04-28-2025 Agenda Packet - Laserfiche WebLink

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3.12 Survival or Rgpresentations. All representations, warranties and agreements of the City and the Developer hereunder shall survive the conveyance of the PID Projects to the City. 3.13 Iml)royement Area Reimbursement Agreements. The Developer and the City may enter into one or more additional reimbursement agreements for a particular Improvement Area to establish the terms by which Developer may obtain reimbursements for PID Project Costs for the applicable Improvement Area through the Bond Proceeds or Assessments, in which case any such reimbursement agreement shall control over this Agreement, and this Agreement shall have no effect with respect thereto. SECTION 4. ADDITIONAL PROVISIONS 4.1 Term. The term of this Agreement shall begin on the Effective Date and shall continue until the earlier to occur of (i) the expiration of forty-five (45) years from the Effective Date; (ii) the last Maturity Date relating to any Improvement Area; (iii) the date on which the Reimbursement Agreement Balance for all Improvement Areas is paid in full; (iv) the date of issuance of the last series of PID Bonds for the last Improvement Area to be developed in the PID; or (v) termination pursuant to a Default. This Agreement shall terminate with respect to any particular Improvement Area upon the earlier to occur of: (i) the Maturity Date for that Improvement Area; (ii) the date on which the Reimbursement Agreement Balance for the Improvement Area is paid in full; or (iii) the date of issuance of the last series of PID Bonds for the Improvement Area. Upon termination of this Agreement with respect to an Improvement Area, the amount of the Reimbursement Agreement Balance for that Improvement Area that has not been paid, plus the accrued and unpaid interest thereon (collectively, the "Unpaid Balance") shall be canceled and for all purposes of this Agreement shall be deemed to have been conclusively and irrevocably PAID IN FULL, and such Unpaid Balance shall no longer be deemed to be payable. 4.2 No Competitive Bidding. Construction of the PID Projects shall not require competitive bidding pursuant to Section 252.022(a)(9), Texas Local Government Code, as amended. All plans and specifications, but not construction contracts, shall be reviewed and approved, in writing, by the City prior to the Developer selecting the contractor. 4.3 Indel endent Contractor. The PID Projects shall be constructed in a good and workmanlike manner and all material used in such construction shall be fit for the their intended purpose. In performing this Agreement, the Developer is an independent contractor and not the agent or employee of the City. 4.4 Audit. The City Representative shall have the right, during normal business hours and upon five (5) business days' prior written notice to the Developer, to review all books and records of the Developer pertaining to costs and expenses incurred by the Developer with respect to any of the PID Projects. For a period of two (2) years after completion of the PID Projects, books shall be maintained in accordance with customary real estate accounting principles. 4.5 Record Drawins. Upon completion of construction of the PID Projects, the Developer shall provide the City will final record drawings of the PID Projects approved by the City Engineer. Reimbursement Agreement Forestbrook Public Improvement District No. 1 Page 12 018581.000001\4908-9229-3155.v5