Improvement Securities Sample Clauses

Improvement Securities. The owner (applicant) shall furnish Improvement Securities in accordancwith Section 14-60.020 of the Municipal Code in the manner and amounts determined by the Public Works Director prior to Final Map approval.
Sample 1
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Improvement Securities. (a) Xxxxxxxxx agrees to secure this Agreement with good and sufficient improvement securities in a form approved by the City Attorney (referred collectively hereinafter as “Improvement Securities” and individually as “Improvement Security”) to guarantee the construction and completion of the Deferred Improvements in the Project. All such Improvement Securities shall be posted with the City prior to the City’s final building inspection and issuance of a Certificate of Occupancy for the Project constructed by Developer. Said securities are estimated at this time in Exhibit “B” to be in the following amounts, and shall be for the purposes described as follows: (i) Two million four hundred fourteen thousand one hundred seven DOLLARS ($2,414,107) to ensure faithful performance of the construction and installation of the public and private Improvements required by this Agreement (“Performance Security”), which amount is 100% of the estimated cost of the Improvements as set forth in Exhibit “B”; and (ii) Two million four hundred fourteen thousand one hundred seven DOLLARS ($2,414,107) to secure payment to any contractor, subcontractor, persons renting equipment or furnishing labor materials for the Improvements required to be constructed or installed pursuant to this Agreement (“Labor & Materials Security”), which amount is one hundred percent (100%) of the estimated cost of the Improvements; and (iii) Two hundred forty-one thousand four hundred ten DOLLARS ($241,410) in the form of a Warranty Bond or cash deposit with the City to guarantee or warranty the Improvement work done pursuant to this Agreement for a period of one (1) year following acceptance/certification thereof by City, against any defective work or labor done or defective materials furnished (“Warranty Security”). The Warranty Security is 10% of the estimated cost of the Performance Security amount described above, and such Warranty Security must be provided by Developer to City prior to the City’s release of any bonds or Improvement Securities filed with this Agreement. (b) The Improvement Securities required by this Agreement shall be kept on file with the City Clerk. If surety bonds are used, they must be issued by a surety company currently admitted to transact surety insurance business in California by the California Department of Insurance, with a Best’s Insurance Guide rating of no less than A-. The terms of any documents evidencing such Improvement Securities as set forth in this Section 2 ...
Sample 1
Improvement Securities 
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Related to Improvement Securities

  • Payment Security To secure all of CAISO’s payment obligations to Owner under this Agreement, CAISO agrees to grant Owner a security interest and lien in the following collateral (collectively, the “Collateral”): (a) all past, present and future accounts and other amounts Responsible Utility owes CAISO at any time pursuant to Section 41 of the CAISO Tariff attributable to invoices submitted by Owner under this Agreement (collectively, the “Accounts”), (b) the RMR Owner Facility Trust Account, all funds in the RMR Owner Facility Trust Account at any time, and all funds paid on account of any Accounts, (c) all proceeds of the Collateral, if any, and (d) all of CAISO’s right, title and interest in the Collateral. CAISO represents and warrants to Owner that (a) CAISO has the authority to grant such security interest, (b) CAISO will have good, marketable and exclusive title to all of the Collateral, (c) such security interest and lien will at all times be a valid, enforceable and first-priority lien on the Collateral, and (d) such security interest will be duly perfected by the filing of a financing statement under the California Uniform Commercial Code describing the Collateral in the office of the Secretary of State of California and the delivery of a written notice of Owner’s security interest to the bank with which the RMR Owner Facility Trust Account is maintained. If CAISO defaults on its obligation to pay under this Agreement, Owner shall be entitled to enforce such securityinterest, to exercise its rights in the Collateral, to collect the Accounts from Responsible Utility, to collect all funds in the RMR Owner Facility Trust Account, and to exercise all other rights and remedies under the California Uniform Commercial Code. CAISO agrees to promptly execute and deliver all financing statements and other documents Owner reasonably requests, including but not limited to a written notice of Owner’s security interest in the Collateral to the bank with which the RMR Owner Facility Trust Account is maintained, in order to maintain, perfect and enforce such security interest.

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