Common use of Monument Security Clause in Contracts

Monument Security. Concurrently with the execution hereof, Subdivider shall deposit with City a cash deposit or cashiers check in the amount of ($ ) dollars ("Monument Security") as security for the faithful performance of all work of setting monuments and as security for the payment of the engineer(s) or surveyor(s) who set said monuments. If Subdivider refuses or fails to complete the work of setting monuments, or if Subdivider refuses or fails to pay the engineer(s) or surveyor(s) for setting the monuments, the City shall have the right to expend all, or a portion of, the Monument Security without notice to Subdivider, for purposes of completing the setting of said monuments and/or paying said engineer(s) or surveyor(s). The Monument Security shall be retained by City until all of the following conditions have been met: (1) all work of setting monuments has been completed, (2) all work of setting monuments has been approved and accepted by City Council, and (3) City has received written verification from surveyor(s) or engineer(s) that he/she/they have been paid in full for such work.

Monument Security. Concurrently with the execution hereof, Subdivider shall deposit with the City a cash deposit or cashiers cashier’s check in the amount of Twenty One Thousand Two Hundred Fifty Dollars ($ $21,250.00) dollars ("( the “Monument Security"”) as security for the faithful performance of all work of setting monuments and as security for the payment of the engineer(s) or surveyor(s) who set said monuments. If Subdivider refuses or fails to complete the work of setting monuments, or if Subdivider refuses or fails to pay the engineer(s) or surveyor(s) for setting the monuments, the City shall have the right to expend all, or a portion of, the Monument Security without notice to Subdivider, for purposes of completing the setting of said monuments and/or paying said engineer(s) or surveyor(s). The Monument Security shall be retained by City until all of the following conditions have been met: (1) all work of setting monuments has been completed, ; (2) all work of setting monuments has been approved and accepted by City Council, and (3) City has received written verification from surveyor(s) or engineer(s) that he/she/they have been paid in full for such work.; and