PETITION ITEMS - SURETY Sample Clauses

PETITION ITEMS - SURETY. Developer herein agrees that said Developer shall pay all installments of said Special Assessments when due. In the event Developer fails to timely pay any installment of said Special Assessments, the City may draw upon the Petition Items Surety (defined below) in an amount equal to the installment due and any fee and cost incurred by the City in conjunction with the said delinquent Special Assessments. Any such draw may be used by the City to pay for any fee and cost incurred by the City in conjunction with the said delinquent Special Assessment and, if the City project is bonded, to pay the required yearly debt services payments, with the remainder to be held by the City. Said amount held by the City shall be liquated damages and become the property of City in the event the Developer continually fails to timely pay installments of Special Assessment and the Property or any portion of the Property is tax forfeited as a result thereof. Any Petition Items Surety funds referred to herein that are withdrawn that will be used by City for payment of its herein-referred debt service payment when due will constitute a credit against the obligations for the Developer to pay such Special Assessments. Upon payment of the delinquent Special Assessments, City will repay to the surety, to the extent that the delinquent Special Assessments have been paid, the surety monies withdrawn, less any costs incurred by City in conjunction with the said delinquent Special Assessments. Developer shall provide City with cash or letter of credit, with the form and provider of the letter of credit to be reasonably satisfactory to City, in the amount of 60% of the estimated cost of the City Project prorated on a per lot basis for the Phase 1 Allocation (herein referred to as the “Petition Items Surety”). The Petition Items Surety shall thus be in the amount of $4,630,000.00calculated as follows: Total Estimated Share of Cost of Project No. 21-10 $7,715,925 X 60% Surety Requirement: $4,629,554.89 USE: $4,630,000.00 The Petition Item Surety may be utilized by the City in the manner stated above. At the time of activation of any part of the Deferred Allocation, additional sureties based on the amount of the activated Deferred Allocation shall be required.
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Related to PETITION ITEMS - SURETY

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