Alternative Security. In lieu of providing the Payment and Performance Bonds, Lessee may provide any of the following alternative security: (i) a completion guaranty, in form and substance reasonably acceptable to Director, made by an individual or entity with a sufficient net worth and liquidity, in the sole discretion of Director, to comply with the terms of such guaranty in view of the potential financial responsibility involved, (ii) a certificate of deposit, cash or United States governmental security, (iii) a letter of credit, or (iv) a set aside letter from Lessee’s construction lender. The security described in clause (ii), (iii) and (iv) above shall be in an amount equal to one hundred percent (100%) of the construction contract price for hard costs, and shall permit County to draw thereon to complete the construction of the Improvements if same have not been completed by Lessee or if a material Event of Default has occurred under this Lease. In addition, Director also shall have the authority to accept in lieu of the Payment and Performance Bonds, so-called “Subguard” insurance in such amount, on such terms and issued by such carrier as approved by Director, in combination with such other security, such as a completion guaranty, as acceptable to Director. Any alternative security provided by Lessee pursuant to this subsection may name County and Lessee’s construction lender as co-beneficiaries. A condition precedent to Lessee’s right to provide the alternate security described in this Subsection 5.4.4 shall be delivery by Lessee to County of an opinion of counsel from a law firm and in a form acceptable to County to the effect that the construction work does not constitute a public work of improvement requiring the delivery of the bonds described in Subsection 5.4.3 above. Director shall have the authority, in his reasonable discretion, to modify, waive or reduce the amount of any bonds or alternate security required hereunder.
Alternative Security. County may, in its sole discretion, allow Contractor to provide alternative security to the faithful performance bond described above in the amount set forth in Section 14.05, in the form of:
Alternative Security. City may, in its sole discretion, allow Contractor to provide alternative security in the amount set forth in Section 10.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to City and approved by the City Attorney and City’s Administrative Services Director and issued by a financial institution acceptable to City, or (b) a certificate of deposit in the name of the City with a term satisfactory to City and with a financial institution acceptable to City.
Alternative Security. County may, in its sole discretion, allow Contractor to provide alternative security in the amount set forth in Section 13.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to County, approved by the County Counsel and issued by a financial institution acceptable to County, or (b) a certificate of deposit in the name of County and in a form and with a term satisfactory to County, accompanied by an agreement giving County the right to draw on the funds deposited satisfactory to County and with a financial institution acceptable to County. Interest on the certificate of deposit will be payable to Contractor.
Alternative Security. County may, in its sole discretion, allow Contractor to provide alternative security to the faithful performance bond described above in the amount set forth in Section 14.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to County, approved by the County Counsel and issued by a financial institution acceptable to County, or
Alternative Security. The Landlord may elect to accept a cash security deposit as alternative security to a letter of credit.
Alternative Security. County may, in its sole discretion, allow Contractor to provide alternative security to the Faithful Performance Bond described above in the amount set forth in Section 14.03, in the form of (a) a prepaid irrevocable standby letter of credit in form and substance satisfactory to County, approved by the County Counsel and issued by a financial institution acceptable to County, or (b) a certificate of deposit in the name of County and in a form and with a Term satisfactory to County, accompanied by an agreement giving County the right to draw on the funds deposited satisfactory to County and with a financial institution acceptable to County. Interest on the certificate of deposit will be payable to Contractor.
Alternative Security. If a guaranty is at any time provided in connection with this Lease and Landlord determines that the creditworthiness, economic strength or financial status of the guarantor is unacceptable to Landlord (including, but not limited to, a bankruptcy proceeding, a breach of the guaranty, death of an individual guarantor, or dissolution), then Landlord may, upon demand, require Tenant to deliver the Alternative Security. For purposes of this provision, “Alternative Security” means one of the following, as selected by Landlord:
Alternative Security. Tenant shall have the right at any time to substitute an unconditional irrevocable letter of credit, substantially in the form annexed hereto as Exhibit J or such other form as is reasonably acceptable to Landlord (“Letter of Credit”), as the Security Deposit, in an amount equal to the required security at the time of such substitution. The Letter of Credit shall be issued by a lending institution with an office for presentation of the Letter of Credit in the New York metropolitan area, reasonably satisfactory to Landlord. In the event that Tenant elects to issue the Letter of Credit, the Letter of Credit shall either (a) expire on the date which is sixty (60) days after the Lease Expiration Date (the “LC Date”), (b) be automatically self-renewing until the LC Date, or (c) if the Letter of Credit expires prior to the LC Date and is not self-renewing, provide the Landlord with a sixty (60) day period to draw on the Letter of Credit following notice to Landlord that the Letter of Credit will not be renewed. Upon the occurrence of an Event of Default, Landlord shall be entitled to use, apply or retain the whole or any part of the Security Deposit to the extent required for the payment of any Fixed Rent, Additional Rent, or any other sum as to which Tenant is in default of (and may draw on the entire Letter of Credit for such purposes), or for any sum which Landlord may expend or may be required to expend by reason of Tenant’s default in respect of any of the terms, covenants and conditions of this Lease, including, without limitation, any damages or deficiency in reletting the Premises accrued before or after any summary proceedings or other re-entry by Landlord. In the event of a transfer of Landlord’s interest in the Property, Landlord shall have the right to transfer the Letter of Credit to the transferee, without cost to Landlord, provided that the transferee has agreed in writing to assume all of Landlord’s obligations under this Article 34, and Tenant shall thereafter be bound to transferee under the terms of the Letter of Credit. Tenant shall be solely responsible for payment of any and all costs and expenses associated with the transfer of the Letter of Credit. This provision shall apply to every transfer or assignment made of the Letter of Credit to a new landlord or to a Mortgagee. The Letter of Credit shall not be assigned or encumbered by Tenant and any attempted assignment or encumbrance by Tenant shall be void.
Alternative Security. Alternatively, Tenant (or any of its Subtenants or assignees) may satisfy the requirements to provide a Payment and Performance Bond by providing Landlord with an alternate form of security in the form of a certified check that Landlord may deposit in a Landlord-controlled bank account or an irrevocable letter of credit in a form and for an amount that is acceptable to Landlord (“Alternative Security”), to remain in place until evidence reasonably satisfactory to Landlord is submitted to demonstrate all contractors performing work related to the Improvements (or, as applicable, any portion thereof) have been paid and the Improvements (or, as applicable, any portion thereof) has reached Completion of Construction. The Alternative Security shall comply with the requirements of Section 255.05(7), Florida Statutes.
