Security for Completion. (a) The Developer will provide the Construction Receiver with cash collateral in the amount of $535,000 (“Craft Cash Collateral”) on the latest of the date of execution of this Development Contract and the Construction Contract and the date that the Settlement Approval Order is granted. The Construction Receiver shall hold such Craft Cash Collateral in a segregated, interest-bearing, account in the name of the Construction Receiver at Canadian Imperial Bank of Commerce (the “Account”), the same to stand as security for the Developer’s indebtedness, liabilities and obligations to the Owner and/or the Construction Receiver including without limitation the Developer’s performance obligations under the Craft C&D Contracts, and for all costs, expenses, and other damages suffered by the Construction Receiver and/or the estate of UC Leslieville if the Developer defaults thereunder and does not cure such default as required under the applicable Craft C&D Contract (collectively, the “Obligations”). In furtherance thereof, the Developer hereby creates a security interest in favour of the Construction Receiver in the Account, the Craft Cash Collateral and in any and all investments, income and proceeds thereof or derived therefrom, all as security for the Obligations. The Craft Cash Collateral and any interest earned thereon (less any amount properly applied by the Owner or the Construction Receiver in accordance with the terms of the Craft C&D Contracts) will be returned to the Developer as soon as practicable after the date upon which all the following conditions have been satisfied (the date of return of the Craft Cash Collateral being, the “Cash Collateral Release Date”):
Security for Completion. Before commencing any proposed alteration, Lessee, if requested by the City, shall furnish to the City security reasonably satisfactory to the City guaranteeing to the City the completion of the proposed alteration within a reasonable time, free and clear of all liens and, if available, all encumbrances, chattel mortgages, conditional bills of sale, security agreements and other claims and charges (other than those, if any, permitted hereunder) and in accordance with any plans and specifications theretofore approved by the City and, if required under any City encumbrance, by the City’s lender.
Security for Completion. Ten percent (10%) of the amount approved under each application for Payment shall be withheld by Landlord until payment is made by Landlord under the final Application for Payment as provided below. Tenant acknowledges that this is not retainage under the mechanic's lien statute. Tenant is not acting as a contractor or an agent for Landlord.
Security for Completion. After expiration of the withdrawal period provided in Paragraph (5), Developer shall be required to retain sufficient funds in escrow or to provide sufficient security to assure completion of all improvements labeled "must be built" in the Condominium Subdivision Plan.
Security for Completion
