Common use of Increase in Security Clause in Contracts

Increase in Security. If at any time the City’s Development Engineer determines, in his or her opinion and at his or her discretion, the cost of constructing the Public Improvements may exceed the Security, the Subdivider shall provide an updated Cost Estimate prepared by a professional engineer within thirty (30) days after notice and demand, for approval by the Development Engineer; if the approved, updated Cost Estimate demonstrates that the cost of constructing the Public Improvements may exceed the Security, the Subdivider shall provide additional Security in an amount equal to the additional estimated cost within thirty (30) days after the Development Engineer’s approval of the updated Cost Estimate.

Increase in Security. If at any time the City’s Development Engineer determines, in his or her opinion and at his or her discretion, the cost of constructing the Public Improvements may exceed the Security, the Subdivider Owner/Developer shall provide an updated Cost Estimate prepared by a professional engineer within thirty (30) days after notice and demand, for approval by the Development Engineer; if the approved, updated Cost Estimate demonstrates that the cost of constructing the Public Improvements may exceed the Security, the Subdivider Owner/Developer shall provide additional Security in an amount equal to the additional estimated cost within thirty (30) days after the Development Engineer’s approval of the updated Cost Estimate.