Common use of Financial Guaranty Clause in Contracts

Financial Guaranty. If final plat approval is not requested prior to construction of the Subdivision, a financial guaranty is not required. If final plat approval is requested, the Subdivider must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirements, the Subdivider has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information:

Financial Guaranty. If final plat approval is not requested prior to construction of the Subdivision, a financial guaranty is not required. If final plat approval is requested, the Subdivider must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirements, the Subdivider has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is other than a Letter of Credit or Loan ReserveBond, then last day City able to call Guaranty is: Additional information:

Financial Guaranty. If final plat approval is not requested prior to construction of the SubdivisionDeveloper’s Property, a financial guaranty is not required. If final plat approval is requested, the Subdivider Developer must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirementsI.D.O.requirements, the Subdivider Developer has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: _ Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information:

Financial Guaranty. If final plat approval is not requested prior to construction of the SubdivisionDeveloper’s Property, a financial guaranty is not required. If final plat approval is requested, the Subdivider Developer must provide the City with a financial guaranty in an amount of not less than 125% of the estimated cost of constructing the Improvements, as approved by the City Engineer. The financial guaranty must be irrevocable and may be in the form of a letter of credit, escrow deposit, or loan reserve letter issued by a Federally Insured Financial Institution; a bond issued by a surety qualified to do business in New Mexico; or other pledge of liquid assets which meets all City requirements. The City must be able to call the financial guaranty at any time within the sixty (60) days immediately following the Construction Completion Deadline. To meet the City’s S.O. requirementsI.D.O.requirements, the Subdivider Developer has acquired, or is able to acquire, the following Financial Guaranty: Type of Financial Guaranty: Amount: $ Name of Financial Institution or Surety providing Guaranty: Date City first able to call Guaranty (Construction Completion Deadline): If Guaranty is a Letter of Credit or Loan Reserve, then last day City able to call Guaranty is: Additional information: