Common use of BMP Clause in Contracts

BMP. The parties acknowledge and agree, with respect to the BMP Agreement, that: a. HP has paid $881,010.71 to date (the “Current Payments”) towards its share of the costs for the BMP under the BMP Agreement; b. the City shall complete the BMP such that it is available to HP for stormwater management associated with the Project on or before 3 years from the date of this Agreement; c. HP’s share of the costs for the BMP under the BMP Agreement (the “HP Share”) is currently estimated to be $3,080,000.00 in addition to the Current Payments, and is subject to revision based on actual costs of the BMP in accordance with the BMP Agreement; d. the City shall pay all costs associated with the BMP as the same become due and HP will reimburse the City for the HP Share by payment to the City of $2,000.00 per residential unit constructed within the area of the Project shown as “PHASE 2” on Exhibit F (“Phase 2”), which amount shall be due and payable at the time of issuance of a building permit for each such residential unit; provided, however, the entire HP Share shall be due and payable to the City within ten years after completion of the BMP if not sooner paid; e. the City acknowledges that the BMP was designed to accommodate water quality and quantity treatment, in accordance with current regulations, for the impervious area of Independence Boulevard and full development of Phase 2 (the “Reserved Treatment Capacity”) as well as City needs related to prior flooding in the area; f. the Project shall be entitled to and the City shall reserve for the Project the Reserved Treatment Capacity; g. HP shall not be required to post any surety for its obligations hereunder or under the BMP Agreement; and h. following completion of the BMP, the City agrees, at its sole expense, to maintain, repair, upgrade, and or replace the BMP in good order and repair.