Document:

Guaranty 

 

 

Exhibit 10.7

 

As
of December 20, 2013, the undersigned, for value received, unconditionally and absolutely guarantee(s) to Comerica Bank ("Bank"),
payment when due, whether by stated maturity, demand, acceleration or otherwise, of all existing and future indebtedness ("Indebtedness")
to the Bank of Greektown Holdings, L.L.C. (successor by reason of merger to Greektown Superholdings, Inc.) ("Borrower")
arising under that certain Credit Agreement dated as of June 30, 2010 between the Borrower and the Bank ("Credit Agreement")
and the other Loan Documents as defined therein (as amended, modified, renewed or replaced from time to time, the "Loan Documents"),
and the "Indebtedness" as defined in the Credit Agreement. Indebtedness includes any and all obligations or liabilities
of the Borrower to the Bank arising under the Loan Documents; the "Indebtedness" as defined in the Credit Agreement;
any and all indebtedness, obligations or liabilities for which Borrower would otherwise be liable to the Bank were it not for
the invalidity, irregularity or unenforceability of them by reason of any bankruptcy, insolvency or other law or order of any
kind, or for any other reason; any and all amendments, modifications, renewals and/or extensions of any of the above; and all
costs of collecting Indebtedness, including, without limit, attorney fees. Any reference in this Guaranty to attorney fees shall
be deemed a reference to reasonable fees, charges, costs and expenses of both in-house and outside counsel and paralegals, whether
or not a suit or action is instituted, and to court costs if a suit or action is instituted, and whether attorney fees or court
costs are incurred at the trial court level, on appeal, in a bankruptcy, administrative or probate proceeding or otherwise. All
costs shall be payable immediately by the undersigned when incurred by the Bank, without demand, and until paid shall bear interest
at the highest per annum rate applicable to any of the Indebtedness, but not in excess of the maximum rate permitted by law. Notwithstanding
anything to the contrary in this Guaranty, the term `Indebtedness' shall not include any obligation of Borrower to Bank with respect
to a 'swap,' as defined in Section 1(a)(47) of the Commodity Exchange Act (`CEA'), entered into on or after October 12, 2012,
if at the time that swap is entered into, the undersigned is not an 'eligible contract participant,' as defined in Section 1(a)(18)
of the CEA.

		1.	LIMITATION: The total obligation of the undersigned under this Guaranty
is UNLIMITED unless specifically limited in the Additional Provisions of this Guaranty, and this obligation (whether unlimited
or limited to the extent specified in the Additional Provisions) shall include, IN ADDITION TO any limited amount of principal
guaranteed, all interest on that limited amount, and all costs incurred by the Bank in collection efforts against the Borrower
and/or the undersigned or otherwise incurred by the Bank in any way relating to the Indebtedness, or this Guaranty, including without
limit attorney fees. The undersigned agree(s) that (a) this limitation shall not be a limitation on the amount of Borrower's Indebtedness
to the Bank; (b) any payments by the undersigned shall not reduce the maximum liability of the undersigned under this Guaranty
unless written notice to that effect is actually received by the Bank at, or prior to, the time of the payment; and (c) the liability
of the undersigned to the Bank shall at all times be deemed to be the aggregate liability of the undersigned under this Guaranty
and any other guaranties previously or subsequently given to the Bank by the undersigned and not expressly revoked, modified or
invalidated in writing.

		2.	NATURE OF GUARANTY: This is a continuing Guaranty of payment and not of
collection and remains effective whether the Indebtedness is from time to time reduced and later increased or entirely extinguished
and later reincurred. The undersigned deliver(s) this Guaranty based solely on the undersigned's independent investigation of (or
decision not to investigate) the financial condition of Borrower and is (are) not relying on any information furnished by the Bank.
The undersigned assume(s) full responsibility for obtaining any further information concerning the Borrower's financial condition,
the status of the Indebtedness or any other matter which the undersigned may deem necessary or appropriate now or later. The undersigned
knowingly accept(s) the full range of risk encompassed in this Guaranty, which risk includes, without limit, the possibility that
Borrower may incur Indebtedness to the Bank after the financial condition of the Borrower, or the Borrower's ability to pay debts
as they mature, has deteriorated.

		3.	APPLICATION OF PAYMENTS: The undersigned authorize(s) the Bank, either before
or after termination of this Guaranty, without notice to or demand on the undersigned and without affecting the undersigned's liability
under this Guaranty, from time to time to: (a) apply any security and direct the order or manner of sale; and (b) apply payments
received by the Bank from the Borrower to any Indebtedness in accordance with the Loan Documents.

		4.	SECURITY: The undersigned grant(s) to the Bank a security interest in and
the right of setoff as to any and all property of the undersigned now or later in the possession of the Bank. The undersigned further
assign(s) to the Bank as collateral for the obligations of the undersigned under this Guaranty all claims of any nature that the
undersigned now or later has (have) against the Borrower (other than any claim under a deed of trust or mortgage covering California
real property) with full right on the part of the Bank, in its own name or in the name of the

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undersigned, to collect
and enforce these claims. The undersigned agree(s) that no security now or later held by the Bank for the payment of any Indebtedness,
whether from the Borrower, any guarantor, or otherwise, and whether in the nature of a security interest, pledge, lien, assignment,
setoff, suretyship, guaranty, indemnity, insurance or otherwise, shall affect in any manner the unconditional obligation of the
undersigned under this Guaranty, and the Bank, in its sole discretion, without notice to the undersigned, may release, exchange,
enforce and otherwise deal with any security without affecting in any manner the unconditional obligation of the undersigned under
this Guaranty. The undersigned acknowledge(s) and agree(s) that the Bank has no obligation to acquire or perfect any lien on or
security interest in any asset(s), whether realty or personalty, to secure payment of the Indebtedness, and the undersigned is
(are) not relying upon any asset(s) in which the Bank has or may have a lien or security interest for payment of the Indebtedness.

		5.	OTHER GUARANTORS: If any Indebtedness is guaranteed by two or more guarantors,
the obligation of the undersigned shall be several and also joint, each with all and also each with any one or more of the others,
and may be enforced at the option of the Bank against each severally, any two or more jointly, or some severally and some jointly.
The Bank, in its sole discretion, may release any one or more of the guarantors for any consideration which it deems adequate,
and may fail or elect not to prove a claim against the estate of any bankrupt, insolvent, incompetent or deceased guarantor; and
after that, without notice to any guarantor, the Bank may extend or renew any or all Indebtedness and may permit the Borrower to
incur additional Indebtedness, without affecting in any manner the unconditional obligation of the remaining guarantor(s). The
undersigned acknowledge(s) that the effectiveness of this Guaranty is not conditioned on any or all of the Indebtedness being guaranteed
by anyone else.

