Completion Assurance Clause Samples

Completion Assurance. If the Developer fails to complete the Subdivision Improvements within two (2) years from the date of recording of the plat for the Project, unless said timeframe is otherwise extended by the County, then the Escrow Agent agrees that it will become the successor developer for purposes of completing the Subdivision Improvements and may draw upon the Completion Surety and secure engineering certificates as required by paragraph 1 hereof. The Escrow Agent agrees that it will cooperate with Engineer in every manner possible to complete the Subdivision Improvements. The Escrow Agent certifies that the principal amount of the Completion Surety includes all fees and costs that the Escrow Agent may charge in completing the Subdivision Improvements. Failure of the Escrow Agent to draw upon the Completion Surety or obtain extension of same in a timely manner shall not relieve the Escrow Agent from the duty to complete the Project as though it were the developer.

Completion Assurance. The parties acknowledge and agree that (i) Landlord will be acquiring the Land and obtaining a construction loan for the Base Building Improvements in reliance on the Lease, including Tenant's obligations to complete the Tenant Improvements and to pay for the Tenant Improvements and Tenant Modifications as provided in this Work Letter, and (ii) Landlord would not enter into the Lease unless such obligations are assured in accordance with the terms of this Paragraph 11. Accordingly, Tenant has agreed to provide assurance (the "Completion Assurance") for its obligations under this Work Letter in accordance with this Paragraph 11.

Completion Assurance. ACRO shall organize, supervise, and execute all Work hereunder in a manner sufficient to achieve each of the Guaranteed Milestones, if any, on or before the applicable dates and otherwise as required to satisfy any deadlines set forth herein.

Completion Assurance. The parties acknowledge and agree that (i) Landlord will be acquiring the Land and obtaining a construction loan for the Base Building Improvements in reliance on the Lease, including Tenant's obligation to complete and pay for the Tenant Improvements as provided in this Work Letter, (ii) Landlord would not enter into the Lease unless Tenant's obligation to complete the Tenant Improvements is assured in accordance with the terms of this Paragraph 16, and (iii) Tenant's failure to provide such assurance and complete such Tenant Improvements shall entitle Landlord to the liquidated damages as provided herein. Accordingly, Tenant has agreed to provide assurance for its obligations under this Work Letter in accordance with this Paragraph 16.

Completion Assurance. The Borrower and the Creditors acknowledge and agree that each of the Creditors may be a dual obligee under any payment and performance bonds, letters of credit, or cash escrows issued as completion assurance in connection with the Project, as their respective interests may appear. The liens and claims of the Creditors on the proceeds of the completion assurance funds shall be in the same order and manner as the lien priorities governing the Project. The other Creditors agree that until such time as the First Loan has been paid in full, the First Lender is hereby authorized and empowered to take any and all actions and exercise any and all rights relating to such completion assurance funds. The First Lender agrees to consult with the other Creditors in good faith with respect to all proposed actions relating to the completion assurance funds, but if the Creditors are unable to reach a mutually acceptable agreement as to any proposed action,