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<br />r <br /> <br />,- <br />i <br /> <br />PROPOSAL OF SETTLMENT <br /> <br />1. RMI agrees to: <br /> <br />a. Complete or cause to complete all work described in the Phase II agreement <br /> <br />dated August 15, 1997, completion to be determined by supervising engineer. <br /> <br />Completion date to be not later than March 1, 2000. <br /> <br />b. Accept $70,222.01 as being full payment the "adjusted contract price" <br /> <br />calculated as being: <br /> <br />Contract price stated in Phase II agreement reduced <br /> <br />work performed by PMRCA or other contractors <br /> <br />under the terms of that agreement at the value as <br /> <br />stated in the Phase II agreement together with a <br /> <br />credit for additional payment made on the Phase I <br /> <br />agreement, as set forth in Attachment "A" hereto. <br /> <br />c. Subordinate its lien claim, if any, in favor of CWCB. <br /> <br />d. Allow repayment of the difference, if any,. between the adjusted contract price <br /> <br />and the amount paid by PMRCA at the completion of work in a term of _ years <br /> <br />beginning September 1,2000, in quarterly payments together with interest at the <br /> <br />rate of % . <br /> <br />e. Warrant that all work completed by RMI to be of workmanlike quality and <br /> <br />consistent with the terms of the Phase II agreement. <br />