		6.	TERMINATION: Upon the repayment in full of the Indebtedness and termination
of the Credit Agreement (other than those provisions expressly stated to survive such termination), the obligations of the guarantors
hereunder shall terminate (subject to the provisions of Section 7 hereof), all without delivery of any instrument or performance
of any act by any party. Furthermore, any of the undersigned may terminate their obligation under this Guaranty as to future Indebtedness
(except as provided below) by (and only by) delivering written notice of termination to an officer of the Bank and receiving from
an officer of the Bank written acknowledgment of delivery; provided, however, the termination shall not be effective until the
opening of business on the fifth (5th) day ("effective date") following written acknowledgment of delivery. Any termination
shall not affect in any way the unconditional obligations of the remaining guarantor(s), whether or not the termination is known
to the remaining guarantor(s). Any termination shall not affect in any way the unconditional obligations of the terminating guarantor(s)
as to any Indebtedness existing at the effective date of termination or any Indebtedness created after that pursuant to any commitment
or agreement of the Bank or pursuant to any Borrower loan with the Bank existing at the effective date of termination (whether
advances or readvances by the Bank after the effective date of termination are optional or obligatory), or any modifications, extensions
or renewals of any of this Indebtedness, whether in whole or in part, and as to all of this Indebtedness and modifications, extensions
or renewals of it, this Guaranty shall continue effective until the same shall have been fully paid. The Bank has no duty to give
notice of termination by any guarantor(s) to any remaining guarantor(s). The undersigned shall indemnify the Bank against all claims,
damages, costs and expenses, including, without limit, attorney fees, incurred by the Bank in connection with any suit, claim or
action against the Bank arising out of any modification or termination of a Borrower loan or any refusal by the Bank to extend
additional credit in connection with the termination of this Guaranty.

		7.	REINSTATEMENT: Notwithstanding any prior revocation, termination, surrender
or discharge of this Guaranty (or of any lien, pledge or security interest securing this Guaranty) in whole or in part, the effectiveness
of this Guaranty, and of all liens, pledges and security interests securing this Guaranty, shall automatically continue or be reinstated
in the event that any payment received or credit given by the Bank in respect of the Indebtedness is returned, disgorged or rescinded
under any applicable state or federal law, including, without limitation, laws pertaining to bankruptcy or insolvency, in which
case this Guaranty, and all liens, pledges and security interests securing this Guaranty, shall be enforceable against the undersigned
as if the returned, disgorged or rescinded payment or credit had not been received or given by the Bank, and whether or not the
Bank relied upon this payment or credit or changed its position as a consequence of it. In the event of continuation or reinstatement
of this Guaranty and the liens, pledges and security interests securing it, the undersigned agree(s) upon demand by the Bank, to
execute and deliver to the Bank those documents which the Bank determines are appropriate to further evidence (in the public records
or otherwise) this continuation or reinstatement, although the failure of the undersigned to do so shall not affect in any way
the reinstatement or continuation. If the undersigned do(es) not execute and deliver to the Bank upon demand such documents, the
Bank and each Bank officer is irrevocably

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appointed (which appointment
is coupled with an interest) the true and lawful attorney of the undersigned (with full power of substitution) to execute and deliver
such documents in the name and on behalf of the undersigned.

		8.	WAIVERS: The undersigned , to the extent not expressly prohibited
by applicable law, waive(s) any right to require the Bank to: (a) proceed against any person or property; (b) give notice of the
terms, time and place of any public or private sale of personal property security held from the Borrower or any other person, or
otherwise comply with the provisions of Sections 9-611 or 9-621 of the Michigan or other applicable Uniform Commercial Code, as
the same may be amended, revised or replaced from time to time; or (c) pursue any other remedy in the Bank's power. The undersigned
waive(s) notice of acceptance of this Guaranty and presentment, demand, protest, notice of protest, dishonor, notice of dishonor,
notice of default, notice of intent to accelerate or demand payment of any Indebtedness, any and all other notices to which the
undersigned might otherwise be entitled, and diligence in collecting any Indebtedness, and agree(s) that the Bank may, once or
any number of times, modify the terms of any Indebtedness, compromise, extend, increase, accelerate, renew or forbear to enforce
payment of any or all Indebtedness, or permit the Borrower to incur additional Indebtedness, all without notice to the undersigned
and without affecting in any manner the unconditional obligation of the undersigned under this Guaranty.

The undersigned unconditionally
and irrevocably waive(s) each and every defense and setoff of any nature which, under principles of guaranty or otherwise, would
operate to impair or diminish in any way the obligation of the undersigned under this Guaranty, and acknowledge(s) that each such
waiver is by this reference incorporated into each security agreement, collateral assignment, pledge and/or other document from
the undersigned now or later securing this Guaranty and/or the Indebtedness, and acknowledge(s) that as of the date of this Guaranty
no such defense or setoff exists.

		9.	WAIVER OF SUBROGATION: The undersigned waive(s) any and all rights
(whether by subrogation, indemnity, reimbursement, or otherwise) to recover from the Borrower any amounts paid by the undersigned
pursuant to this Guaranty.

		10.	SALE/ASSIGNMENT: The undersigned acknowledge(s) that the Bank has
the right to sell, assign, transfer, negotiate, or grant participations in all or any part of the Indebtedness and any related
obligations, including, without limit, this Guaranty, without notice to the undersigned and that the Bank may disclose any documents
and information which the Bank now has or later acquires relating to the undersigned or to the Borrower in connection with such
sale, assignment, transfer, negotiation, or grant. The undersigned agree(s) that the Bank may provide information relating to this
Guaranty or relating to the undersigned to the Bank's parent, affiliates, subsidiaries and service providers.

		11.	GENERAL: This Guaranty and the Pledge and Security Agreement between
the undersigned and the Bank constitute the entire agreement of the undersigned and the Bank with respect to the subject matter
of this Guaranty. No waiver, consent, modification or change of the terms of the Guaranty shall bind any of the undersigned or
the Bank unless in writing and signed by the waiving party or an authorized officer of the waiving party, and then this waiver,
consent, modification or change shall be effective only in the specific instance and for the specific purpose given. This Guaranty
shall inure to the benefit of the Bank and its successors and assigns and shall be binding on the undersigned and the undersigned's
heirs, legal representatives, successors and assigns including, without limit, any debtor in possession or trustee in bankruptcy
for any of the undersigned. The undersigned has (have) knowingly and voluntarily entered into this Guaranty in good faith for the
purpose of inducing the Bank to extend credit or make other financial accommodations to the Borrower. If any provision of this
Guaranty is unenforceable in whole or in part for any reason, the remaining provisions shall continue to be effective. THIS GUARANTY
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF MICHIGAN, WITHOUT REGARD TO CONFLICT OF
LAWS PRINCIPLES.

