Common use of Use of Security Clause in Contracts

Use of Security. If, under the terms of this Agreement, the Municipality finds it necessary to draw on any of the securities posted, or the Developer fails to renew any securities or provide additional ones where required, then the Municipality shall have the right to treat the Developer as being in breach of this Agreement and, in addition to any other rights under this Agreement, the Municipality shall be entitled to prohibit any further Pre- Servicing Works being carried out on the Lands until the securities have been restored, renewed or increased as required. Further, the Developer acknowledges that irrespective of the manner in which the amount of the security was calculated, the cash or letter of credit has been lodged to secure all obligations of the Developer and the security may be used to complete any aspect of the Pre-Servicing Works to the exclusion of any other aspect thereof, to return the Lands to their pre-construction state if deemed appropriate, or to fulfill any other obligation under this Agreement, irrespective of the manner in which the original value was calculated or the obligation described.