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

Letter of Credit for On-Site Primary Services. a) The Developer shall deposit with the City, prior to the execution of this Agreement, a Letter of Credit in the amount of 15% of the estimated cost of the design and construction of all Primary Services to be constructed within the boundaries of the Plan of Subdivision (herein referred to as “On-Site Primary Services”). On default by the Developer in providing the On-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 On-Site Primary Services. Upon receipt of Claims for Xxxxx filed pursuant to the provisions of the Construction Lien Act with respect to the construction of On-Site Primary Services, the City shall also be entitled to call upon the said Letter of Credit.

Letter of Credit for On-Site Primary Services. a) The Developer shall deposit with the Treasurer of the City, prior to the execution of this Agreement, a Letter of Credit in the amount of 15% ten percent (10%) of the estimated cost of the design and construction of all Primary Services services to be constructed within the boundaries of the Plan of Subdivision (herein referred to as “On-Site Primary Services”). On default by the Developer in providing the On-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 On-Site Primary Services. Upon receipt of Claims for Xxxxx filed pursuant to the provisions of the Construction Lien Act with respect to the construction of On-Site Primary Services, the City shall also be entitled to call upon the said Letter of Credit.

Letter of Credit for On-Site Primary Services. a) The Developer shall deposit with the CityTreasurer of the Town, prior to the execution of this Agreement, a Letter of Credit in the amount of 15% of the estimated cost of the design and construction of all Primary Services services to be constructed within the boundaries of the Plan of Subdivision (herein referred to as “On-Site Primary Services”). On default by the Developer in providing the On-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 On-Site Primary Services. Upon receipt of Claims for Xxxxx Liens filed pursuant to the provisions of the Construction Lien Act with respect to the construction of On-Site Primary Services, the City Town shall also be entitled to call upon the said Letter of Credit.