Common use of Construction Bond Clause in Contracts

Construction Bond. Before Lessee begins construction of any Improvements on the Leased Premises or any repair or alteration in excess of $100,000.00, ▇▇▇▇▇▇ agrees to provide a performance bond or other security in one of the forms set forth in 25 C.F.R. § 162.435 satisfactory to Lessor, which will guarantee completion of the Improvement and payment in full of claims of all Persons for work performed or materials furnished for construction [ML]. The $100,000.00 amount shall be adjusted throughout the Lease Term in accordance with the formula set forth in Section 6.5 applicable to the MRA [ML]. Each performance bond or other security shall require the surety to provide at least 60 Days advance notice to Lessor before such performance bond or other security may be canceled [ML]. With respect to a bond or security issued pursuant to this Section 8.1, Lessee shall comply with 25 C.F.R. § 162.413(a)(9) in obtaining the consent of any sureties for any legal instruments that directly affect the obligations and liabilities of any sureties [ML]. All bonds required from Lessee under this Lease shall be deposited with Lessor [ML].

Construction Bond. Before Lessee begins construction of any Improvements on the Leased Premises or any repair or alteration in excess of $100,000.00, ▇▇▇▇▇▇ Lessee agrees to provide a performance bond or other security in one of the forms set forth in 25 C.F.R. § 162.435 satisfactory to Lessor, which will guarantee completion of the Improvement and payment in full of claims of all Persons for work performed or materials furnished for construction [ML]. The $100,000.00 amount shall be adjusted throughout the Lease Term in accordance with the formula set forth in Section 6.5 applicable to the MRA [ML]. Each performance bond or other security shall require the surety to provide at least 60 Days advance notice to Lessor before such performance bond or other security may be canceled [ML]. With respect to a bond or security issued pursuant to this Section 8.1, Lessee shall comply with 25 C.F.R. § 162.413(a)(9) in obtaining the consent of any sureties for any legal instruments that directly affect the obligations and liabilities of any sureties [ML]. All bonds required from Lessee under this Lease shall be deposited with Lessor Lessee [ML].