Bonds and Assurances. Prior to Closing, Purchaser shall (i) cause Sellers to be fully, unconditionally and irrevocably released and discharged from the bonds, financial assurance obligations and guaranty obligations identified in Section 8.9 of the Seller Disclosure Schedule outstanding on the Closing Date and all such other bonds, financial assurance obligations and similar obligations incurred in the Ordinary Course of Business on or after the date of this Agreement and prior to the Closing (the “Bonds and Assurances”) and (ii) replace the Bonds and Assurances or act as a substituted obligor, guarantor or other counterparty to the Bonds and Assurances as required for the continued operation of the Business.
Bonds and Assurances. Developer, as part of the Costs, shall provide to all applicable Approving Authorities any bonds, assurance agreements, or other financial assurances required with respect to the construction of the Improvements. Developer shall, as part of the Costs, provide to all Approving Authorities all warranties, bonds and other financial assurances required to obtain permits for, and the preliminary and final acceptance and approval of, the Improvements. Builder shall take all commercially reasonable actions and execute all documents reasonably requested by Developer in its efforts to obtain releases of all such warranties, bonds, and other financial assurances upon final acceptance of the Improvements by the Approving Authorities.
Bonds and Assurances. 2.5.1 To the extent not provided by third parties, Contractor shall be responsible, at its sole cost and expense (but subject to payment as provided herein), for providing all applicable Approving Authorities (or causing to be provided to all applicable Approving Authorities) any bonds, subdivision agreements, assurance agreements, or other financial assurances required with respect to the Work (collectively, the “Financial Assurances”). Except as provided in Section 2.5.2 below, upon Completion of the Work, Contractor shall also provide to all Approving Authorities all warranties, bonds and other financial assurances required to obtain final acceptance and approval of the Work. To the extent permitted by the Approving Authorities, Contractor shall be entitled to seek reductions and releases of any bonds or other Financial Assurances posted by Contractor with respect to the Work, and Owner shall cooperate with Contractor, as reasonably requested by Contractor, but at no third-party cost or liability to Owner, in obtaining such reductions and releases.
2.5.2 Within one hundred twenty (120) days following any termination of this Agreement due to Owner’s default hereunder or under the Option Agreement, (the “Termination Date”), Owner shall replace the “Performance Bonds” (as defined below) with Owner’s separate bonds or security (collectively, the “Replacement Performance Bonds”). For purposes of this Section 2.5.2, the term the “Performance Bonds” means: (a) those bonds posted by Contractor or Builder with the City, the County or the Approving Authorities (as defined below) to complete the Work; and (b) all warranties, bonds and other financial assurances required to obtain final acceptance and approval of the Work. In connection therewith, if Owner has not obtained Replacement Performance Bonds within one hundred twenty (120) days following the Termination Date, Contractor may (without limitation) take such actions as are necessary to reduce and release any Performance Bond at commercially reasonable times and in a commercially reasonable manner, and Owner shall cooperate with Contractor, as reasonably requested by Contractor, in such efforts. To the extent Contractor is required to incur any expense in connection with the Performance Bonds after the Termination Date, Owner shall reimburse Contractor for such expense within five (5) business days of Contractor’s demand, and (ii) in all cases Owner shall reimburse Contractor for draws or demands on Performan...