		12.	HEADINGS: Headings in this Agreement are included for the convenience
of reference only and shall not constitute a part of this Agreement for any purpose.

		13.	ADDITIONAL PROVISIONS: N/A

		14.	JURY TRIAL WAIVER: THE UNDERSIGNED AND BANK ACKNOWLEDGE THAT THE RIGHT
TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY
TO CONSULT) WITH COUNSEL OF THEIR CHOICE, KNOWINGLY

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			AND
                                         VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT
                                         OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, IN ANY WAY RELATED TO , THIS
                                         GUARANTY OR THE INDEBTEDNESS.

 

IN WITNESS
WHEREOF, Guarantor(s) has (have) signed and delivered this Guaranty the day and year first written above.

 

		 	GUARANTORS:
	WITNESSES
    (as to all natures	 	 
	 	 	 
	 	 	 	 	 
		/s/
        RICHARD CHYETTE
	 	By:	/s/
        MARK DUNKESON

		SIGNATURE
    OF Richard Chyette	 		SIGNATURE
    OF Mark Dunkeson
	 	 	 	 	 
		 	 	Its:	President
	 	SIGNATURE
    OF	 	 	 

	 	 	CONTRACT
    BUILDERS CORPORATION
	 	 	 
	 	 	By:	/s/
    MARK DUNKESON
	 	 		SIGNATURE
    OF Mark Dunkeson
	 	 	 	 
	 	 	Its:	President
	 	 	 	 

	 	 	REALTY
    EQUITY COMPANY, INC.
	 	 	 
	 	 	By:	/s/
    MARK DUNKESON
	 	 		SIGNATURE
    OF Mark Dunkeson
	 	 	 	 
	 	 	Its:	PresidentExhibit 10.1 - OnePlace Contract

Exhibit 10.1

	
			
	
	AIA®  Document  A102TM - 2007

	Standard Form of Agreement Between Owner and Contractor where the basis of

	payment is the Cost of the Work Plus a Fee with a Guaranteed Maximum Price

	
	
	AGREEMENT made as of the 20th day of December in the year 2013

	(In words, indicate day, month and year.)

	 

	BETWEEN the Owner

	(Name, legal status, address and other information)

	 

	MidWestOne Bank

	102 South Clinton Street

	Iowa City, IA 52240

	 

	and the Contractor

	(Name, legal status, address and other information)

	 

	McComas-Lacina Construction

	1310 Highland Court

	Iowa City, IA 52240

	 

	for the following Project:

	(Name, location and detailed description)

	 

	MidwestOne Operations Center - Iowa City
Phase Two - Completion Package

	 

	The Architect:

	(Name, legal status, address and other information)

	 

	Neumann Monson Architects, P.C.

	221 East College Street

	Suite 303

	Iowa City, IA 52240

	 

	The Owner and Contractor agree as follows.

    	
	
	ADDITIONS AND DELETIONS:
The author of this document has added information needed for its completion. The author may also have revised the text of the original AIA standard form. An Additions and Deletions Report that notes added information as well as revisions to the standard form text is available from the author and should be reviewed.

	 

	This document has important legal consequences.
Consultation with an attorney is encouraged with respect to its completion or modification.

	 

	This document is not intended for use in competitive bidding.

	 

	AIA Document A201TM-2007, General Conditions of the Contract for Construction, is adopted in this document by reference. Do not use with other general conditions unless this document is modified.

	 

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
	User Notes:
	(1919965800)

1

TABLE OF ARTICLES

		
	1
	THE CONTRACT DOCUMENTS

		
	2
	THE WORK OF THIS CONTRACT

		
	3
	RELATIONSHIP OF THE PARTIES

		
	4
	DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION

		
	5
	CONTRACT SUM

		
	6
	CHANGES IN THE WORK

		
	7
	COSTS TO BE REIMBURSED

		
	8
	COSTS NOT TO BE REIMBURSED

		
	9
	DISCOUNTS, REBATES AND REFUNDS

		
	10
	SUBCONTRACTS AND OTHER AGREEMENTS

		
	11
	ACCOUNTING RECORDS

		
	12
	PAYMENTS

		
	13
	DISPUTE RESOLUTION

		
	14
	TERMINATION OR SUSPENSION

		
	15
	MISCELLANEOUS PROVISIONS

		
	16
	ENUMERATION OF CONTRACT DOCUMENTS

		
	17
	INSURANCE AND BONDS

ARTICLE 1   THE CONTRACT DOCUMENTS
The Contract Documents consist of this Agreement, Conditions of the Contract (General, Supplementary and other Conditions), Drawings, Specifications, Addenda issued prior to execution of this Agreement, other documents listed in this Agreement and Modifications issued after execution of this Agreement, all of which form the Contract, and are as fully a part of the Contract as if attached to this Agreement or repeated herein. The Contract represents the entire and integrated agreement between the parties hereto and supersedes prior negotiations, representations or agreements, either written or oral. If anything in the other Contract Documents, other than a Modification, is inconsistent with this Agreement, this Agreement shall govern.

ARTICLE 2   THE WORK OF THIS CONTRACT
The Contractor shall fully execute the Work described in the Contract Documents, except as specifically indicated in the Contract Documents to be the responsibility of others.

ARTICLE 3   RELATIONSHIP OF THE PARTIES
The Contractor accepts the relationship of trust and confidence established by this Agreement and covenants with the Owner to cooperate with the Architect and exercise the Contractor's skill and judgment in furthering the interests of the Owner; to furnish efficient business administration and supervision; to furnish at all times an adequate supply of workers and materials; and to perform the Work in an expeditious and economical manner consistent with the Owner's interests. The Owner agrees to furnish 

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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2

and approve, in a timely manner, information required by the Contractor and to make payments to the Contractor in accordance with the requirements of the Contract Documents.

ARTICLE 4   DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION
§ 4.1 The date of commencement of the Work shall be the date of this Agreement unless a different date is stated below or provision is made for the date to be fixed in a notice to proceed issued by the Owner.
(Insert the date of commencement, if it differs from the date of this Agreement or, if applicable, state that the date will be fixed in a notice to proceed.)

