Common use of Little Xxxxxx Act Clause in Contracts

Little Xxxxxx Act. To the extent XXXX 0000, § 13-4-1 et seq., (the “Little Xxxxxx Act”) is applicable to the Project, the Borrower/Grantee shall comply with the requirements of the “Little Xxxxxx Act”. If bonding requirements of the Little Xxxxxx Act are not applicable to the Project, the Borrower/Grantee will require that the contractor to whom is given any contract for construction appertaining to the Project supply a performance bond or bonds satisfactory to the Borrower/Grantee. Any sum or sums derived from said performance bond or bonds shall be used within six (6) months after such receipt for the completion of said construction, and if not so used within such period, shall be treated as Gross Revenues.

Little Xxxxxx Act. To the extent XXXX 0000NMSA 1978, § 13-4-1 et seq., (the “Little Xxxxxx Act”) is applicable to the Project, the Borrower/Grantee shall comply with the requirements of the “Little Xxxxxx Act”. If bonding requirements of the Little Xxxxxx Act are not applicable to the Project, the Borrower/Grantee will require that the contractor to whom is given any contract for construction appertaining to the Project supply a performance bond or bonds satisfactory to the Borrower/Grantee. Any sum or sums derived from said performance bond or bonds shall be used within six (6) months after such receipt for the completion of said construction, and if not so used within such period, shall be treated as Gross Revenues.