Hi Tech Construction Company - Contractor Agreement and Consent V
CONTRACTOR AGREEMENT AND CONSENT
• The undersigned is the general contractor,pursuant to a "Fixed-Fee Construction Contract," (the
"Construction Contract") dated August il-� 1999,with the Portuguese Bend Club Homeowners
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Association (the "Owner"), with respect to the project known as "Sewer Lift Station Construction and
Operation Portuguese Bend Club Homeowners Association(the "Project").
It is the undersigned's understanding that the Rancho Palos Verdes Redevelopment Agency (the
"Lender") will not make the construction loan(the "Loan")with respect to the Project,the net proceeds
of which are to be used pursuant to that certain Construction Loan Agreement(the "Agreement")
relating to the construction of the Project, unless the undersigned agrees to be bound by the terms
thereof.
The undersigned has read the Agreement and has been furnished a copy thereof. The
undersigned understands the provisions of the Agreement and, in order to induce Lender to make the
Loan, and for other good and valuable consideration, receipt of which is hereby acknowledged, agrees to
be bound by such provisions in the construction of the Project. The undersigned, without limitation on
the foregoing, specifically agrees (i)to continue construction of the proposed improvements with
reasonable speed and in a workman like manner; (ii) not to amend the Construction Contract or the Plans
and Specifications without Lender's prior written consent(which shall not be withheld unreasonably);
and(iii)to complete the improvements promptly in accordance with the Plans and Specifications
described in the Agreement and with all requirements of all governmental authorities having jurisdiction.
The undersigned further consents to the collateral assignment of the Construction Contract and,
• provided that all defaults or breaches of the Owner are cured by the Lender, upon receipt of written
demand from the Lender, to attorn to the Lender and perform all obligations under the Construction
Contract, and to recognize Lender as a permitted assignee of Owner.
Dated AugustA, 1999
HI TECH CONSTRUCTION COMPANY
Califo License No. 473174
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By:
Title: I O
By:
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