Fill and Sign the To Agreement between Owner and Contractor Branch Form

Basic Construction Contract Agreement made on the ________________ (date), between _____________________ (Name of Owner) of ___________________________________________________________ ___________________ (street address, city, county, state, zip code), referred to herein as Owner, and ______________________ (Name of Contractor), a corporation organized and existing under the laws of the state of _______________, with its principal office located at ____________________________________________________________________________(street address, city, county, state, zip code), referred to herein as Contractor. For and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. The WorkContractor shall construct the items identified in Exhibit A attached hereto and incorporated herein by reference, hereinafter referred to as the Work. Said Work will be performed in accordance with the Contract Documents, as identified in Article 8 of this Agreement on property on the property described in Exhibit B attached hereto and incorporated herein by reference, said property referred to hereinafter as the Property. 2. Contract TimeThe Work will be completed on or before _________________ (date), hereinafter called the Completion Date, subject to modifications in approved Change Orders. The Completion Date shall be the date when the Work is sufficiently complete in accordance with the Contract Documents so that Owner can occupy or utilize the Property for its intended use (Substantial Completion). If Owner will pay Contractor for all or part of the Work with funds advanced by a lender, Substantial Completion shall be the date as defined by the loan documents. Before starting the Work, Contractor shall submit to Owner for review an estimated progress schedule indicating the starting and completion dates of various stages of the Work. 3. Contract PriceOwner shall pay to Contractor an amount equal to $____________ (Contract Price) for completion of the Work. 4. Change OrdersAny increase or decrease in the Contract Price, change in the Work or change in the Contract Time must be set forth in a change order signed by Owner and Contractor and approved by the Lender (Change Order). 5.
(date) owner is entitled to cancel this agreement effective on (date). The owner shall execute this cancellation notice, to be recorded pursuant to section 2-313, by filing the notice of cancellation with the office of the state register in the office of the register of deeds. The notification provided to lender shall be filed in the office of the state register in the office of the register of deeds. If the cancellation notice is received in the office of the state register within days from the date the notice was received in the office of the Secretary of State, the agreement shall be treated as rescinded and owner shall not be required to purchase the work provided in this agreement. 6. Subscriptions if owner is able to obtain sufficient funds to pay the total advance made to contractor, the provisions of this agreement for the payment of contractor may be waived as long as the following conditions are met: (a) the balance of the unpaid advance, plus any interest, would not exceed the amount that would be paid by owner to contractor under section 16-215 or 16-218 of the property consolidation and uniform commercial code (the uniform commercial code) if the agreement were signed on that date. (b) contractor agrees to make good all losses sustained by contractor relating to the cancellation and cancellation notice procedures provided in this agreement. (c) contractor agrees not to enter into an agreement under this agreement with any other lender. (d) contractor agrees that if it is to continue to provide services under this agreement, it will do so on a reasonable basis and at a reasonable cost and provide a report (referred to in this agreement as a “cost performance report") to lender, if lender requires further disclosure, indicating by what date the contractor completed the work (as well as any other information required under this agreement to be noted), and the total cost of the work completed. If such contractor or a subcontractor is to perform any further services under this agreement, it shall provide a complete report (referred to in this agreement as a “procedure performance report") to lender within one year of completion of work, and the amount and rate per square foot of labor cost (including all materials and subcontractors used in the construction of or related to the work) and the estimated cost of labor and materials in the future, as well as the number of workers to be employed, the contract number, names of principals and principal subcontractors, and their addresses (city, state and zip code)