Completion Bond. Before any major work of construction, alteration or repair is commenced on the Premises, the Lessee shall furnish City a completion bond from a responsible surety company, licensed to do business in California, in an amount not less than the cost of the improvements to be constructed, and which shall remain in effect until the entire cost of the work shall have been paid in full and the new improvements shall have been insured as provided in this Lease Agreement. The bond shall state the following:
Appears in 2 contracts
Sources: Ground Lease Agreement, Ground Lease Agreement