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fails to begin the work under the contract within the time specified, or the progress of the
<br />work is not maintained on schedule, or the work is not completed within the time above
<br />specified, or fails to perform the work with sufficient workmen and equipment or with
<br />sufficient materials to ensure the prompt completion of said work, or shall perform the work
<br />unsuitably or shall discontinue the prosecution of the work, or if the Party of the First Part
<br />shall become insolvent or be declared bankrupt or commit any act of bankruptcy or
<br />insolvency, or allow any final judgment to stand against him unsatisfied for a period of
<br />forty-eight (48) hours, or shall make an assignment for the benefit of creditors, or for any
<br />other cause whatsoever shall not carry on the work in an acceptable manner, the Party of
<br />the Second Part may give notice in writing, sent by certified mail, return receipt requested,
<br />to the Party of the First Part and his surety of such delay, neglect or default, specifying the
<br />same, and if the Party of the First Part within a period of fifteen (15) days after such notice
<br />shall not proceed in accordance therewith, then the Party of the Second Part shall, declare
<br />this contract in default, and, thereupon, the surety shall promptly take over the work and
<br />complete the performance of this contract in the manner and within the time frame
<br />specified. In the event the surety shall fail to take over the work to be done under this
<br />contract within fifteen (15) days after being so notified and notify the Party of the Second
<br />Part in writing, sent by certified mail, return receipt requested, that he is taking the same
<br />over and stating that he will diligently pursue and complete the same, the Party of the
<br />Second Part shall have full power and authority, without violating the contract, to take the
<br />prosecution of the work out of the hands of said Party of the First Part, to appropriate or
<br />use any or all contract materials and equipment on the grounds as may be suitable and
<br />acceptable and may enter into an agreement, either by public letting or negotiation, for the
<br />completion of said contract according to the terms and provisions thereof or use such other
<br />methods as in his opinion shall be required for the completion of said contract in an
<br />acceptable manner. All costs and charges incurred by the Party of the Second Part,
<br />together with the costs of completing the work under contract, shall be deducted from any
<br />monies due or which may become due said Party of the First Part and surety. In case the
<br />expense so incurred by the Party of the Second Part shall be less than the sum which
<br />would have been payable under the contract, if it had been completed by said Party of the
<br />First Part, then the said Party of the First Part and surety shall be entitled to receive the
<br />difference, but in case such expense shall exceed the sum which would have been
<br />payable under the contract, then the Party of the First Part and the surety shall be liable
<br />and shall pay to the Party of the Second Part the amount of said excess.
<br />3. The Party of the Second Part hereby agrees to pay to the Party of the First Part
<br />for the faithful performance of this agreement, subject to additions and deductions as
<br />provided in the specifications or proposal, in lawful money of the United States as follows:
<br />Nine Hundred and Eighty-Six Thousand Dollars ($986 000)
<br />Summary of Contract Award: Base Bid: $588,500 plus Alt. G-2 (Picnic Shelter
<br />w/restrooms) $69,500; Alt. G-3 (Playground & Assoc. Mat'Is) $69,600; Alt. G-4 (Asphalt
<br />surface on access road and parking) $24,000; Alt. G-5 (Site Amenities) $54,000; Alt. G-6
<br />(Baseball Sports Lighting) $153,000; Alt. G-7 (Basketball Sports Lighting) $16,000; Alt. G-8
<br />(1" Water Line extension) $11,400.
<br />4. On or before the 20th day of each calendar month, the Party of the Second Part
<br />shall make payments to the Party of the First Part on the basis of a duly certified and
<br />approved estimate of work performed during the preceding calendar month by the First
<br />Party, less five percent (5%) of the amount of such estimate which is to be retained by the
<br />Second Party until all work has been performed strictly in accordance with this agreement
<br />and until such work has been accepted by the Second Party. The Second Party may elect
<br />to waive retainage requirements after 50 percent of the work has been satisfactorily
<br />completed on schedule as referred to in Article 31 of the General Conditions.
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