Completion Guaranty. By the deadline specified therefore in the Schedule of Performance, Tenant shall furnish Landlord with a performance bond in an amount not less than one hundred percent (100%) of the anticipated cost of such construction work on the Leased Premises, and a payment bond guaranteeing the completion of the Improvements free from liens of materialmen, contractors, subcontractors, mechanics, laborers, and other similar liens. Said bonds shall be bonds of a responsible surety company, licensed to do business in California with a financial strength and credit rating reasonably acceptable to Landlord, and shall remain in effect until the entire cost of the work has been paid in full and the Improvements have been insured as provided in this Lease. Any such bonds shall be in a form reasonably satisfactory to Landlord. Landlord may elect to accept a completion guaranty from a third party guarantor with substantial net worth, a letter of credit from an institutional lender, or such alternative or other security for the completion of such construction as Landlord may approve in its sole discretion.
Appears in 3 contracts
Sources: Joint Occupancy Lease, Joint Occupancy Lease, Joint Occupancy Lease