Common use of Security Agreement for Construction of Improvements Clause in Contracts

Security Agreement for Construction of Improvements. The Security Agreement referred to in Article II hereof shall be completed and executed or, in the case of escrow funds, funds deposited with the Township, sufficient in amount to guarantee the performance of this Agreement and the installation of all Public Improvements whether or not they are to be dedicated, together with all administrative and inspection costs incurred by the Township. Preparation of the Security Agreement and/or escrow funds, or other means of financial security will be prepared in accordance with the Pennsylvania Municipalities Planning Code, Act 247, and provisions set forth in the West Hanover Township Subdivision and Land Development Ordinance.