If, prior to commencement of the Work, the Owner requires time to file mortgages and other security interests, the Owner's time requirement shall be as follows:

§ 4.2 The Contract Time shall be measured from the date of commencement.

§ 4.3 The Contractor shall achieve Substantial Completion of the entire Work not later than   (  ) days from the date of commencement, or as follows:
(Insert number of calendar days. Alternatively, a calendar date may be used when coordinated with the date of commencement. If appropriate, insert requirements for earlier Substantial Completion of certain portions of the Work.)

February 27, 2015 for the entire project

	
		
	Portion of Work
	Substantial Completion date

	 
	 

, subject to adjustments of this Contract Time as provided in the Contract Documents.

(Insert provisions, if any, for liquidated damages relating to failure to achieve Substantial Completion on time, or for bonus payments for early completion of the Work.)

Liquidated, actual or consequential damages are not part or included in the Agreement.

ARTICLE 5   CONTRACT SUM
§ 5.1 The Owner shall pay the Contractor the Contract Sum in current funds for the Contractor's performance of the Contract. The Contract Sum is the Cost of the Work as defined in Article 7 plus the Contractor's Fee.

§ 5.1.1 The Contractor's Fee:
(State a lump sum, percentage of Cost of the Work or other provision for determining the Contractor's Fee.)

Five percent of Cost of the Work.

§ 5.1.2 The method of adjustment of the Contractor's Fee for changes in the Work:

Five percent of the Cost of the changes in the Work.

§ 5.1.3 Limitations, if any, on a Subcontractor's overhead and profit for increases in the cost of its portion of the Work:

Fifteen percent (15%) on labor, Ten percent (10%) on material, Five percent (5%) on Subcontract.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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§ 5.1.4 
Equipment rental rates for Contractors owned equipment shall not exceed five percent (5%) of the standard rate paid at the place of the Project. 

§ 5.1.5 Unit prices, if any:
(Identify and state the unit price; state the quantity limitations, if any, to which the unit price will be applicable.)

	
			
	Item
	Units and Limitations
	Price Per Unit ($0.00)

	 
	 
	 

§ 5.2 GUARANTEED MAXIMUM PRICE
§ 5.2.1 The Contract Sum is guaranteed by the Contractor not to exceed Ten Million, Seven Hundred Seventy-Nine Thousand, Five Hundred Seventy-Five Dollars and 00/100's ($10,779,575.00), subject to additions and deductions by Change Order as provided in the Contract Documents. Such maximum sum is referred to in the Contract Documents as the Guaranteed Maximum Price. Costs which would cause the Guaranteed Maximum Price to be exceeded shall be paid by the Contractor without reimbursement by the Owner.
(Insert specific provisions if the Contractor is to participate in any savings.)

§ 5.2.2 The Guaranteed Maximum Price is based on the following alternates, if any, which are described in the Contract Documents and are hereby accepted by the Owner:
(State the numbers or other identification of accepted alternates. If bidding or proposal documents permit the Owner to accept other alternates subsequent to the execution of this Agreement, attach a schedule of such other alternates showing the amount for each and the date when the amount expires.)

§ 5.2.3 Allowances included in the Guaranteed Maximum Price, if any:
(Identify allowance and state exclusions, if any, from the allowance price.)

	
		
	Item
	Price

	Soundmasking System at Levels 2-3
Exterior Signage
Interior Signage

	$30,000
$50,000
$25,000

§ 5.2.4 Assumptions, if any, on which the Guaranteed Maximum Price is based:

§ 5.2.5 To the extent that the Drawings and Specifications are anticipated to require further development by the Architect, the Contractor has provided in the Guaranteed Maximum Price for such further development consistent with the Contract Documents and reasonably inferable therefrom.  Such further development does not include such things as changes in scope, systems, kinds and quality of materials, finishes or equipment, all of which, if required, shall be incorporated by Change Order.

ARTICLE 6   CHANGES IN THE WORK
§ 6.1 Adjustments to the Guaranteed Maximum Price on account of changes in the Work may be determined by any of the methods listed in Section 7.3.3 of AIA Document A201-2007, General Conditions of the Contract for Construction.

§ 6.2 In calculating adjustments to subcontracts (except those awarded with the Owner's prior consent on the basis of cost plus a fee), the terms “cost” and “fee” as used in Section 7.3.3.3 of AIA Document A201-2007 and the term “costs” as used in Section 7.3.7 of AIA Document A201-2007 shall have the meanings assigned to them in AIA Document A201-2007 and shall not be modified by Articles 5, 7 and 8 of this Agreement. Adjustments to subcontracts awarded with the Owner's prior consent on the basis of cost plus a fee shall be calculated in accordance with the terms of those subcontracts.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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§ 6.3 In calculating adjustments to the Guaranteed Maximum Price, the terms “cost” and “costs” as used in the above-referenced provisions of AIA Document A201-2007 shall mean the Cost of the Work as defined in Article 7 of this Agreement and the term “fee” shall mean the Contractor's Fee as defined in Section 5.1.1 of this Agreement.

§ 6.4 If no specific provision is made in Article 5 for adjustment of the Contractor's Fee in the case of changes in the Work, or if the extent of such changes is such, in the aggregate, that application of the adjustment provisions of Article 5 will cause substantial inequity to the Owner or Contractor, the Contractor's Fee shall be equitably adjusted on the same basis that was used to establish the Fee for the original Work, and the Guaranteed Maximum Price shall be adjusted accordingly.

ARTICLE 7   COSTS TO BE REIMBURSED
§ 7.1 COST OF THE WORK
§ 7.1.1 The term Cost of the Work shall mean costs necessarily incurred by the Contractor in the proper performance of the Work. Such costs shall be at rates not higher than the standard paid at the place of the Project except with prior consent of the Owner. The Cost of the Work shall include only the items set forth in this Article 7.

§ 7.1.2 Where any cost is subject to the Owner's prior approval, the Contractor shall obtain this approval prior to incurring the cost. The parties shall endeavor to identify any such costs prior to executing this Agreement.

§ 7.2 LABOR COSTS
§ 7.2.1 Wages of construction workers directly employed by the Contractor to perform the construction of the Work at the site or, with the Owner's prior approval, at off-site workshops.

§ 7.2.2 Wages or salaries of the Contractor's supervisory and administrative personnel when stationed at the site with the Owner's prior approval.
(If it is intended that the wages or salaries of certain personnel stationed at the Contractor's principal or other offices shall be included in the Cost of the Work, identify in Article 15, the personnel to be included, whether for all or only part of their time, and the rates at which their time will be charged to the Work.)

