Common use of Letter of Credit for Off-Site Primary Services Clause in Contracts

Letter of Credit for Off-Site Primary Services. a) The Developer shall deposit with the City, prior to execution of this Agreement, a Letter of Credit for 100% of the costs of design and construction of all Primary Services outside the boundaries of the Plan of Subdivision (herein referred to as “Off- Site Primary Services”). On default of the Developer in providing the Off-Site Primary Services in accordance with the provisions of this Agreement and/or the approved Plans, the City shall be entitled to call upon such security deposit to pay for the completion of such Off-Site Primary Services. The City shall also have the right to call upon the said security deposit upon receipt of Claims for Liens filed pursuant to the provisions of the Construction Lien Act with respect to Off-Site Primary Services.

Letter of Credit for Off-Site Primary Services. a) The Developer shall deposit with the Treasurer of the City, prior to execution of this Agreement, a Letter of Credit for one hundred percent (100% %) of the costs of design and construction of all Primary Services outside the boundaries of the Plan of Subdivision (herein referred to as “Off- Off-Site Primary Services”). On default of the Developer in providing the Off-Site Primary Services in accordance with the provisions of this Agreement and/or the approved Plans, the City shall be entitled to call upon such security deposit to pay for the completion of such Off-Site Primary Services. The City shall also have the right to call upon the said security deposit upon receipt of Claims for Liens filed pursuant to the provisions of the Construction Lien Act with respect to Off-Site Primary Services.

Letter of Credit for Off-Site Primary Services. a) The Developer shall deposit with the CityTreasurer of the Town, prior to execution of this Agreement, a Letter of Credit for 100% of the costs of design and construction of all Primary Services outside the boundaries of the Plan of Subdivision (herein referred to as “Off- Off-Site Primary Services”). On default of the Developer in providing the Off-Site Primary Services in accordance with the provisions of this Agreement and/or the approved Plans, the City Town shall be entitled to call upon such security deposit to pay for the completion of such Off-Site Primary Services. The City Town shall also have the right to call upon the said security deposit upon receipt of Claims for Liens filed pursuant to the provisions of the Construction Lien Act with respect to Off-Site Primary Services.