Common use of Construction Bond Clause in Contracts

Construction Bond. Prior to the commencement of construction of the Improvements (and the performance of any other Tenant Work during the Term of this Lease, in Landlord’s reasonable discretion), Tenant shall deliver to Landlord, in form and substance reasonably satisfactory to Landlord, a payment and performance bond of a surety company licensed to do business in Massachusetts, naming Landlord as an additional obligee, as their respective interests may appear, in the amount of the entire cost of construction of the Improvements in accordance with the Final Plans, or, with respect to any other Tenant Work, in the amount of the entire cost of such Tenant Work, as reasonably approved by Landlord.

Construction Bond. Prior to the commencement of construction of the Improvements (and the performance of any other Tenant Work during the Term of this Lease, in Landlord’s reasonable discretion), Tenant shall deliver to Landlord, in form and substance reasonably satisfactory to Landlord, a payment payment, performance and performance bond ▇▇▇▇ ▇▇▇▇ of a surety company licensed to do business in Massachusetts, naming Landlord as an additional obligee, as their respective interests may appear, in the amount of the entire cost of construction of the Improvements in accordance with the Final Plans, or, with respect to any other Tenant Work, in the amount of the entire cost of such Tenant Work, as reasonably approved by Landlord.