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costs and /or change orders shall be incurred and /or approved by Lakewood without the prior <br />written approval of Cleveland. <br />Section 3. Deposit of Fluids; Allocation of Investment Earnings; Final Allocation <br />Within 30 days after the execution of this Agreement, Cleveland shall pay to Lakewood an <br />amount equal to $79,800, (Invoices to be sent to Rick Switalski, PE - Manager Division of <br />Engineering and Construction, 601 Lakeside, Room 518) Cleveland shall pay to the Director of <br />Finance of Lakewood for deposit into the appropriate construction fiord or fluids created or to be <br />created by Lakewood for the payment of costs of the Improvements, and for no other purpose <br />whatsoever, an amount equal to Cleveland's portion of the costs of engineering services for the <br />Lakewood Heights Boulevard Resurfacing Project, <br />Within 30 days after Lakewood shall have provided to Cleveland a copy of the revised <br />estimated cost of the Lakewood Heights Boulevard Improvements to be undertaken pursuant to <br />this Agreement based on tine lowest and best bid for labor and materials, Cleveland shall pay to <br />the Director of Finance of Lakewood for deposit into the appropriate construction fluid or foods <br />created or to be created by Lakewood for the payment of costs of the Improvements, and for no <br />other purpose whatsoever, an amount equal to Cleveland's portion of the local share of tine cost <br />of the Improvements based oil the revised estimate of cost. <br />Investment earnings derived front the investment by Lakewood of money in the <br />construction fund or funds for the Improvements shall be divided between and credited or paid to <br />Lakewood and Cleveland in proportion to the respective amounts paid by them into such fiord or <br />funds. <br />In the event Cleveland's portion of the local share of the final cost of the Improvements <br />shall be in excess of the revised estimate, Lakewood shall give to Cleveland a detailed statement <br />of that final cost, and Cleveland shall within 45 days after that notice pay to Lakewood any <br />additional portion of the cost allocated to Cleveland in accordance with this Agreement. In the <br />event Cleveland's portion of tine local share of the final cost of the Improvements shall be less <br />than the estimated Cleveland share based on the revised estimate of cost, Lakewood shall <br />promptly refund to Cleveland the excess amount paid by Cleveland under this Section together <br />with a detailed statement of such final cost and Cleveland's share. Any annount in excess of the <br />estimate must be approved in writing prior to Cleveland incurring an obligation for such. <br />Section 4. Permission for Use of Right -of -Way. Cleveland will by appropriate <br />legislation grant to Lakewood and to its contractors, officers, employees and agents the right to <br />enter upon, occupy, excavate, and restore streets in located in Cleveland as shall be necessary for <br />the construction of the Lakewood Heights Boulevard Improvements undertaken pursuant to this <br />Agreement, provided that Lakewood shall restore or replace, or cause to be restored or replaced, <br />any public improvements damaged in tine construction of those Improvements and tine cost of <br />that restoration or improvement shall be a cost of the Improvements. <br />Section 5. Lead Party's Authority. Both parties recognize that it is necessary to have a <br />lead party to work directly with the contractor(s). Lakewood (lead party) shall not incur and /or <br />approve any additional expenses on behalf of Cleveland without Cleveland's prior written <br />3 of 5 <br />