Common use of Surety Deficiency Clause in Contracts

Surety Deficiency. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against the Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Developer as required herein, Developer agrees that upon being billed by City, Developer will within thirty (30) days of said billing to Developer (i) pay said deficient amount to the City or (ii) provide a replacement surety. If there should be an overage in the amount of utilized security, City will, upon making said determination, within a reasonable time period refund to Developer any monies which City has in its possession which are in excess of the Surety needed by City. All Surety money deposited with City shall be used by City for the purposes set forth in this Agreement for which the Surety was given.

Surety Deficiency. In the event that, pursuant to the terms of this Agreement, the City has the right to draw against the Surety, and in the event that the funds available thereunder are deficient in amount to pay or reimburse City the amounts due from Developer as required herein, Developer Xxxxxxxxx agrees that upon being billed by City, Developer will within thirty (30) days of said billing to Developer Developer (i) pay said deficient amount to the City or (ii) provide a replacement surety. If there should be an overage in the amount of utilized security, City will, upon making said determination, within a reasonable time period refund to Developer any monies which City has in its possession which are in excess of the Surety needed by City. All Surety money deposited with City shall be used by City for the purposes set forth in this Agreement for which the Surety was given.