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• • AGREEMENT 1. Performance of Work Subdivider shall, at its sole cost and expense, furnish or cause to be furnished, all labor supplies, equipment and materials, and do or cause to be done, in a good and workmanlike manner all of the improvements described in Exhibit A attached and incorporated. The cost of such improvements and required items of work is estimated to be Two million ninety-four thousand four hundred twenty-six Dollars and 40/100 Cents ($2,094,426.40). Subdivider shall also do all the work and shall, at its sole cost and expense, furnish all materials necessary in the opinion of the City Engineer to complete the improvements in accordance with the plans and specifications on file, or with any changes required or ordered by the City Engineer. 2. Places and Grades to be Fixed by City Engineer All of the work is to be done at the places, and with the necessary materials, in the manner and at the grades shown on the plans previously approved by the City Engineer and now on file in his office. All work shall be done to the satisfaction of the City Engineer. 3. Time for Commencement and Performance Town hereby fixes the time for the commencement of the work to be done on or before July 24, 2006 ("the Commencement Date"), and for its completion to be within one (1) year thereafter. At least fifteen(15) calendar days prior to the commencement of work hereunder, Subdivider shall notify the City Engineer in writing of the date fixed for commencement thereof, so that the City Engineer shall be able to provide inspection services. 4. Time of Essence—Extension Time is of the essence in this Agreement,provided that in the event good cause is shown,the City Engineer may extend the time for completion of the improvements hereunder. Any such extension may be granted without notice to Subdivider's sureties, and extensions so granted without notice to the Subdivider's sureties shall not relieve the sureties' liability on the bonds to secure the faithful performance of this Agreement and to assure payments of all persons performing labor and materials in connection with this Agreement. The City Engineer shall be the sole and final judge as to whether or not good cause has been shown to entitle Subdivider to an extension. 5. Repairs and Replacements Subdivider shall replace or have replaced, or repair or have repaired, all pipes and monuments which are destroyed or damaged, and Subdivider shall replace or have replaced, repair or have repaired, or pay to the owner the entire cost of replacement or 2