Common use of Financial Security Guarantee Clause in Contracts

Financial Security Guarantee. In lieu of construction of the Improvements by the Developer during the period after County issuance of the Construction Permit and the final plat being recorded , as security to the County for the performance by the Developer of its obligations to complete the Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of any Improvements, obtain financial security in one of the following three methods, in the sum of one hundred and twenty-five (125%) of the engineer’s estimated costs for all Improvements, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee described in Section 1 (if applicable).

Financial Security Guarantee. In lieu of construction of the Improvements by the Developer during the period after County issuance approval of the Construction Permit final plat and the final plat being recorded for each phase, as security to the County for the performance by the Developer of its obligations to complete the Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of any Improvements, obtain financial security in one of the following three methods, in the sum of one hundred and twenty-five (125%) of the engineer’s estimated costs for all Improvements, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee described in Section 1 (if applicable).this Section: