes, regulations, procedures and/or considered inside the contemplation of the Contract Documents shall be deemed the responsibility of the CONTRACTOR and included in the Guaranteed Maximum Price. The CONTRACTOR warrants and accepts that all other work of any kind, however characterized, not prescribed in the Plans or Specifications, but necessitated to bring the project into conformity with the Contract Documents and all applicable laws, codes, regulations, procedures and/or considered inside the contemplation of the Contract Documents shall be deemed the responsibility of the CONTRACTOR and included in the Guaranteed Maximum Price. Finally, the CONTRACTOR accepts, understands and agrees that this provision of the Agreement is a material inducement for the CITY to enter into this Agreement and that the CITY has indeed relied on this particular provision in making its decision to enter into this Agreement. ARTICLE 4 - CONTRACT TRUE 4.1 Time is of the Essence of this Contract. CONTRACTOR agrees to obtain site plan approval for the Project from the City Commission of the City of Sunny Isles Beach no later than December 31, 2011. CONTRACTOR further agrees to apply for a building permit for the Project with the Building Department City of Sunny Isles Beach no later than June 30, 2012. The Work shall be shall be substantially completed no later than Three Hundred Ten (310) days from Notice to Proceed, or the issuance of a Temporary Certificate of Occupancy (` TCO "), whichever event occurs fast. The Notice to Proceed shall be issued for the construction of the Project upon the submittal of a application for building permit for the Project or the approval of 90% percent design by the CITY, whichever occurs first. The CONTRACTOR shall commence on site construction of the Project no later than five (5) days after the City's issuance of the Notice to Proceed. CONTRACTOR agrees that all Work shall be prosecuted regularly, diligently and uninterrupted at such rate of progress as will ensure full completion thereof within the time specified. Failure to achieve timely, substantial and/or final completion shall be regarded as a breach of this Agreement and subject to the appropriate remedies including but not limited to, liability for liquidated damages in accordance with Paragraph 12.3 herein. ARTICLE 5 CONTRACT SUM - GUARANTEED MAXIMUM PRICE 5.1 Guaranteed Maximum Price. 5.1.1 CITY shall pay CONTRACTOR in current funds as full compensation for the performance of all the Work for the design and construction of the Project which shall consist of a Park and a three hundred eight (308) space Parking Garage which is subject to additions and deductions by Change Order or Written Amendment as provided in this Agreement, and subject further to possible reductions as set forth in Article 6.2.1 below, the sum of ($10,000,000.00) Ten Million Dollars (the "Guaranteed Maximum Price"). This Article is subject to the terms and conditions of Article 20 hereof. SIB SIB