Common use of Maintenance of the Extended Facilities Clause in Contracts

Maintenance of the Extended Facilities. Developer hereby covenants that for a period of eighteen (18) months following the Authority’s acceptance of the Extended Facilities, Developer will maintain and will make or cause to be made any and all required repairs and replacements promptly and no later than (10) days after written notice from the Authority that maintenance, repair or replacement of the Extended Facilities may be required. If any required action has not been taken within ten (10) days of such notice or, for repairs or replacements that cannot reasonably be accomplished within ten (10) days, commenced within that period and continued and completed with reasonable diligence thereafter, the Authority may proceed to repair, replace and maintain the same, or contract to have the same done, and collect the cost of such repairs from the Developer and/or its security provider. Upon completion of construction of the Extended Facilities, the Developer shall obtain and provide to the Authority one of the following: (1) a maintenance bond with a surety licensed to do business in Pennsylvania and approved by the Authority; (2) cash; (3) an irrevocable letter of credit from a source acceptable to the Authority; or (4) other security acceptable to the Authority guaranteeing to the Authority the maintenance of the Extended Facilities for a period of eighteen (18) months following the Authority’s acceptance of the Extended Facilities (hereinafter, “Maintenance Security”). The amount of the Maintenance Security shall be fifteen (15%) percent of the actual cost of construction to the Extended Facilities.

Maintenance of the Extended Facilities. Developer hereby covenants that for a period of eighteen (18) months following the Authority’s acceptance of the Extended Facilities, Developer will maintain and will make or cause to be made any and all required repairs and replacements promptly and no later than (10) days after written notice from the Authority that maintenance, repair or replacement of the Extended Facilities may be required. If any required action has not been taken within ten (10) days of such notice or, for repairs or replacements that cannot reasonably be accomplished within ten (10) days, commenced within that period and continued and completed with reasonable diligence thereafter, the Authority may proceed to repair, replace and maintain the same, or contract to have the same done, and collect the cost of such repairs from the Developer and/or its security provider. Upon completion of construction of the Extended Facilities, the Developer shall obtain and provide to the Authority one of the following: (1) a maintenance bond with a surety licensed to do business in Pennsylvania and approved by the Authority; (2) cash; (3) an irrevocable letter of credit from a source acceptable to the Authority; or (4) other security acceptable to the Authority guaranteeing to the Authority the maintenance of the Extended Facilities for a period of eighteen (18) months following the Authority’s acceptance of the Extended Facilities (hereinafter, “Maintenance Security”). The amount of the Maintenance Security shall be fifteen twenty (1520%) percent of the actual cost of construction to the Extended Facilities.