§ 7.2.3 Wages and salaries of the Contractor's supervisory or administrative personnel engaged at factories, workshops or on the road, in expediting the production or transportation of materials or equipment required for the Work, but only for that portion of their time required for the Work.

§ 7.2.4 Costs paid or incurred by the Contractor for taxes, insurance, contributions, assessments and benefits required by law or collective bargaining agreements and, for personnel not covered by such agreements, customary benefits such as sick leave, medical and health benefits, holidays, vacations and pensions, provided such costs are based on wages and salaries included in the Cost of the Work under Sections 7.2.1 through 7.2.3.

§ 7.2.5 Bonuses, profit sharing, incentive compensation and any other discretionary payments paid to anyone hired by the Contractor or paid to any Subcontractor or vendor, with the Owner's prior approval.

§ 7.3 SUBCONTRACT COSTS
Payments made by the Contractor to Subcontractors in accordance with the requirements of the subcontracts.

§ 7.4 COSTS OF MATERIALS AND EQUIPMENT INCORPORATED IN THE COMPLETED CONSTRUCTION
§ 7.4.1 Costs, including transportation and storage, of materials and equipment incorporated or to be incorporated in the completed construction.

§ 7.4.2 Costs of materials described in the preceding Section 7.4.1 in excess of those actually installed to allow for reasonable waste and spoilage. Unused excess materials, if any, shall become the Owner's property at the completion of the Work or, at the Owner's option, shall be sold by the Contractor. Any amounts realized from such sales shall be credited to the Owner as a deduction from the Cost of the Work.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
	User Notes:
	(1919965800)

5

§ 7.5 COSTS OF OTHER MATERIALS AND EQUIPMENT, TEMPORARY FACILITIES AND RELATED ITEMS
§ 7.5.1 Costs of transportation, storage, installation, maintenance, dismantling and removal of materials, supplies, temporary facilities, machinery, equipment and hand tools not customarily owned by construction workers that are provided by the Contractor at the site and fully consumed in the performance of the Work. Costs of materials, supplies, temporary facilities, machinery, equipment and tools that are not fully consumed shall be based on the cost or value of the item at the time it is first used on the Project site less the value of the item when it is no longer used at the Project site. Costs for items not fully consumed by the Contractor shall mean fair market value.

§ 7.5.2 Rental charges for temporary facilities, machinery, equipment and hand tools not customarily owned by construction workers that are provided by the Contractor at the site and costs of transportation, installation, minor repairs, dismantling and removal. The total rental cost of any Contractor-owned item may not exceed the purchase price of any comparable item. Rates of Contractor-owned equipment and quantities of equipment shall be subject to the Owner's prior approval.

§ 7.5.3 Costs of removal of debris from the site of the Work and its proper and legal disposal.

§ 7.5.4 Costs of document reproductions, facsimile transmissions and long-distance telephone calls, postage and parcel delivery charges, telephone service at the site and reasonable petty cash expenses of the site office.

§ 7.5.5 Costs of materials and equipment suitably stored off the site at a mutually acceptable location, subject to the Owner's prior approval.

§ 7.6 MISCELLANEOUS COSTS
§ 7.6.1 Premiums for that portion of insurance and bonds required by the Contract Documents that can be directly attributed to this Contract. Self-insurance for either full or partial amounts of the coverages required by the Contract Documents, with the Owner's prior approval.

§ 7.6.2 Sales, use or similar taxes imposed by a governmental authority that are related to the Work and for which the Contractor is liable.

§ 7.6.3 Fees and assessments for the building permit and for other permits, licenses and inspections for which the Contractor is required by the Contract Documents to pay.

§ 7.6.4 Fees of laboratories for tests required by the Contract Documents, except those related to defective or nonconforming Work for which reimbursement is excluded by Section 13.5.3 of AIA Document A201-2007 or by other provisions of the Contract Documents, and which do not fall within the scope of Section 7.7.3.

§ 7.6.5 Royalties and license fees paid for the use of a particular design, process or product required by the Contract Documents; the cost of defending suits or claims for infringement of patent rights arising from such requirement of the Contract Documents; and payments made in accordance with legal judgments against the Contractor resulting from such suits or claims and payments of settlements made with the Owner's consent. However, such costs of legal defenses, judgments and settlements shall not be included in the calculation of the Contractor's Fee or subject to the Guaranteed Maximum Price. If such royalties, fees and costs are excluded by the last sentence of Section 3.17 of AIA Document A201-2007 or other provisions of the Contract Documents, then they shall not be included in the Cost of the Work.

§ 7.6.6 Costs for electronic equipment and software, directly related to the Work with the Owner's prior approval.

§ 7.6.7 Deposits lost for causes other than the Contractor's negligence or failure to fulfill a specific responsibility in the Contract Documents.

§ 7.6.8 Legal, mediation and arbitration costs, including attorneys' fees, other than those arising from disputes between the Owner and Contractor, reasonably incurred by the Contractor after the execution of this Agreement in the performance of the Work and with the Owner's prior approval, which shall not be unreasonably withheld.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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6

§ 7.6.9 Subject to the Owner's prior approval, expenses incurred in accordance with the Contractor's standard written personnel policy for relocation and temporary living allowances of the Contractor's personnel required for the Work.

§ 7.6.10 That portion of the reasonable expenses of the Contractor's supervisory or administrative personnel incurred while traveling in discharge of duties connected with the Work. 

§ 7.7 OTHER COSTS AND EMERGENCIES
§ 7.7.1 Other costs incurred in the performance of the Work if, and to the extent, approved in advance in writing by the Owner.

§ 7.7.2 Costs incurred in taking action to prevent threatened damage, injury or loss in case of an emergency affecting the safety of persons and property, as provided in Section 10.4 of AIA Document A201-2007.

§ 7.7.3 Costs of repairing or correcting damaged or nonconforming Work executed by the Contractor, Subcontractors or suppliers, provided that such damaged or nonconforming Work was not caused by negligence or failure to fulfill a specific responsibility of the Contractor and only to the extent that the cost of repair or correction is not recovered by the Contractor from insurance, sureties, Subcontractors, suppliers, or others.

§ 7.8 RELATED PARTY TRANSACTIONS
§ 7.8.1 For purposes of Section 7.8, the term “related party” shall mean a parent, subsidiary, affiliate or other entity having common ownership or management with the Contractor; any entity in which any stockholder in, or management employee of, the Contractor owns any interest in excess of ten percent in the aggregate; or any person or entity which has the right to control the business or affairs of the Contractor. The term “related party” includes any member of the immediate family of any person identified above.

