Surety Release Sample Clauses

Surety Release. A. Periodically, as payments are made by the Developer for the completion of portions of the Municipal Improvements and/or on- and off-site Improvements, and/or landscaping improvements, and when it is reasonably prudent, the Developer may request of the Town that the surety be proportionately reduced for that portion of the Municipal Improvements and on- and off-site improvements and landscaping improvements which have been fully completed and payment made therefor. All such decisions shall be at the discretion of the Town Board. The Town's cost for processing reduction request(s) shall be billed to the Developer. Such cost shall be paid to the Town within thirty (30) days of the date of mailing of the billing. B. The Developer may request of the Town a reduction or release of any surety as follows: i. When another acceptable letter of credit or surety is furnished to the Town to replace a prior letter of credit or surety. ii. When all or a portion of the Municipal Improvements or the on- and off-site improvements have been installed, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of improvements so installed, except that the Town shall retain the letter of credit or surety in the amount of 10% of the estimated construction price of the Municipal Improvements during the first year of the warranty period and 5% of the estimated construction price of the Municipal Improvements during the second year of the warranty period. Developer may substitute a warranty bond acceptable to the Town Attorney for the warranty letter of credit in the same amounts and duration as required for the warranty letter of credit. iii. When all or a portion of the landscaping improvements have been installed pursuant to the Landscaping Plat attached as Exhibit C, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of such landscaping improvements installed, except the Town shall retain the letter of credit or surety in the amount of 25% of the estimated Landscaping Improvement costs for two years from the time of the installation of said landscaping materials.

Surety Release. A. Periodically, as payments are made by the Developer for the completion of portions of the Infrastructure Improvements but no more than once per month, the Developer may request of the County and Township that the surety be proportionately reduced for that portion of the Infrastructure Improvements and other requirements under this Agreement which have been fully completed and payment made, therefore. B. The Developer may request of the County and/or Township, as applicable, a reduction or release of any surety as follows: 1. When another acceptable letter of credit or surety is furnished to the County and Township to replace a prior letter of credit or surety. 2. When all or a portion of the applicable Infrastructure Improvements have been installed, the letter of credit or surety may be reduced by the dollar amount attributable to that portion of applicable Infrastructure Improvements so installed at such time as a licensed professional engineer, retained by the respective party requiring the improvement, has certified to the County and/or the Township that the construction/installation of the applicable Infrastructure Improvement(s) has been done and performed according to Approved Plans. However, the County and Township, at a minimum, shall retain their letter of credit or surety in the amount of at least 10% of the estimated construction cost of the Infrastructure Improvements and landscaping costs during the two-year warranty period. 3. As to all requests brought under this paragraph B, the County and Township shall have discretion whether to reduce or not to reduce said letter of credit or surety; however, such approval for a reduction shall not be unreasonably withheld, conditioned or delayed. If the request is rejected the County and/or Township, as applicable, shall provide the Developer a written response with twenty (20) days stating with specificity the reasons for such rejection. C. The costs incurred by the County and/or Township in processing any reduction request shall be billed to the Developer and paid to the County and/or Township within thirty (30) days of billing.

Surety Release. A. If the County exercises the Surety, per Section 2 above, when it is reasonably prudent, the Developer may request of the County that the Surety be proportionately reduced for that portion of protecting the installation and construction of the Railroad Crossings Improvements. All such decisions shall be at the discretion of the County Board. B. The Developer may request of the County a reduction or release of any Surety as follows: i. Upon the completion of the installation and construction of the Railroad Crossings Improvements. C. The reasonable costs incurred by the County in processing any reduction request shall be billed to the Developer and paid to the County within thirty (30) days of billing.

Surety Release. A. When it is reasonably prudent, the Developer may request of the County that the surety be proportionately reduced for that portion of protecting the road infrastructure provided that the construction of the Solar Energy Farm has been fully completed and any payment for infrastructure damage has been resolved and made therefor. All such decisions shall be at the discretion of the County Board. B. The Developer may request of the County a reduction or release of any surety as follows: i. When another acceptable letter of credit or surety is furnished to the County to replace a prior letter of credit or surety. ii. As to all requests brought under this paragraph, the County Board shall have complete discretion whether to reduce or not to reduce said letter of credit or surety. C. The costs incurred by the County in processing any reduction request shall be billed to the Developer and paid to the County within thirty (30) days of billing.