Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the premises, the Lessee will furnish City adequate surety for performance and payment in a form acceptable to the City Finance Director, in an amount not less then the cost of the improvements to be constructed, and which will remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease Agreement. The surety will state the following:
Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the Premises, Lessee shall furnish County adequate surety for performance and payment in a form acceptable to the County Risk Manager, in an amount not less than the cost of the improvements to be constructed, and which shall remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease. County may, but shall not unreasonably, disapprove the surety. The surety shall be deemed approved unless notice of disapproval is given within thirty (30) days after receipt of the proposed surety.
Surety for Performance and Payment. Not later than fifteen thirty (1530) days after Developer secures its financing approval, and prior to the issuance of a building permit, Developer shall post a letter of credit or bond in the amount equal to 115% of estimated construction costs as surety for performance and payment of constructing the Project Improvements as required by the Batavia Municipal Code in the form attached hereto as Exhibit L. The surety for the Public Improvements may be separate from the surety for the balance of Project costs. The City shall authorize the reduction of the surety from time to time as the Project progresses and construction components are completed to the satisfaction of the City, and provided the Developer shows proof of payment to contractors and/or subcontractors for the subject work, accordingly. Reductions shall be requested no more often than monthly and shall be limited to completed components of the construction. Components shall be considered completed though punch list items remain to be addressed.
Surety for Performance and Payment. Before any major work of construction, alteration or repair is commenced on the Premises, Lessee shall furnish Lessor adequate surety for performance and payment in a form acceptable to the City Finance Director, in an amount not less than the cost of the improvements to be constructed, and which will remain in effect until the entire cost of the work has been paid in full and the new improvements have been insured as provided in this Lease Agreement. The surety will state the following:
