MOU - Additional Paving of US31 Proj No. 123-066

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2 1.2 Purpose of Agreement. The purpose of this Agreement is to define the respective roles and responsibilities of the Parties for the construction, installation, funding and maintenance of improvements and facilities made or installed as part of the Project. 1.3 No Transfer of Real Property Interest. To comply with Indiana law regarding the sale of real estate, the Parties agree that no title to any real estate held in the name of either Party is to be transferred by way of this Agreement including, without limitation, any real property underneath existing pavement and the accompanying right of way, as described in the land records of Lake County, Indiana. 1.4 Term of Agreement. This Agreement shall be effective beginning on the date approved as to form and legality by the Office of the Indiana Attorney General and continuing through December 31, 2024, unless amended or renewed as provided under Section 4.38 herein. 1.5. Definition of the “Project.” The Project shall be defined as the work to be done under INDOT Contract No. B-40600 as well as any future work or improvements that may become necessary under the listed Contract No. (or any new Contract No.). Work under the Project will include but not be limited to the replacement of bridge and small structure and pipe lining at US 20 and US 31/Michigan St. 1.6 Definition of the “Improvements.” The Improvements shall be defined as a HMA resurface of INDOT right of way Station 6+50 North to Chippewa Roundabout. II. INDOT’S RESPONSIBILTIES 2.1 Financial Responsibilities. INDOT shall be responsible for the costs of the Project, excluding those costs described below to be paid by the CITY. INDOT will be responsible for the costs of the Project in the total current estimated amount of $10,924,942.00. The Project will be funded State funds. 2.2 Project Responsibilities. INDOT will complete all work necessary to construct the Project and the Improvements. III. CITY’S RESPONSIBILITIES 3.1. Financial Responsibilities. The CITY shall be responsible for one hundred percent (100%) of the costs of the Improvements. The CITY shall pay INDOT $978,930.17, the amount currently estimated to be the cost for the Improvements. INDOT shall invoice the CITY for costs and the CITY shall pay INDOT within 30 days. The final cost for the Improvements will be based on the actual costs of the Improvements, which may be more or less than this estimated amount. If the CITY’s share of the costs is less than the amount the CITY has contributed, then INDOT will refund the difference pursuant to the terms of Section 4.34 below; if the CITY’s share is higher than $978,930.17, the remaining balance shall be paid within forty-five (45) days of the CITY receiving notice of the amount owed.