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by Grant funds in accordance with the Grant Agreement. <br /> (c) Legal Conditions. Developer understands and agrees that the Project will be a <br /> public improvement and a public works project, and will be constructed in <br /> accordance with applicable laws, including without limitation, public contracting <br /> and prevailing wage and labor laws. <br /> SECTION 3. Project Funding. <br /> (a) Sources of Funding. The costs of the Project shall be payable solely from: (1) <br /> moneys actually received by City and properly expended under the Grant <br /> Agreement; (2) moneys transferred to the City from the Phase 2 Deposit; and (3) <br /> moneys deposited with City by Developer. The Project will be completed without <br /> cost to City. City shall draw on the sources of funding for reimbursement of <br /> Administrative Costs. <br /> (b) Transfer of Escrow Account. City and Developer shall jointly execute a <br /> document substantially in the form of Exhibit C to transfer the Phase 2 Deposit to <br /> City to be used to pay Project costs. Transfer of the Phase 2 Deposit to the account <br /> of City shall be a condition precedent to City's incurrence of any out-of-pocket <br /> expenditure for the Project. <br /> (c) Deposit of Project Budget. Within 3 business days after the date of expiration of <br /> the bid protest period (unless a protest is filed, the protest period will expire 5 days <br /> after the date of the notice of intent to award bids), Developer shall deposit with <br /> City an amount of cash equal to: (i) 120% of the successful construction bid, less <br /> (ii) the sum of the Grant and the amount of the Phase 2 Deposit that has been <br /> transferred to City. Receipt of the deposit described in this subsection shall be a <br /> condition precedent to City's award and execution of the contract for construction <br /> of the Project. <br /> (d) Project Completion Payments. Developer will deposit with City such additional <br /> sums as are required to complete the Project, in each case, within thirty (30) days <br /> after the date of notice from the City specifying the amount required. Developer's <br /> obligation under this subsection shall include reimbursement of any Grant funds <br /> that are required to be returned to Lane County as a result of any Project cost <br /> accounting required by the Grant Agreement. <br /> (e) Developer's Obligation Absolute; Non-Waiver. Developer's obligation <br /> hereunder shall be absolute and unconditional, and no act by City, including, <br /> without limitation, City's incurrence of any Project cost or execution of any Project <br /> contract, shall constitute a waiver of its right to enforce Developer's strict <br /> compliance with its obligations hereunder. <br /> <br /> South Judkins Point Interchange Funding and Construction Agreement Page 4 <br /> <br />