Common Contracts
1 similar Performance, Labor and Materials Agreement contracts
Statement of PurposePerformance, Labor and Materials Agreement • July 2nd, 2021
Obligor previously requested, and was granted final plat approval by the City for the subdividing and improving of a tract of land described as “Windhaven Subdivision Phase 1”, further described on the plat titled “Windhaven Subdivision Phase 1” dated February 6, 2020 and submitted to the City in regards to said development (the “Previous Final Plat”). As a condition precedent to the approval of the Previous Final Plat by the City, the Obligor furnished a Performance, Labor and Material Agreement (“Initial Performance Agreement”) and posted an Irrevocable Letter of Credit in favor of the City in the amount of $1,447,368.75. As of the date first appearing hereinabove, Obligor has completed certain portions of the improvements required by the Initial Performance Agreement, and has requested a reduction in the amount of security posted with the City. Obligor and the City have agreed that the amount of security posted shall be $317,937.50 and shall be posted with the City in the form of an
