Common use of Termination of Guarantee Clause in Contracts

Termination of Guarantee. Sixty (60) days after completion of review, processing, approving or administering, evidenced by resolution or ordinance of the CITY Council/Board approving, conditionally approving or rejecting the land development related activity, the CITY agrees to refund the DEVELOPER any moneys remaining in the deposit account, including any interest earned thereon; or if guarantee is made in the form of an irrevocable letter of credit, to give a written release, sufficient to terminate the guarantees of such letter less, in either case, any amounts owing for administrative costs described in PART A.