Common use of Construction Security Clause in Contracts

Construction Security. Prior to the commencement of Phase 2, Lessee shall furnish the requisite security. Said security must be in favor of Lessor to protect Lessor against any and all loss due to ▇▇▇▇▇▇’s failure to complete construction in accordance with the Construction Plan; payment of any amount of Rent that is past due and owing to Lessor pursuant to this Lease; or, if security remains following reclamation and payment of owed Rent, ▇▇▇▇▇▇’s failure to pay contractors, subcontractors, or others who provided goods and services to Lessee in relation to the Leased Premises. The period of liability of the Phase 2 security shall not be terminated until the completion of construction of all Improvements to be constructed, and any other work to be performed on the Leased Premises under the Construction Plan, or completion of reclamation of all affected areas; the expiration of the timeframe under applicable law for filing of lien claims with respect to such construction; written notice by Lessee to Lessor certifying the satisfaction of such events; and the written consent of Lessor regarding release of such security, which consent will not be unreasonably withheld. Following the period of liability of the Phase 2 security, the applicable security will be released by ▇▇▇▇▇▇.

Construction Security. Prior to the commencement of Phase 21, Lessee shall furnish the requisite security. Said security must be in favor of Lessor to protect Lessor against any and all loss due to ▇▇▇▇▇▇’s failure to complete construction in accordance with the Construction Plan; payment of any amount of Rent that is past due and owing to Lessor pursuant to this Lease; or, if security remains following reclamation and payment of owed Rent, ▇▇▇▇▇▇’s failure to pay contractors, subcontractors, or others who provided goods and services to Lessee in relation to the Leased Premises. The period of liability of the Phase 2 security shall not be terminated until the completion of construction of all Improvements to be constructed, and any other work to be performed on the Leased Premises under the Construction Plan, or completion of reclamation of all affected areas; the expiration of the timeframe under applicable law for filing of lien claims with respect to such construction; written notice by Lessee to Lessor certifying the satisfaction of such events; and the written consent of Lessor regarding release of such security, which consent will not be unreasonably withheld. Following the period of liability of the Phase 2 construction security, the applicable security will be released by ▇▇▇▇▇▇Lessor.