Real Estate Restoration Document

REAL ESTATE RESTORATION DOCUMENT

Parties and Project Identification

Property Identification

Recitals and Purpose

This Real Estate Restoration Document (the Agreement) is entered into by Owner and Contractor for restoration and repair work on the Property identified above. The Contractor shall perform restoration work in accordance with the Scope of Restoration below, applicable law, and the specifications mutually agreed and attached as Work Exhibit A. The effective date of this Agreement is the date last signed below.

Scope of Restoration and Work

Commencement of work shall occur no later than and Contractor shall achieve Substantial Completion by , subject to approved change orders and force majeure.

Financial Terms

Total restoration contract sum: $

Payment schedule: Owner shall make progress payments upon receipt of Contractor invoice and verification of work progress as follows:

Late payment shall incur interest at the rate of on unpaid balances after days.

Permits, Codes and Insurance

Contractor shall obtain and pay for all permits, licenses and inspections required by applicable law. Contractor shall maintain commercial general liability insurance, workers' compensation, and any specialty coverages required for environmental remediation. Prior to commencing work Contractor shall deliver to Owner certificates of insurance evidencing required coverages and naming Owner as additional insured where required.

Warranties and Guarantees

Contractor warrants that restoration work will be free from defects in materials and workmanship for a period of from the date of Final Acceptance. This warranty does not cover latent conditions pre-existing the loss that were not disclosed by Owner.

Inspections, Acceptance and Close-Out

Upon Substantial Completion, Owner shall inspect and provide a punch list within days. Contractor shall complete punch list items within a reasonable time. Final payment and release of retainage is conditioned upon satisfactory Final Acceptance, delivery of lien waivers, permits sign-offs, and required warranties.

Change Orders and Additional Work

Any changes to the Scope of Restoration, price, or schedule shall be made only by written change order signed by Owner and Contractor specifying adjustments to price, schedule and other terms.

Liens, Releases and Payments

Contractor shall not record mechanics' or materialmen's liens against the Property if Owner timely makes payments in accordance with this Agreement. Contractor shall, upon receipt of each payment, deliver unconditional waiver of lien for amounts invoiced and conditional waiver when required. Final payment is conditioned upon Contractor's delivery of unconditional lien release for all labor, materials and services furnished.

Environmental and Hazard Disclosures

Owner represents to the best of Owner's knowledge the presence or absence of the following conditions at the Property. Contractor may require testing at Contractor's or Owner's cost as agreed. Check the appropriate box for each item.

Default, Remedies and Termination

If either party materially breaches this Agreement and fails to cure within written notice and a reasonable cure period, the non-breaching party may pursue all remedies at law or equity, including suspension of work, termination, recovery of damages, and specific performance where applicable. Owner's remedies for Contractor default may include completion by third parties at Contractor's expense.

Indemnification and Liability

Contractor shall indemnify, defend and hold harmless Owner from and against claims, losses or damages arising out of Contractor's performance, except to the extent caused by Owner's gross negligence or willful misconduct. Owner shall indemnify Contractor for exposures arising from Owner-supplied conditions or undisclosed hazards.

Governing Law; Entire Agreement

This Agreement shall be governed by the laws of the state in which the Property is located. This Agreement, including all exhibits and approved change orders, constitutes the entire agreement between the parties and supersedes prior negotiations and representations, whether written or oral.

Notices

All notices, invoices, and other communications required or permitted under this Agreement shall be in writing and delivered to the addresses listed for Owner and Contractor above or to such other address as either party may designate in writing.

Acknowledgments and Certifications

Each party certifies that the signatory has authority to bind the party and that the party has read and understands this Agreement. Owner acknowledges that Contractor may rely on Owner-supplied information; Owner warrants such information to the best of Owner's knowledge is accurate.

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