Subdivision Improvements Letter of Credit and Substitute Collateral Sample Clauses

Subdivision Improvements Letter of Credit and Substitute Collateral. As security for Owner’s obligation to complete the Subdivision Improvements, Owner shall deliver to the BOCC, on or before the date of recording of the Final Plat of the Subdivision, a Letter of Credit in the form agreed to be acceptable to the BOCC, attached to and incorporated in this SIA by reference as Exhibit C (LOC) or in a form consistent with the Uniform Commercial Code, C.R.S. § 4-1-101, et seq. and approved by the BOCC. The LOC shall be in the amount of $( full estimate ), representing the full estimated cost of completing the Subdivision Improvements, with a sufficient contingency to cover cost changes, unforeseen costs and other variables (equal to 10% of the estimated cost and as approved by the BOCC), minus $( cost of completed improvements ), the cost of Subdivision Improvements already completed as of the date of execution of this SIA, i.e., $( reduced amount )], as set forth and certified by Owner’s Engineer on Exhibit B, to guarantee completion of the Subdivision Improvements. The LOC shall be valid for a minimum of six (6) months beyond the Completion Date for the Subdivision Improvements set forth in Paragraph 2.a., above. The BOCC, at its sole option, may permit the Owner to substitute collateral other than a Letter of Credit, in a form acceptable to the BOCC, for the purpose of securing the completion of the Subdivision Improvements subject of this Paragraph 3.a.
Sample 1
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Related to Subdivision Improvements Letter of Credit and Substitute Collateral

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