Development Bonds. If Seller has outstanding bonds, letters of credit, or other security issued in favor of a municipality or agency related to the development of any Unimproved Real Property (the “Seller Bonds”) Purchaser shall cause to be issued to such municipality or agency, effective at Closing, any replacement bonds or letters of credit that are necessary to obtain the release of the Seller Bonds.
Appears in 4 contracts
Samples: Purchase and Assumption Agreement (BNC Bancorp), Purchase and Assumption Agreement (Hampton Roads Bankshares Inc), Purchase and Assumption Agreement (Ecb Bancorp Inc)
