1809 HOLBROOK AVE 2018-01-02 MF Import

NORTHLAND CONSTRUCTION COMPANY 1819 SOUTH CENTRAL AVE SUITE # 103 KENT, WA 98033(206) 650-8862 - FAX (253) 854-8812 CUSTOM CONSTRUCTION AGREEMENT This is a binding legal contract between the parties. If you do not fully understand the contract you should consult an attorney. 1. PARTIES A. Date - This contract between the parties is made as of DEC,14, 1999 B. Owner - The contract is between ( BREJ & SHUBH SHARMA), hereafter referred to as the Owner and; C. Contractor- ( NORTHLAND CONSTRUCTION CO), hereafter referred to as the Contractor. 2. SCOPE OF WORK A. Work - This contract is for the (CONSTRUCTION OF SINGLE FAMILY HOME) B. Location - The location of the work to be performed under this contract is (18XX HOLBROOK AVE, LOT 19. EVERETT. WA) C. Contract Documents - The work to be performed under this contract shall be governed by the documents enumerated in Paragraph 5 of this contract which shall become part of this contract. 3. TIME A. Start Date - The work to be performed under this contract shall start on (JAN 15, 2000). B. Duration - The work shall be substantially complete within EIGHT months after the start date. This date shall be the completion date. C. Delay of Start - In the event the start date is delayed for more than 45 days due solely to the Owner or to conditions pertaining to the Owner's lot, then the contract amount shall be increased by 5% on the 46° day and by 1 % for each subsequent 30 days thereafter. D. Cancellation - If the start date is delayed more than 180 days due solely to the Owner or to conditions pertaining to the Owner's lot, then the contract is null and void and any deposit monies shall be refunded to the Owner. Penally Clause - If the work is not substantially complete within 30 days after the completion date, then the contractor shall pay the Owner $ 50 00 per day until substantial completion is obtained. Time is of the Essence - Time is of the essence in this contract and the Contractor shall manage the work to ensure achievement of substantial completion by the completion date. Substantial Completion - The date of substantial completion is when construction is sufficiently complete so that the Owner can fully utilize the work for its intended use. The date of substantial completion shall not precede the date of final occupancy permit or the date of the final inspection approval by the lending institution. U Time Changes - Changes in any times in this contract shall be made only by change order signed by both parties to the contract 1. If the Contractor is delayed by labor disputes, fire, unusual delays in transportation, unusual weather conditions or other conditions beyond the control of the Contractor, then the parties may mutually agree upon an extension of times by change order. 2. If changes are requested by the Owner, then the times may be extended by mutual agreement of the parties. 4. CONTRACTAMOUNT A. Fixed Sum - The Contractor shall complete the work to be performed under this contract for the fixed sum of ($300,000.00 ). B. Deposit -The Owner shall pay the Contractor ($15000.00) upon the signing of this contract. This deposit shall be subject to any provisions of this contract pertaining to deposits. C. Draws - The Owner shall pay the Contractor in accordance with the approved draw schedule. 1. Requests - The Contractor shall request draw payments when work required by the draw schedule is completed. 2. Payments - Draw payments shall be made to the Contractor within 3 days after approval by the lending institution in the full amount approved by the lending institution. Note: If a lending institution is not used, the functions of the lending institution shall be assumed by a mutually agreed upon third party. 3. Interest - Any overdue payments under this contract shall bear interest at a rate of ( annual interest rate 18%) per year. 4. Change Orders Due - Any payments due for change orders shall be due with the next draw payment after completion of the change order work.