Common use of Completion Bond Clause in Contracts

Completion Bond. At any time, Tenant either desires to or is required to make any repairs, alterations, additions, improvements or utility installations thereon, pursuant to Articles 7.5 or 9.2 herein or otherwise, Landlord may at its sole option, require Tenant, at Tenant's sole cost and expense, to obtain and provide to Landlord a lien and completion bond in an amount equal to one and one-half (1-1/2) times the estimated cost of such improvements, to insure Landlord against any liability for mechanic's and materialmen's liens and to insure completion of the work.

Completion Bond. At any time, Tenant either desires to or is required to make any repairs, alterations, additions, improvements or utility installations thereon, pursuant to Articles 7.5 or 9.2 herein or otherwise, otherwise which exceed $5,000. Landlord may at its sole option, require Tenant, at Tenant's sole cost and expense, to obtain and provide to Landlord a lien and completion bond in an amount equal to one and one-half (1-1/2) times the estimated cost of such improvements, to insure Landlord against any liability for mechanic's and materialmen's liens and to insure completion of the work.