Common use of Security for Installation of Landscape Improvements Clause in Contracts

Security for Installation of Landscape Improvements. 1. In the event Developer is unable to complete the Landscape Improvements prior to Initial Acceptance of the Infrastructure Improvements due to periods of adverse weather or similar reasons approved by the City, Developer shall provide to the City, an irrevocable letter of credit or a performance surety bond payable to the City equal to one hundred fifty percent (150%) of the estimated cost of the uncompleted Landscape Improvements (the “Landscape Security”). Any irrevocable letter of credit or performance surety bond provided by Developer shall be valid until Initial Acceptance. Any bond or letter of credit shall meet the requirements set forth in subsections III.D.1-2. 2. Except as provided in subsection II.B.4. herein, the City shall release the Landscape Security only upon completion and City acceptance of all Landscape Improvements so long as all releases of mechanic’s lien have been filed with respect to the Landscape Improvements and an acceptable warranty performance guarantee as provided in Section III has been executed and delivered to the City. 3. If delayed as provided for in subsection II.B.1. herein, Developer shall complete the Landscape Improvements not later than eight (8) months from the date of written request by the City.

Security for Installation of Landscape Improvements. 1. In the event Developer is unable to complete the all Landscape Improvements prior to Initial Acceptance of the Infrastructure Improvements due to periods of adverse weather or similar reasons approved by the City, Developer shall provide to the City, City an irrevocable letter of credit or a performance surety bond payable to the City equal to one hundred fifty percent (150%) of the estimated cost of the uncompleted Landscape Improvements (the “Landscape Security”). Any irrevocable letter of credit or performance surety bond provided by Developer shall be valid until Initial Acceptance. Any bond or letter of credit shall meet the requirements set forth in subsections III.D.1-2. 2. Except as provided in subsection II.B.4. herein, the City shall release the Landscape Security only upon completion and City acceptance of all Landscape Improvements so long as all releases of mechanic’s lien have been filed with respect to the Landscape Improvements and an acceptable warranty performance guarantee as provided in Section III has been executed and delivered to the City. 3. If delayed as provided for in subsection II.B.1. herein, Developer shall complete the Landscape Improvements not later than eight (8) months from the date of written request by the City.