§ 7.8.2 If any of the costs to be reimbursed arise from a transaction between the Contractor and a related party, the Contractor shall notify the Owner of the specific nature of the contemplated transaction, including the identity of the related party and the anticipated cost to be incurred, before any such transaction is consummated or cost incurred. If the Owner, after such notification, authorizes the proposed transaction, then the cost incurred shall be included as a cost to be reimbursed, and the Contractor shall procure the Work, equipment, goods or service from the related party, as a Subcontractor, according to the terms of Article 10. If the Owner fails to authorize the transaction, the Contractor shall procure the Work, equipment, goods or service from some person or entity other than a related party according to the terms of Article 10.

ARTICLE 8   COSTS NOT TO BE REIMBURSED
§ 8.1 The Cost of the Work shall not include the items listed below:
		
	.1
	Salaries and other compensation of the Contractor's personnel stationed at the Contractor's principal office or offices other than the site office, except as specifically provided in Section 7.2. or as may be provided in Article 15;

		
	.2
	Expenses of the Contractor's principal office and offices other than the site office;

		
	.3
	Overhead and general expenses, except as may be expressly included in Article 7;

		
	.4
	The Contractor's capital expenses, including interest on the Contractor's capital employed for the Work;

		
	.5
	Except as provided in Section 7.7.3 of this Agreement, costs due to the negligence or failure of the Contractor, Subcontractors and suppliers or anyone directly or indirectly employed by any of them or for whose acts any of them may be liable to fulfill a specific responsibility of the Contract;

		
	.6
	Any cost not specifically and expressly described in Article 7; and

		
	.7
	Costs, other than costs included in Change Orders approved by the Owner, that would cause the Guaranteed Maximum Price to be exceeded.

ARTICLE 9   DISCOUNTS, REBATES AND REFUNDS
§ 9.1 Cash discounts obtained on payments made by the Contractor shall accrue to the Owner if (1) before making the payment, the Contractor included them in an Application for Payment and received payment from the Owner, or (2) the Owner has deposited funds with the Contractor with which to make payments; otherwise, cash discounts shall accrue to the Contractor. Trade discounts, rebates, refunds and amounts received from sales of surplus materials and equipment shall accrue to the Owner, and the Contractor shall make provisions so that they can be obtained.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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§ 9.2 Amounts that accrue to the Owner in accordance with the provisions of Section 9.1 shall be credited to the Owner as a deduction from the Cost of the Work.

ARTICLE 10   SUBCONTRACTS AND OTHER AGREEMENTS
§ 10.1 Those portions of the Work that the Contractor does not customarily perform with the Contractor's own personnel shall be performed under subcontracts or by other appropriate agreements with the Contractor. The Owner may designate specific persons from whom, or entities from which, the Contractor shall obtain bids. The Contractor shall obtain bids from Subcontractors and from suppliers of materials or equipment fabricated especially for the Work and shall deliver such bids to the Architect. The Owner shall then determine, with the advice of the Contractor and the Architect, which bids will be accepted. The Contractor shall not be required to contract with anyone to whom the Contractor has reasonable objection.

§ 10.2 When a specific bidder (1) is recommended to the Owner by the Contractor; (2) is qualified to perform that portion of the Work; and (3) has submitted a bid that conforms to the requirements of the Contract Documents without reservations or exceptions, but the Owner requires that another bid be accepted, then the Contractor may require that a Change Order be issued to adjust the Guaranteed Maximum Price by the difference between the bid of the person or entity recommended to the Owner by the Contractor and the amount of the subcontract or other agreement actually signed with the person or entity designated by the Owner.

§ 10.3 Subcontracts or other agreements shall conform to the applicable payment provisions of this Agreement, and shall not be awarded on the basis of cost plus a fee without the prior consent of the Owner. If the Subcontract is awarded on a cost-plus a fee basis, the Contractor shall provide in the Subcontract for the Owner to receive the same audit rights with regard to the Subcontractor as the Owner receives with regard to the Contractor in Article 11, below.

ARTICLE 11   ACCOUNTING RECORDS
The Contractor shall keep full and detailed records and accounts related to the cost of the Work and exercise such controls as may be necessary for proper financial management under this Contract and to substantiate all costs incurred. The accounting and control systems shall be satisfactory to the Owner. The Owner and the Owner's auditors shall, during regular business hours and upon reasonable notice, be afforded access to, and shall be permitted to audit and copy, the Contractor's records and accounts, including complete documentation supporting accounting entries, books, correspondence, instructions, drawings, receipts, subcontracts, Subcontractor's proposals, purchase orders, vouchers, memoranda and other data relating to this Contract. The Contractor shall preserve these records for a period of three years after final payment, or for such longer period as may be required by law.

ARTICLE 12   PAYMENTS
§ 12.1 PROGRESS PAYMENTS
§ 12.1.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents.

§ 12.1.2 The period covered by each Application for Payment shall be one calendar month ending on the last day of the month, or as follows:

§ 12.1.3 Provided that an Application for Payment is received by the Architect not later than the 7th day of a month, the Owner shall make payment of the certified amount to the Contractor not later than the 15th day of the following month. If an Application for Payment is received by the Architect after the application date fixed above, payment shall be made by the Owner not later than forty-five (45) days after the Architect receives the Application for Payment.
(Federal, state or local laws may require payment within a certain period of time.)

§ 12.1.4 With each Application for Payment, the Contractor shall submit payrolls, petty cash accounts, receipted invoices or invoices with check vouchers attached, and any other evidence required by the Owner or Architect to demonstrate that cash disbursements already made by the Contractor on account of the Cost of the Work equal or exceed (1) progress payments already received by the Contractor; less (2) that portion of those payments attributable to the Contractor's Fee; plus (3) payrolls for the period covered by the present Application for Payment.

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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§ 12.1.5 Each Application for Payment shall be based on the most recent schedule of values submitted by the Contractor in accordance with the Contract Documents. The schedule of values shall allocate the entire Guaranteed Maximum Price among the various portions of the Work, except that the Contractor's Fee shall be shown as a single separate item. The schedule of values shall be prepared in such form and supported by such data to substantiate its accuracy as the Architect may require. This schedule, unless objected to by the Architect, shall be used as a basis for reviewing the Contractor's Applications for Payment.

§ 12.1.6 Applications for Payment shall show the percentage of completion of each portion of the Work as of the end of the period covered by the Application for Payment. The percentage of completion shall be the lesser of (1) the percentage of that portion of the Work which has actually been completed; or (2) the percentage obtained by dividing (a) the expense that has actually been incurred by the Contractor on account of that portion of the Work for which the Contractor has made or intends to make actual payment prior to the next Application for Payment by (b) the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values.

