Common use of Amount and Form Clause in Contracts

Amount and Form. To secure the construction and installation of the Improvements, Developer shall provide a letter of credit or cash in an amount equal to 115% of the total costs listed in Exhibit B (the "Improvement Guarantee"). The form letter of credit is attached hereto as Exhibit C and incorporated herein by this reference. i. Developer may provide the Town with up to a maximum of three letters of credit or deposits of cash for each Phase (each a "Phase Improvement Guarantee"). The Parties may mutually agree in writing to increase the number of Phase Improvement Guarantees in each Phase, and no amendment to this Agreement shall be necessary for any such agreed- upon increase. ii. Each Phase Improvement Guarantee may be split into two, one for the Landscape Improvements (each a "Landscape Guarantee"), and one for the General Improvements (each a "General Guarantee"). iii. Developer shall pay to the Town an administrative fee of $1,500 per Phase Improvement Guarantee to reimburse the Town for costs associated with processing and tracking multiple Phase Improvement Guarantees.