Common use of Maintenance Security Clause in Contracts

Maintenance Security. Developer acknowledges that, pursuant to Section 509 of the Pennsylvania Municipalities Planning Code, the Township is entitled to require the posting of Financial Security to secure the structural integrity of the Township Improvements, as well as the functioning of said Township Improvements, which are to be dedicated to the Township in accordance with the design and specifications as depicted on the final Plans (the "Maintenance Security"). This posting of Maintenance Security shall be for a period not to exceed eighteen (18) months from the date of the acceptance of the dedicated public improvements. It is agreed by Developer that simultaneously with the offering of deeds of dedication, Developer will supply Maintenance Security in the form authorized by the statute aforesaid and acceptable to the Township Solicitor, in an amount not to exceed fifteen (15%) percent of the actual costs of installation of said Township Improvements, said security being posted for a period of eighteen (18) months to guarantee the structural integrity of the Township Improvements as aforesaid. A condition to the Maintenance Security to be posted herein shall be that Developer shall, for the period of eighteen (18) months as aforesaid, repair and maintain such Township Improvements and construct and make good and replace all materials, equipment and work, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement and other defaults of any kind whatsoever arising therefrom at its own expense, and to the satisfaction of the Township, when notified in writing to do so. Developer agrees that the Township shall have the right to make or cause to be made good or replace all inferior materials, equipment and workmanship, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement or other faults of any kind whatsoever arising therefrom in case Developer shall fail or refuse to do so in accordance with the terms of this Agreement. In the event that the Township should exercise and give effect to such rights, Developer shall be liable hereunder to pay and indemnify the Township upon completion for the final cost thereof to the Township, including but not limited to engineering, legal and any associated costs, together with any damages, either direct or consequential, which the Township may sustain as a result of the failure of Developer to carry out and execute all of the provisions of this Agreement. In addition to the agreement by Developer to provide Maintenance Security to the Township in accordance with this provision to guarantee the structural integrity and functioning of the Township Improvements as aforesaid, Developer agrees that it will post appropriate financial security consistent with Section 509 as aforesaid for the purpose of providing similar maintenance security for any Authority Improvement installed by or at the request of the Authority. Such security as may be required by the Authority shall be separate and apart from the security required by the Township for the protection of the other Township improvements as defined herein.

Maintenance Security. Developer acknowledges that, pursuant to Section 509 of the Pennsylvania Penn- sylvania Municipalities Planning Code, the Township is entitled to require the posting of Financial Security to secure the structural integrity of the Township Improvements, as well as the functioning of said Township Improvements, which are to be dedicated to the Township in accordance with the design and specifications as depicted on the final Plans (the "Maintenance Security"). This posting of Maintenance Security shall be for a period not to exceed eighteen (18) months from the date of the acceptance of the dedicated public improvements. It is agreed by Developer that simultaneously with the offering of deeds of dedication, Developer will supply Maintenance Security in the form authorized by the statute aforesaid and acceptable to the Township Solicitor, in an amount not to exceed fifteen (15%) percent of the actual costs of installation of said Township Improvements, said security being posted for a period of eighteen (18) months to guarantee the structural integrity of the Township Improvements as aforesaid. A condition to the Maintenance Security to be posted herein shall be that Developer shall, for the period of eighteen (18) months as aforesaid, repair and maintain such Township Improvements and construct and make good and replace all materials, equipment and work, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement and other defaults of any kind whatsoever arising therefrom at its own expense, and to the satisfaction of the Township, when notified in writing to do so. Developer agrees that the Township shall have the right to make or cause to be made good or replace all inferior materials, equipment and workmanship, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement or other faults of any kind whatsoever arising therefrom in case Developer shall fail or refuse to do so in accordance with the terms of this Agreement. In the event that the Township should exercise and give effect to such rights, Developer shall be liable hereunder to pay and indemnify the Township upon completion for the final cost thereof to the Township, including but not limited to engineering, legal and any associated costs, together with any damages, either direct or consequential, which the Township may sustain as a result of the failure of Developer to carry out and execute all of the provisions of this Agreement. In addition to the agreement by Developer to provide Maintenance Security to the Township in accordance with this provision to guarantee the structural integrity and functioning of the Township Improvements as aforesaid, Developer agrees that it will post appropriate financial security consistent with Section 509 as aforesaid for the purpose of providing similar maintenance security for any Authority Improvement installed by or at the request of the Authority. Such security as may be required by the Authority shall be separate and apart from the security required by the Township for the protection of the other Township improvements Improvements as defined herein.

Maintenance Security. Developer acknowledges that, pursuant to Section 509 of the Pennsylvania Municipalities Planning Code, the Township is entitled to require the posting of Financial Security to secure the structural integrity of the Township Improvements, as well as the functioning of said Township Improvements, which are to be dedicated to the Township in accordance with the design and specifications as depicted on the final Plans (( the "Maintenance Security"). This posting of Maintenance Security shall be for a period not to exceed of eighteen (18) months from the date of the acceptance of the dedicated public pubic improvements. It is agreed by Developer that simultaneously with the offering of deeds of dedication, Developer will supply Maintenance Security in the form authorized by the statute stature aforesaid and acceptable to the Township Solicitor, in an the amount not to exceed of fifteen (15%) percent of the actual costs of installation of said Township Improvements, said security being posted for a period of eighteen (18) months to guarantee the structural integrity of the Township Improvements as aforesaid. A condition to the Maintenance Security to be posted herein shall be that Developer shall, for the period of eighteen (18) months as aforesaid, repair and maintain such Township Improvements and construct and make good and replace all materials, equipment and work, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement and other defaults of any kind whatsoever arising therefrom at its own expense, expense and to the satisfaction of the Township, when notified in writing to do so. Developer agrees that the Township shall have the right to make or cause to be made good or replace all inferior materials, equipment and workmanship, and remedy all defects in materials, equipment and workmanship, all shrinkage, settlement or other faults of any kind whatsoever arising therefrom in case Developer shall fail or refuse to do so in accordance with the terms of this Agreement. In the event that the Township should exercise and give effect to such rights, Developer shall be liable hereunder to pay and indemnify the Township upon completion for the final cost thereof to the Township, including but not limited to engineering, legal and any associated costs, together with any damages, damages either direct or consequential, which the Township may sustain as a result of the failure of Developer to carry out and execute all of the provisions of this Agreement. In addition to the agreement by Developer to provide Maintenance Security to the Township or the Authority, in accordance with this provision to guarantee the structural integrity and functioning of the Township Improvements as aforesaid, Developer agrees that it will post appropriate financial security consistent with Section 509 as aforesaid for the purpose of providing similar maintenance security for any Authority Improvement installed by or at the request of the Authority. Such security as may be required by the Authority shall be separate and apart from security required by the Authority shall be separate and apart from the security required by the Township for the protection of the other Township improvements Improvements as defined herein.