Improvement Guarantee Sample Clauses
Improvement Guarantee. The Developer guarantees all Improvements against defects which appear withina period of one (1) year from the date of acceptance by the Village as herein provided and shall pay for any damages resulting therefrom to Village property within one year of acceptance. If any defect appears during the guarantee period, the Developer shall upon written notice and, at its expense, install replacements or perform repairs to the standard specified in the approved plans and specifications. The Developer shall have thirty (30) days from the issuance of such notice (or such longer period as may be acceptable to the Village Engineer or as may be allowed by the Village due to weather or climatic conditions) to cure the defect. The Village shall not declare a default under this Agreement during the 30-day cure period or applicable longer period for any defect unless it is clear to the Village that the Developer does not intend to cure the defect, or unless the Village determines that immediate action is required in order to remedy a situation which poses an imminent health or safety threat. All guarantees or warranties for materials or workmanship which extend beyond the above guarantee period shall be assigned by the Developer to the Village (as beneficiary). Unless defects have appeared and have not been repaired, the Village will release the surety to the Developer upon expiration of the one
(1) year guarantee period.
Improvement Guarantee. A. Public Improvement and Common Facilities Schedule
B. Improvement Guarantee
1. Said Improvement Guarantee shall include, but not be limited to, street, curb, gutter, sidewalks, landscaping, fencing, street lights, water, sewer, storm sewer and drainage improvements, trails and park improvements on or off the Development.
2. The total amount of the guarantee for the Development shall be calculated as a percentage of the total estimated cost including labor and materials of all Public Improvements to be constructed in the Development as described on “Exhibit B.” The total minimum amounts are as follows:
a) Prior to commencement of construction of Public Improvements and Common Facilities improvements: 115% of the amount(s) shown on “Exhibit B.”
b) Upon Initial Acceptance of the Public Improvements in each phase through Final Acceptance: 25% of the amount(s) shown on “Exhibit B.”
c) Upon Initial Acceptance of Common Facilities: 0%.
d) After Final Acceptance of Public Improvements: 0%.
3. In addition to any other remedies it may have, Firestone may, at any time prior to Final Acceptance, draw on any letter of credit or Improvement Guarantee received pursuant to this Agreement. In the event that, a) the Owner fails to extend or replace the letter of credit at least sixty (60) days prior to expiration of such letter of credit, b) the letter of credit is set to expire, c) Firestone receives notice that the letter of credit will not be renewed, d) the entity issuing the letter of credit becomes non- qualifying, or e) the letter of credit, in the sole determination of Firestone, is at risk of being lost as a guarantee, then, in any of these events, the Owner shall be in default of this Agreement and Firestone may immediately draw on the letter of credit for the full amount of the letter of credit. In such event as identified herein, no notice or prior notice shall be required prior to drawing on the letter of credit. The Town may hold the funds obtained from the letter of credit until the Public Improvements and Common Facilities as set forth on “Exhibit B” are completed and accepted by the Town. In the event the Public Improvements and Common Facilities are not completed by the Owner within the time period set forth in this Agreement or in the manner as required by this Agreement, the Town may, at its sole discretion, use any or all of the funds to complete some or all of the Public Improvements and Common Facilities. In any event, the Town shall have no obligat...
Improvement Guarantee. The Developer guarantees all Improvements against defects which appear within a period of one year from the date of acceptance of the dedication by the City as herein provided.
1. The Developer shall televise all mainline sanitary and storm sewers two (2) months prior to the expiration of the warranty and deliver a copy of the televising report and portable external hard drive to the City. Portable external hard drive shall be manufactured by Western Digital, Seagate, Buffalo, or approved equal. The hard drive shall use USB connectivity and be compatable with USB 2.0, operate at 7,200 rpm and operate on 120 volts AC.
2. In the event of a defect or failure of any Improvement, Developer shall pay for the cost of repair and any corresponding damages resulting from the defect or failure of the Improvement.
3. If Developer fails to make the requested repairs within 30 days of written notice of the defect, the City may make the repairs and all costs associated with the repair shall be the responsibility of the Developer. The Developer may request reasonable extensions from the 30 day period. Such requests shall be made in writing to the Director.
4. Notice requirements shall not apply in emergency situations. In emergencies, the City may proceed with repairing the defect and shall submit notice of the defect and the repair to Developer within seven business days. The Developer shall be responsible for all costs associated with the repair.
Improvement Guarantee. In order to guarantee that necessary Access Tract Improvements shall occur, the Owners shall be required to either: a) post a non- revocable bond or other acceptable form of collateral in a form acceptable to the Town in an amount equal to one hundred and twenty percent (120%) of the estimated costs to complete the Access Tract Improvements relating to the road improvements on Lone Fir Lane; or, b) deposit into escrow with a financial institution agreed upon by the parties, an amount equal to one hundred and twenty percent (120%) of the costs for Access Tract Improvements which shall be released upon completion of the Access Tract Improvements at the discretion of Town. Either of the above options shall be required prior to the issuance of a development permit for the Access Tract Improvements. The Town shall be granted access to such collateral fund if the Access Tract Improvements once initiated are not completed within twelve months of the commencement of construction of the Access Tract Improvements, or such other mutually agreeable date between the parties.
Improvement Guarantee. For each Phase of the Development, the Developer shall guarantee all Dedicated Improvements against defects which appear within a period of two (2) years from the date of acceptance of said Dedicated Improvements by the City as herein provided, and shall pay for any damages resulting therefrom to City property. Prior to recording of the Master Plat, Phasing Plat or other plat or survey, the Developer shall provide the City with evidence reasonably acceptable to the City showing that the Developer has full right and authority to make the agreements, warranties, consents and waivers set forth in this Agreement, and that upon recording the City will have good, indefeasible title to all interests in land dedicated or conveyed to the City, if any, pursuant to the Development Plan Concept.
Improvement Guarantee. The Developer guarantees all Improvements against defects which appear within a period of one year from the date of acceptance of the dedication by the City as herein provided.
1. The Developer shall televise all mainline sanitary and storm sewers two (2) months prior to the expiration of the warranty and deliver a copy of the televising report and video (flash drive or portable hard drive) to the City.
2. In the event of a defect or failure of any Improvement, Developer shall pay for the cost of repair and any corresponding damages resulting from the defect or failure of the Improvement.
3. If Developer fails to make the requested repairs within 30 days of written notice of the defect, the City may make the repairs and all costs associated with the repair shall be the responsibility of the Developer. The Developer may request reasonable extensions from the 30 day period. Such requests shall be made in writing to the Director.
4. Notice requirements shall not apply in emergency situations. In emergencies, the City may proceed with repairing the defect and shall submit notice of the defect and the repair to Developer within seven business days. The Developer shall be responsible for all costs associated with the repair.
Improvement Guarantee