Common use of WARRANTY AMOUNT Clause in Contracts

WARRANTY AMOUNT. Applicant expressly agrees that, notwithstanding any partial reduction in the Bond Amount requested by Applicant and granted by the City, the City shall not reduce the Bond Amount below 90% of the Bond Amount. The amount maintained shall be the Warranty Amount, which for purposes of this Agreement shall be $ . The Warranty Amount shall be maintained for a period of one year following Acceptance of the Improvements. The Warranty Amount shall be maintained to insure that the Improvements are free from defects and damage, as determined by City, such that the Improvements continue to meet City standards for one year after Acceptance. The Warranty Amount shall also be maintained to insure that rights-of-way, vacant lots, and other areas within the Project site or subdivision that are accessible to Applicant or within Applicant=s control are kept reasonably clean and free of any construction debris, waste items, and mounds of soil, rocks, concrete, asphalt, and other debris. Notwithstanding the Warranty Amount, Applicant shall be responsible for any substandard, defective, or damaged Improvements if the Warranty Amount is inadequate to repair or replace any such Improvements. At the request of Applicant, the Warranty Amount or any part thereof may be replaced with a performance bond of a type and form approved by the City, together with a new or amended bond agreement. Applicant, or the person providing the replacement bond, shall be responsible for any substandard or defective Improvements if the amount of the replacement bond (the “Amended Warranty Amount”) is inadequate to cover any such Improvements.

WARRANTY AMOUNT. The Applicant expressly agrees that, notwithstanding any partial reduction in release of any of the Bond Amount requested by the Applicant and granted by the City, the City shall not reduce release the Bond Amount below 90% of the Bond Amount. The amount maintained retained shall be the Warranty Amount, which for purposes of this Agreement shall be $ . The City shall keep the Warranty Amount shall be maintained for a period of one year following Acceptance of the Improvements. The Warranty Amount shall be maintained held by the City to insure that the Improvements are free from defects and damage, as determined by City, such that the Improvements continue to meet City standards for one year after Acceptance. The Warranty Amount shall also be maintained kept to insure that rights-of-way, vacant lots, and other areas within the Project site or subdivision that are accessible to the Applicant or within the Applicant=s control are kept reasonably clean and free of any construction debris, waste items, and mounds of soil, rocks, concrete, asphalt, and other debris. Notwithstanding the Warranty Amount, the Applicant shall be responsible for any substandard, defective, or damaged Improvements if the Warranty Amount is inadequate to repair or replace any such Improvements. At the request of the Applicant, the Warranty Amount or any part thereof may be replaced with a performance bond of a type and form approved by the City, together with a new or amended bond agreement. The Applicant, or the person providing the replacement bond, shall be responsible for any substandard or defective Improvements if the amount of the replacement bond (the “Amended Warranty Amount”) is inadequate to cover any such Improvements.

WARRANTY AMOUNT. Applicant and Guarantor expressly agrees agree that, notwithstanding any partial reduction in the Bond Amount requested by Applicant and granted by the City, the City shall not reduce the Bond Amount below 90% of the Bond Amount. The amount maintained shall be the Warranty Amount, which for purposes of this Agreement shall be $ . The Warranty Amount shall be maintained for a period of one year following Acceptance of the Improvements. The Warranty Amount shall be maintained to insure that the Improvements are free from defects and damage, as determined by City, such that the Improvements continue to meet City standards for one year after Acceptance. The Warranty Amount shall also be maintained to insure that rights-of-way, vacant lots, and other areas within the Project site or subdivision that are accessible to Applicant or within Applicant=s control are kept reasonably clean and free of any construction debris, waste items, and mounds of soil, rocks, concrete, asphalt, and other debris. Notwithstanding the Warranty Amount, Applicant shall be responsible for any substandard, defective, or damaged Improvements if the Warranty Amount is inadequate to repair or replace any such Improvements. At the request of Applicant, the Warranty Amount or any part thereof may be replaced with a performance bond of a type and form approved by the City, together with a new or amended bond agreement. Applicant, or the person providing the replacement bond, shall be responsible for any substandard or defective Improvements if the amount of the replacement bond (the “Amended Warranty Amount”) is inadequate to cover any such Improvements.

WARRANTY AMOUNT. Applicant and Guarantor expressly agrees agree that, notwithstanding any partial reduction in the Bond Amount requested by Applicant and granted by the City, the City shall not reduce the Bond Amount below 90% of the Bond Amount. The amount maintained shall be the Warranty Amount, which for purposes of this Agreement shall be $ . The Warranty Amount shall be maintained for a period of one year following Acceptance of the Improvements. The Warranty Amount shall be maintained to insure that the Improvements are free from defects and damage, as determined by City, such that the Improvements continue to meet City standards for one year after Acceptance. The Warranty Amount shall also be maintained to insure that rights-of-way, vacant lots, and other areas within the Project site or subdivision that are accessible to Applicant or within Applicant=s control are kept reasonably clean and free of any construction debris, waste items, and mounds of soil, rocks, concrete, asphalt, and other debris. Notwithstanding the Warranty Amount, Applicant shall be responsible for any substandard, defective, or damaged Improvements if the Warranty Amount is inadequate to repair or replace any such Improvements. At the request of Applicant, the Warranty Amount or any part thereof may be replaced with a performance bond of a type and form approved by the City, together with a new or amended bond agreement. Applicant, or the person providing the replacement bond, shall be responsible for any substandard or defective Improvements if the amount of the replacement bond (the “Amended Warranty Amount”) is inadequate to cover any such Improvements.

WARRANTY AMOUNT. The Applicant expressly agrees that, notwithstanding any partial reduction in release of any of the Bond Amount requested by the Applicant and granted by the City, the City shall not reduce release the Bond Amount below 90% of the Bond AmountAmount for the Public Improvements portion of the Improvements. The amount maintained retained shall be the Warranty Amount, which for purposes of this Agreement shall be $ $500 (mark N/A if this Agreement covers only Private Improvements). The City shall keep the Warranty Amount shall be maintained for a period of one year following Acceptance of the Public Improvements. The Warranty Amount shall be maintained held by the City to insure that the Improvements are free from defects and damage, as determined by the City, such that the Improvements continue to meet City city standards for one year after Acceptance. The Warranty Amount shall also be maintained kept to insure that rights-of-way, vacant lots, and other areas within the Project site or subdivision that are accessible to the Applicant or within the Applicant=s control are kept reasonably clean and free of any construction debris, waste items, and mounds of soil, rocks, concrete, asphalt, and other debris. Notwithstanding the Warranty Amount, the Applicant shall be responsible for any substandard, defective, or damaged Improvements if the Warranty Amount is inadequate to repair or replace any such Improvements. At the request of the Applicant, the Warranty Amount or any part thereof may be replaced with a performance bond of a type and form approved by the City, together with a new or amended bond agreement. The Applicant, or the person providing the replacement bond, shall be responsible for any substandard or defective Improvements if the amount of the replacement bond (the “Amended Warranty Amount”) is inadequate to cover any such Improvements.