Modesto City Elementary Awards Construction Contract to [DEVELOPER] (June 2025)

Amount to be determined after preconstruction services (Guaranteed Maximum Price); Preconstruction Services not to exceed [AMOUNT IN WORDS] DOLLARS ($[AMOUNT IN NUMBERS])

CONSTRUCTION

Construction phase: [days in words] ([days in numbers]) calendar days from execution and delivery of Facilities/Site Lease to completion (to be determined); Facilities Lease: starts at District's possession of Project and ends 1 year after, or upon payment of final lease payment; Lease payment term: 12 months (monthly payments), 8.5% interest

Term may be extended or shortened by mutual agreement, events of default, exercise of District purchase option, eminent domain, or damage/destruction. Amendments must be in writing. Purchase option may terminate lease early by paying off the remaining loan amount at any time at or after 90 days post-completion. Unused allowance/contingency deducted from GMP at closeout.

Contract