DISCHARGE OF SECURITIES a) The Owner shall have the ability to apply to the City, after the completion of ninety percent (90%) of the Works and Services and upon submission of a Property Inquiry Request form with fee together with a Statutory Declaration of Accounts Paid as provided for in Clause 17 hereto, to obtain reductions or discharges of the securities, subject to the provisions of Clause 8b) of this agreement and the Certificate of the City Engineer. Any such request by the Owner shall not be unreasonably withheld by the City.
b) The City shall always retain sufficient security in the form of cash or a Letter of Credit to finance the completion of the Works and maintenance of the Works as provided for in Clause 18 of this agreement, and completion of any requirements pursuant to Schedule ‘I’.
c) Upon the issuance of the Certificate of Substantial Completion for the Works, all securities will be released except the Letter of Credit referred to in Clause 8b) hereto which, in all cases, shall be held until the end of the Maintenance Period as provided for in Clause 18 hereto and until completion of any requirements pursuant to Schedule ‘I’.
d) The City will not agree to any cancellation or reduction of the required securities if The Owner is in default in any way of any provision, requirement or obligation of The Owner under this Agreement.
DISCHARGE OF SECURITIES. (a) After the completion of seventy percent (70%) of the services in the Subdivision or in an approved stage of the Subdivision, the Developer, as the work further proceeds to completion, shall have the privilege, on application to the Town with a Statutory Declaration of Accounts Paid as provided for in Clause 17 hereof and upon the Certificate of the Town Engineer, of obtaining discharges on the cash deposit or letter of credit, subject to the provisions of Clause 8 (b) of this Agreement.
(b) The Town shall retain at all times sufficient security in the form of cash or letter of credit to finance the completion of the Works plus inflation factor itemized in Schedule “G”, maintenance of the Works as provided for in Clause 18 of this Agreement, subject to the provisions of Clause 8 (d) of this Agreement.
(c) Upon the issuance of the Certificate of Substantial Completion and Acceptance for the above-ground services, all securities will be released except the cash or letter of credit referred to in Clause 8 (b) hereof which, in all cases, shall be held until the end of the Maintenance Period as provided for in Clause 18 hereof.
(d) The Town will not agree to any cancellation or reduction of the required securities if the Developer is in default in any way of any provision, requirement or obligation of the Developer under this Agreement.
(e) The decision of the Town’s Director of Public Works as to the amount required to finance the completion of the works referred to in Section 8(b) will be binding on the developer. At no time, until the completion of all of the requirements of this Agreement, shall the amount of securities be less than $20,000.00.
DISCHARGE OF SECURITIES. 12.1 If the Borrower is not in default under this Agreement or the Security, then upon payment by the Borrower of all the Indebtedness, the Lender will at the request and at the expense of the Borrower cancel and discharge the charges of the Security and execute and deliver to the Borrower all such documents and instruments which may be requisite for that purpose.
DISCHARGE OF SECURITIES. After the completion of Eighty Percent (80%) of the services in the Subdivision or in an approved stage of the Subdivision, the Developer may, as the work further proceeds to completion, submit a written application to the Town along with a Statutory Declaration of Accounts Paid and upon the Certificate of the Town engineer, to draw on the cash or Letter of Credit in amounts of not less than 5% of the cost of the work itemized in Schedule "D". After the completion of 80% of the work, the Town shall retain, at all times, not less than a 100% of the remaining works for the respective Phase as set forth in Schedule “D”. In no case will the security be reduced to less than 10% of the estimated cost of the works and services outlined in Schedule “D” for each and accumulative Phase in question at which time the security may be reduced to the amount set out in Section 18 until the expiry of the Maintenance Period to guarantee the maintenance of the work during the period.
DISCHARGE OF SECURITIES. After the completion of Seventy Percent (70%) of the services in the Subdivision or in an approved stage of the Subdivision, the Developer shall, as the work further proceeds to completion, have the privilege, on application to the Township with a Statutory Declaration of Accounts Paid and upon the Certificate of the Township engineer, of obtaining discharges on the cash or Letter of Credit in amounts of not less than 10% of the cost of the work itemized in Schedule "D". After the completion of 70% of the work, the Township shall retain, at all times, sufficient security in the form of cash or Letter of Credit, to finance the completion of the works itemized in Schedule "D", with an additional 10% of the cost of the works, as itemized in Schedule "D", being retained by the Township until the expiry of the Maintenance Period to guarantee the maintenance of the work during the period.
DISCHARGE OF SECURITIES. The Town agrees to reduce the security in a respective phase upon receipt of a signed progress payment request from the Town’s consulting engineer as outlined in Section 17. The Developer shall be responsible for submitting a request for progress payment in writing or email to the Town’s consulting engineer identifying the work completed and the contractor to be paid. The Town will endeavor to make such payments within thirty (30) days of receipt of the progress payment approval by its consulting engineer, the Town shall retain, at all times, not less than a 100% of the remaining works for the respective Phase as set forth in Schedule “D”. In no case will the security be reduced to less than 10% of the estimated cost of the works and services outlined in Schedule “D” for each and accumulative Phase in question at which time the security may be reduced to the amount set out in Section 18 until the expiry of the Maintenance Period to guarantee the maintenance of the work during the period.
