Common use of Surety Bond Alternative Clause in Contracts

Surety Bond Alternative. The City shall accept, in lieu of the requirements in Section 401.A above, a surety bond supplied by Redeveloper or Redeveloper’s prime contractor meeting the requirements of Neb. Rev. Stat. §52-141 (Reissue 2010) and a lien waiver from the prime contractor. The penal amount of the bonds shall be Two Million Five Hundred Thousand Dollars ($2,500,000). As required by Neb. Rev. Stat. § 52-141, recorded notice of the bond must be filed of record against the Project Site. If this alternative is used, proof of said payment and recording shall be provided to the City prior to the start of construction of the New Building. A copy of the lien waiver shall be provided to the City prior to the start of construction of the New Building.

Surety Bond Alternative. The City shall accept, in lieu of the requirements in Section 401.A above, a surety bond supplied by Redeveloper or Redeveloper’s prime contractor meeting the requirements of Neb. Rev. Stat. §52-141 (Reissue 2010) and a lien waiver from the prime contractor. The penal amount of the bonds shall be Two Million Five Hundred Thousand Dollars ($2,500,000). As required by Neb. Rev. Stat. § 52-141, recorded notice of the bond must be filed of record against the Project Site. If this alternative is used, proof of said payment and recording shall be provided to the City prior to the start of construction of the New BuildingPrivate Improvements. A copy of the lien waiver shall be provided to the City prior to the start of construction of the New BuildingPrivate Improvements.

Surety Bond Alternative. The City shall accept, in lieu of the requirements in Section 401.A above, a surety bond supplied by Redeveloper or Redeveloper’s prime contractor meeting the requirements of Neb. Rev. Stat. §52-141 (Reissue 2010) and a lien waiver from the prime contractor. The penal amount of the bonds shall be Two Million Five Hundred Thousand Dollars ($2,500,000). As required by Neb. Rev. Stat. § 52-141, recorded notice of the bond must be filed of record against the applicable Parcels of the Project Site. If this alternative is used, proof of said payment and recording shall be provided to the City prior to the start of construction of the applicable project of the New BuildingHousing. A copy of the lien waiver shall be provided to the City prior to the start of construction of the applicable project of the New BuildingHousing.

Surety Bond Alternative. The City shall accept, in lieu of the requirements in Section 401.A above, a surety bond supplied by Redeveloper or Redeveloper’s prime contractor meeting the requirements of Neb. Rev. Stat. §52-141 (Reissue 2010) and a lien waiver from the prime contractor. The penal amount of the bonds shall be Two Million Five Hundred Thousand and No/100 Dollars ($2,500,0002,500,000.00). As required by Neb. Rev. Stat. § 52-141, recorded notice of the bond must be filed of record against the Project Site. If this alternative is used, proof of said payment and recording shall be provided to the City prior to the start of construction of the New BuildingBuildings. A copy of the lien waiver shall be provided to the City prior to the start of construction of the New BuildingBuildings.

Surety Bond Alternative. The City shall accept, in lieu of the requirements in Section 401.A above, a surety bond supplied by Redeveloper or Redeveloper’s prime contractor meeting the requirements of Neb. Rev. Stat. §52-141 (Reissue 2010) and a lien waiver from the prime contractor. The penal amount of the bonds bond shall be Two Million Five Hundred Thousand and NO/100 Dollars ($2,500,000). As required by Neb. Rev. Stat. § 52-141, recorded notice of the bond must be filed of record against the applicable portion of the Project Site. If this alternative is used, the City’s Notice to Proceed with construction of the applicable Private Improvement building shall not be issued before proof of said payment surety bond and recording shall be provided to the City prior to the start of construction of the New Building. A and a copy of the lien waiver shall be has been provided to the City prior to the start of construction of the New BuildingCity.