§ 12.1.7 Subject to other provisions of the Contract Documents, the amount of each progress payment shall be computed as follows:
		
	.1
	Take that portion of the Guaranteed Maximum Price properly allocable to completed Work as determined by multiplying the percentage of completion of each portion of the Work by the share of the Guaranteed Maximum Price allocated to that portion of the Work in the schedule of values. Pending final determination of cost to the Owner of changes in the Work, amounts not in dispute shall be included as provided in Section 7.3.9 of AIA Document A201-2007;

		
	.2
	Add that portion of the Guaranteed Maximum Price properly allocable to materials and equipment delivered and suitably stored at the site for subsequent incorporation in the Work, or if approved in advance by the Owner, suitably stored off the site at a location agreed upon in writing;

		
	.3
	Add the Contractor's Fee, less retainage of five percent (5%). The Contractor's Fee shall be computed upon the Cost of the Work at the rate stated in Section 5.1.1 or, if the Contractor's Fee is stated as a fixed sum in that Section, shall be an amount that bears the same ratio to that fixed-sum fee as the Cost of the Work bears to a reasonable estimate of the probable Cost of the Work upon its completion;

		
	.4
	Subtract retainage of five percent (5%) from that portion of the Work that the Contractor self-performs;

		
	.5
	Subtract the aggregate of previous payments made by the Owner;

		
	.6
	Subtract the shortfall, if any, indicated by the Contractor in the documentation required by Section 12.1.4 to substantiate prior Applications for Payment, or resulting from errors subsequently discovered by the Owner's auditors in such documentation; and

		
	.7
	Subtract amounts, if any, for which the Architect has withheld or nullified a Certificate for Payment as provided in Section 9.5 of AIA Document A201-2007.

§ 12.1.8 The Owner and the Contractor shall agree upon a (1) mutually acceptable procedure for review and approval of payments to Subcontractors and (2) the percentage of retainage held on Subcontracts, and the Contractor shall execute subcontracts in accordance with those agreements.

§ 12.1.9 In taking action on the Contractor's Applications for Payment, the Architect shall be entitled to rely on the accuracy and completeness of the information furnished by the Contractor and shall not be deemed to represent that the Architect has made a detailed examination, audit or arithmetic verification of the documentation submitted in accordance with Section 12.1.4 or other supporting data; that the Architect has made exhaustive or continuous on-site inspections; or that the Architect has made examinations to ascertain how or for what purposes the Contractor has used amounts previously paid on account of the Contract. Such examinations, audits and verifications, if required by the Owner, will be performed by the Owner's auditors acting in the sole interest of the Owner.

§ 12.2 FINAL PAYMENT
§ 12.2.1 Final payment, constituting the entire unpaid balance of the Contract Sum, shall be made by the Owner to the Contractor when
		
	.1
	the Contractor has fully performed the Contract except for the Contractor's responsibility to correct Work as provided in Section 12.2.2 of AIA Document A201-2007, and to satisfy other requirements, if any, which extend beyond final payment;

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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9

		
	.2
	the Contractor has submitted a final accounting for the Cost of the Work and a final Application for Payment; and

		
	.3
	a final Certificate for Payment has been issued by the Architect.

§ 12.2.2 The Owner's auditors will review and report in writing on the Contractor's final accounting within 30 days after delivery of the final accounting to the Architect by the Contractor. Based upon such Cost of the Work as the Owner's auditors report to be substantiated by the Contractor's final accounting, and provided the other conditions of Section 12.2.1 have been met, the Architect will, within seven days after receipt of the written report of the Owner's auditors, either issue to the Owner a final Certificate for Payment with a copy to the Contractor, or notify the Contractor and Owner in writing of the Architect's reasons for withholding a certificate as provided in Section 9.5.1 of the AIA Document A201-2007. The time periods stated in this Section 12.2.2 supersede those stated in Section 9.4.1 of the AIA Document A201-2007. The Architect is not responsible for verifying the accuracy of the Contractor's final accounting.

§ 12.2.3 If the Owner's auditors report the Cost of the Work as substantiated by the Contractor's final accounting to be less than claimed by the Contractor, the Contractor shall be entitled to request mediation of the disputed amount without seeking an initial decision pursuant to Section 15.2 of A201-2007. A request for mediation shall be made by the Contractor within 30 days after the Contractor's receipt of a copy of the Architect's final Certificate for Payment. Failure to request mediation within this 30-day period shall result in the substantiated amount reported by the Owner's auditors becoming binding on the Contractor. Pending a final resolution of the disputed amount, the Owner shall pay the Contractor the amount certified in the Architect's final Certificate for Payment.

§ 12.2.4 The Owner's final payment to the Contractor shall be made no later than 30 days after the issuance of the Architect's final Certificate for Payment, or as follows:

§ 12.2.5 If, subsequent to final payment and at the Owner's request, the Contractor incurs costs described in Article 7 and not excluded by Article 8 to correct defective or nonconforming Work, the Owner shall reimburse the Contractor such costs and the Contractor's Fee applicable thereto on the same basis as if such costs had been incurred prior to final payment, but not in excess of the Guaranteed Maximum Price. If the Contractor has participated in savings as provided in Section 5.2, the amount of such savings shall be recalculated and appropriate credit given to the Owner in determining the net amount to be paid by the Owner to the Contractor.

ARTICLE 13   DISPUTE RESOLUTION
§ 13.1 INITIAL DECISION MAKER
The Architect will serve as Initial Decision Maker pursuant to Section 15.2 of AIA Document A201-2007, unless the parties appoint below another individual, not a party to the Agreement, to serve as Initial Decision Maker.
(If the parties mutually agree, insert the name, address and other contact information of the Initial Decision Maker, if other than the Architect.)

§ 13.2 BINDING DISPUTE RESOLUTION
For any Claim subject to, but not resolved by mediation pursuant to Section 15.3 of AIA Document A201-2007, the method of binding dispute resolution shall be as follows:
(Check the appropriate box. If the Owner and Contractor do not select a method of binding dispute resolution below, or do not subsequently agree in writing to a binding dispute resolution method other than litigation, Claims will be resolved by litigation in a court of competent jurisdiction.)

		
	[   ]
	Arbitration pursuant to Section 15.4 of AIA Document A201-2007

		
	[X]
	Litigation in a court of competent jurisdiction

		
	[   ]
	Other (Specify)

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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ARTICLE 14   TERMINATION OR SUSPENSION
§ 14.1 Subject to the provisions of Section 14.2 below, the Contract may be terminated by the Owner or the Contractor as provided in Article 14 of AIA Document A201-2007.

