Collateral Proceeds. In the event the COUNTY invokes Collateral, the proceeds shall be applied first to the COUNTY’S fees and expenses, including attorneys’ fees, and then to completing or repairing the unfinished or defective Required Improvements. Excess Collateral proceeds, if any, are payable to SUBDIVIDER. The COUNTY has no obligation to utilize any funds, other than the Collateral proceeds, to complete any of the Required Improvements.
Appears in 3 contracts
Sources: Subdivision Improvements Agreement, Subdivision Improvements Agreement, Subdivision Improvements Agreement