Common use of Permits and Performance Bonds Clause in Contracts

Permits and Performance Bonds. Prior to commencement of construction of the public Infrastructure Improvements or issuance of a building permit for any of the buildings, the Developer shall provide to the City a performance bond by an AM Best Rated company with a rating of at least A-VII reasonably acceptable to the City or an irrevocable letter of credit in a form reasonably acceptable to the City (the “Performance Bond”) in an amount not less than 125% of the costs of the public Infrastructure Improvements and construction of the Building B2 Parking Structure, to guarantee their full completion by the Developer under this Agreement and pursuant to Exhibits C-3 and C-4, or a return of Lot #1 to its current state if Buildings A1 and A2 are not constructed, plus an additional bond (the “Demolition and Site Restoration Guarantee”) to guarantee demolition of existing or future (as constructed by the Developer) buildings, removal of demolition debris, and site restoration (by backfilling any excavation with typical granular fill to grade) in the event any buildings, required to be constructed by the Developer under this Agreement, are not completed due to work stoppage that is not the result of an Enforced Delay (as defined below). The amount of the Demolition and Site Restoration Guarantee shall be 125% of the demolition bid(s) for the full cost of demolition, as selected by Developer for the demolition portion of the Project through a contractor or contractors that are reasonably acceptable to the City. The applicable Performance Bond amounts shall remain in full force and effect throughout the construction process to insure site restoration in the event of Developer’s failure to complete the Project. Upon completion, the public Infrastructure Improvements and appropriate easements as approved by the City Engineering Department and City Attorney shall be dedicated to the City. City may use the Performance Bond to either complete the Infrastructure Improvements and Building B2, demolish the existing buildings on Project property, or restore the sites if buildings are left partially constructed. Developer shall have forty five (45) business days to cure any default after written notice of the same.

Permits and Performance Bonds. Prior to commencement of construction of the public portion of the Infrastructure Improvements or issuance of a building permit the Building Permit for any of the buildingseither Building A or Building B, the Developer shall provide to the City a performance bond by an AM Best Rated company with a rating of at least A-VII reasonably acceptable to the City or an irrevocable letter of credit in a form reasonably acceptable to the City (the “Performance Bond”) in an amount not no less than 125110% of the public infrastructure improvement costs as specified within the approved Xxxxxxxxxx plan, minus the reimbursements for the private portion of the Infrastructure Improvements (including all interest), to guarantee full completion of the public portion of the Infrastructure Improvements and construction of the Building B2 Parking Structure, to guarantee their full completion be undertaken by the Developer under this Agreement and pursuant to Exhibits C-3 and C-4, or a return of Lot #1 to its current state if Buildings A1 and A2 are not constructed, plus an additional bond (the “Demolition and Site Restoration Guarantee”) to guarantee demolition of existing or future (as constructed by the Developer) buildings, removal of demolition debris, and site restoration (by backfilling any excavation with typical granular fill to grade) in the event any buildings, required to be constructed by the Developer under this Agreementagreement, are not completed due to work stoppage that is not the result of an Enforced Delay enforced delay (as defined below). The the amount of the Demolition and Site Restoration Guarantee shall be 125110% of the demolition bid(s) for the full cost of demolition, as selected by Developer for the demolition portion of the Project project as specified within paragraph 4 below through a contractor or contractors that are reasonably acceptable to the City. The applicable Performance Bond amounts Throughout construction the City shall remain in full force and effect throughout have access at any reasonable time to inspect any of the construction process to insure site restoration in public portion of the event of Developer’s failure to complete the ProjectInfrastructure Improvements. Upon completion, the public portion of the Infrastructure Improvements and appropriate easements as approved by the City Engineering Department and City Attorney shall be dedicated to the City. City may use the Performance Bond to either complete the Infrastructure Improvements and Building B2, demolish the existing buildings on Project property, or restore the sites if buildings are left partially constructed. Developer shall have forty five (45) business days to cure any default after written notice of the same.

Permits and Performance Bonds. Prior to commencement of construction of the public portion of the Infrastructure Improvements or issuance of a building permit the Building Permit for any of the buildingseither Building A, Building B, Building C1 or Building C2, the Developer shall provide to the City a performance bond by an AM Best Rated company with a rating of at least A-VII reasonably acceptable to the City or an irrevocable letter of credit in a form reasonably acceptable to the City (the “Performance Bond”) in an amount not no less than 125% of the public infrastructure improvement costs as specified within the approved Xxxxxxxxxx plan, minus any reimbursements for the private portion of the Infrastructure Improvements, to guarantee full completion of the public portion of the Infrastructure Improvements and construction of the Building B2 Parking Structure, to guarantee their full completion be undertaken by the Developer under this Agreement and pursuant to Exhibits C-3 and C-4, or a return of Lot #1 to its current state if Buildings A1 and A2 are not constructed, plus an additional bond (the “Demolition and Site Restoration Guarantee”) to guarantee demolition of existing or future (as constructed by the Developer) buildings, removal of demolition debris, and site restoration (by backfilling any excavation with typical granular fill to grade) in the event any buildings, required to be constructed by the Developer under this Agreementagreement, are not completed due to work stoppage that is not the result of an Enforced Delay (as defined below)enforced delay. The amount of the Demolition and Site Restoration Guarantee shall be 125% of the demolition bid(s) for the full cost of demolition, as selected by Developer for the demolition portion of the Project project through a contractor or contractors that are reasonably acceptable to the City. The applicable Performance Bond bond amounts shall remain in full force and effect throughout the construction process to insure site restoration in the event of Developer’s failure to complete the Projectproject and, as such, the bonds shall not be reduced for work performed by developer. Throughout construction the City shall have access at any reasonable time to inspect any of the public portion of the Infrastructure Improvements. Upon completion, the public portion of the Infrastructure Improvements and appropriate easements as approved by the City Engineering Department and City Attorney shall be dedicated to the City. City may use the Performance Bond to either complete the Infrastructure Improvements and Building B2, demolish the existing buildings on Project property, or restore the sites if buildings are left partially constructed. Developer shall have forty five (45) business days to cure any default after written notice of the same.