Security for Fee Payments Sample Clauses

Security for Fee Payments. To secure performance of Xxxxx’x obligations under Section 4.3(b)(ii), prior to the issuance of a Grading Permit for each phase of the Covered Project, Xxxxx shall deposit with Pittsburg, for the express benefit of Pittsburg and the Conservancy, an adequate and satisfactory security in the amount of 50% of the development fee allocated to such phase in 2019 Dollars. The security may be a transferable rated bond or bonds by one or more duly authorized corporate sureties or an irrevocable standby letter of credit, as determined by Xxxxx, in a form approved in advance in writing by Pittsburg and the Conservancy, which approval shall not be unreasonably withheld or unduly delayed. Xxxxx shall ensure that the full amount of the security required by this Section 4.3(c) for that phase shall remain in effect until Xxxxx has fulfilled its obligations in paying the fees due at Building Permit issuance for such phase under Section 4.3(b)(ii). The Parties shall cooperate with Xxxxx by promptly signing any necessary documentation requested should Xxxxx seek to reduce and/or release the bond as the fees under Section 4.3(b)(ii) above are paid. However, any reduction in bond amounts shall account for adjustment of the remaining fees to be paid such that the remaining bond amount stays proportionate with the number of building permits not yet issued.