§ 14.2 If the Owner terminates the Contract for cause as provided in Article 14 of AIA Document A201-2007, the amount, if any, to be paid to the Contractor under Section 14.2.4 of AIA Document A201-2007 shall not cause the Guaranteed Maximum Price to be exceeded, nor shall it exceed an amount calculated as follows:
		
	.1
	Take the Cost of the Work incurred by the Contractor to the date of termination;

		
	.2
	Add the Contractor's Fee computed upon the Cost of the Work to the date of termination at the rate stated in Section 5.1.1 or, if the Contractor's Fee is stated as a fixed sum in that Section, an amount that bears the same ratio to that fixed-sum Fee as the Cost of the Work at the time of termination bears to a reasonable estimate of the probable Cost of the Work upon its completion; and

		
	.3
	Subtract the aggregate of previous payments made by the Owner.

§ 14.3 The Owner shall also pay the Contractor fair compensation, either by purchase or rental at the election of the Owner, for any equipment owned by the Contractor that the Owner elects to retain and that is not otherwise included in the Cost of the Work under Section 14.2.1. To the extent that the Owner elects to take legal assignment of subcontracts and purchase orders (including rental agreements), the Contractor shall, as a condition of receiving the payments referred to in this Article 14, execute and deliver all such papers and take all such steps, including the legal assignment of such subcontracts and other contractual rights of the Contractor, as the Owner may require for the purpose of fully vesting in the Owner the rights and benefits of the Contractor under such subcontracts or purchase orders.

§ 14.4 The Work may be suspended by the Owner as provided in Article 14 of AIA Document A201-2007; in such case, the Guaranteed Maximum Price and Contract Time shall be increased as provided in Section 14.3.2 of AIA Document A201-2007, except that the term “profit” shall be understood to mean the Contractor's Fee as described in Sections 5.1.1 and Section 6.4 of this Agreement.

ARTICLE 15   MISCELLANEOUS PROVISIONS
§ 15.1 Where reference is made in this Agreement to a provision of AIA Document A201-2007 or another Contract Document, the reference refers to that provision as amended or supplemented by other provisions of the Contract Documents.

§ 15.2 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below, or in the absence thereof, at the legal rate prevailing from time to time at the place where the Project is located.
(Insert rate of interest agreed upon, if any.)

  Prime rate as published by the Wall Street Journal plus 2% 

§ 15.3 The Owner's representative:
(Name, address and other information)

Dan Black
MidWestOne Bank
102 South Clinton Street
Iowa City, IA 52240

§ 15.4 The Contractor's representative:
(Name, address and other information)

Mike Hahn
McComas-Lacina Construction
1310 Highland Court
Iowa City, IA 52240

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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§ 15.5 Neither the Owner's nor the Contractor's representative shall be changed without ten days' written notice to the other party.

§ 15.6 Other provisions:
   
ARTICLE 16   ENUMERATION OF CONTRACT DOCUMENTS
§ 16.1 The Contract Documents, except for Modifications issued after execution of this Agreement, are enumerated in the sections below.

§ 16.1.1 The Agreement is this executed AIA Document A102-2007, Standard Form of Agreement Between Owner and Contractor.

§ 16.1.2 The General Conditions are AIA Document A201-2007, General Conditions of the Contract for Construction.

§ 16.1.3 The Supplementary and other Conditions of the Contract:

	
				
	Document
	Title
	Date
	Pages

	 
	 
	 
	 

§ 16.1.4 The Specifications:
(Either list the Specifications here or refer to an exhibit attached to this Agreement.)

	
				
	Section
	Title
	Date
	Pages

	 
	 
	 
	 

§ 16.1.5 The Drawings:
(Either list the Drawings here or refer to an exhibit attached to this Agreement.)

	
			
	Number
	Title
	Date

	 
	 
	 

§ 16.1.6 The Addenda, if any:

	
			
	Number
	Date
	Pages

	Addendum #1
	October 29, 2013
	 

	Addendum #2
	November 1, 2013
	 

	Addendum #3
	November 6, 2013
	 

	Addendum #4
	November 11, 2013
	 

	Addendum #5
	November 13, 2013
	 

Portions of Addenda relating to bidding requirements are not part of the Contract Documents unless the bidding requirements are also enumerated in this Article 16.

§ 16.1.7 Additional documents, if any, forming part of the Contract Documents:
		
	.1
	AIA Document E201TM-2007, Digital Data Protocol Exhibit, if completed by the parties, or the following:

		
	.2
	Other documents, if any, listed below:

	
			
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	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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(List here any additional documents that are intended to form part of the Contract Documents. AIA Document A201-2007 provides that bidding requirements such as advertisement or invitation to bid, Instructions to Bidders, sample forms and the Contractor's bid are not part of the Contract Documents unless enumerated in this Agreement. They should be listed here only if intended to be part of the Contract Documents.)

MLC Spreadsheet Pricing Report, including value engineering deductions, dated 12.19.13
Foundation Package Drawings and Specifications, dated September 3, 2013 - FOR REFERENCE
Subcontractor List, dated December 18, 2013

ARTICLE 17   INSURANCE AND BONDS
The Contractor shall purchase and maintain insurance and provide bonds as set forth in Article 11 of AIA Document A201-2007.
(State bonding requirements, if any, and limits of liability for insurance required in Article 11 of AIA Document A201-2007.)

	
		
	Type of insurance or bond
	Limit of liability or bond amount ($0.00)

	 
	 

 
This Agreement entered into as of the day and year first written above.

	
			
	/s/ CHARLES N. FUNK
	 
	/s/ MIKE HAHN

	OWNER (Signature)
	 
	CONTRACTOR (Signature)

	Charles N. Funk CEO, MidWestOne Bank
	 
	Mike Hahn President, MLC

	(Printed name and title)
	 
	(Printed name and title)

	
			
	Init.

   /
	AIA Document A102TM - 2007 (formerly A111TM - 1997). Copywrite © 1920, 1925, 1951, 1958, 1961, 1963, 1967, 1974, 1978, 1987, 1997 and 2007 by The American Institute of Architects. All rights reserved. WARNING: This AIA® Document is protected by U.S. Copywrite Law and International Treaties. Unauthorized reproduction or distribution of this AIA® Document, or any portion of it, may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. This document was produced by AIA software at 13:34:48 on 12/19/2013 under Order No. 5140642261_1 which expires on 09/18/2014, and is not for resale.

	 
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13

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