Partial Release of Security Clause Samples

Partial Release of Security. In accordance with subsection 17.21.100(C) of the Fruita Municipal Code, upon completion of a certain class of the improvements by the Developer, such as wastewater facilities by way of example, evidenced by a detailed cost breakdown of the completed improvements, the amount of any security issued pursuant to this Agreement may be reduced by up to one hundred percent (100%) of the approved estimated cost for the installation of such class of improvements, upon application of the Developer, and approval by the City. Upon completion of all of the public and other required Subdivision improvements by the Developer, and upon final inspection and approval by the City of all such improvements, the City Council shall further authorize the reduction of the amount of the security guaranteeing the public and other required Subdivision improvements to ten percent (10%) of the total actual cost of such improvements pursuant to subsection 17.21.100(C) of the Fruita Municipal Code.

Partial Release of Security. At the time of Preliminary Acceptance of any specific completed work items listed in Exhibit A, the County shall issue a written release of the Security and the plat restriction provided in Section 3.1. The amount to be released for the completed Subdivision Improvements shall be the total amount of the Security for each completed work item, provided sufficient amounts exist on deposit for completion of the remaining incomplete Subdivision Improvements. A “Warranty Security” in the amount of 15% of the total cost of such work items shall remain on deposit with the County until final acceptance of the completed Subdivision Improvements. a) Prior to the release of any financial guarantee for landscape improvements, the County must determine that revegetation of the site is essentially free from weeds as identified by the County as invasive, noxious or otherwise nuisance weed species.

Partial Release of Security. Effective upon the closing of a disposition of any Collateral to any Person (other than the Borrower or any of its Subsidiaries) and the application of proceeds thereof in conformity with the provisions of this Agreement, and receipt by the Agent of a certification to such effect from the chief financial officer of the Borrower, the security interest granted under the Loan Documents in the Collateral so disposed of shall terminate and the Agent shall deliver such releases as may be appropriate, provided, however, the security interest granted under the Loan Documents in all remaining Collateral shall remain in full force and effect.

Partial Release of Security. At the time of Preliminary Acceptance of any specific completed work items listed in Exhibit A, the County shall issue a written release of the Security provided in Section 3.1. The amount to be released for the completed Site Plan Improvements shall be the total amount of the Security for each completed work item, provided sufficient amounts exist on deposit for completion of the remaining incomplete Site Plan Improvements. An Owner/Developer guaranty in the amount of 15% of the total cost of such work items that have been preliminarily accepted ("Guaranty") shall remain on deposit with the County until satisfaction of the Owner/Developer's obligations under this Agreement. a) Prior to the release of any financial guarantee for landscape improvements, the County must determine that revegetation of the site is essentially free from weeds as identified by the County as invasive, noxious or otherwise nuisance weed species.

Partial Release of Security. If the City Engineer is of the opinion that the Works or any portion thereof have been adequately completed, and the Owner's covenants performed in compliance with this Agreement, and if there is no litigation pending or threatened against the City as a result of, or arising from the construction of the Works, the City Engineer may (but is not obligated to), at the request of the Owner's engineer, return a portion of the Security Deposit to the Owner, during the period from the commencement of construction to substantial completion (as evidenced by the Certificate of Substantial Completion). The minimum amount of any security release for any given month will be $10,000.00. The release pursuant to this section 26 will be up to an amount necessary to ensure sufficient Deficiency Security and Warranty Security remain on deposit with the City after substantial completion (as evidenced by the Certificate of Substantial Completion).

Partial Release of Security. At the time of Preliminary Acceptance of any specific completed work items listed in Exhibit A, the County shall issue a written release of the Security and the plat restriction provided in Section 3.1. The amount to be released for the completed Subdivision Improvements shall be the total amount of the Security for each completed work item, provided sufficient amounts exist on deposit for completion of the remaining incomplete Subdivision Improvements. A “Guarantee Security” in the amount of 15% of the total cost of such work items shall remain on deposit with the County until Final Acceptance of all completed Subdivision Improvements; provided, however, that the Guarantee Security for ordinary Landscaping shall remain in place for the guarantee period of two years, for Landscaping on 3.33:1 or greater slopes shall remain in place for the guarantee period of three years, and that the Guarantee Security for the Wetlands Mitigation improvements shall remain in place for the guarantee period of five years. a) Prior to the release of any financial security or guarantee for landscape improvements, the County must determine that revegetation of the site is essentially free from weeds as identified by the County as invasive, noxious or otherwise nuisance weed species.

Partial Release of Security. Provided that the Developer is not then in Default of any of its material obligations pursuant to Section 6.3.1, after written application and certification to the Board that the Developer is not in Default of Section 6.3.1 and that a particular Developer Work Obligation is fully completed, the Board shall release a portion of the Security securing any particular Developer Work Obligation within twenty one (21) days of the later of: a. the full completion of a particular Developer Work Obligation, which shall be evidenced by (i) the issuance of a Certificate of Occupancy, where applicable, or (ii) a certification to the Town from a licensed Massachusetts architect or engineer mutually acceptable to the Developer and the Board that such Developer Work Obligation is fully complete in accordance with this Agreement and free from all defects as to the work performed, or b. the completion by the Board of all Inspections pursuant to Section 7.3 of any particular Developer Work Obligation or particular portion of Developer Property, the results of which Inspections are deemed by the Board, in its sole discretion, to be satisfactory. 6.6.1 Any portions of the Security to be released by the Board shall be equal to the amounts for particular Developer Work Obligations as identified by the Schedule of Allocated Values attached hereto as Exhibit H; except however, in no event shall the Board be required to reduce the total amount of Security held by the Town to be less than one hundred thirty percent (130%) of the estimated cost for the Developer to complete any of the Developer Work Obligations that the Developer has not fully completed.

Partial Release of Security. In the event that at any time the Engineer’s estimate of the fair estimated cost of completing the works remaining to be performed or completed by ▇▇▇▇▇▇ (including 5% of the value of any works in respect of which a defects liability period is current) is less than the amount for which the General Bond is effective as security, the Council must within fourteen (14) days after a request by ▇▇▇▇▇▇ in that behalf certify in writing to that effect and immediately thereupon the amount for which the General Bond is effective as security is reduced to the amount of the Engineer’s estimate.

Partial Release of Security. No later than fourteen (14) days after the date of the County's letter evidencing Preliminary Acceptance of completed Subdivision Improvements, the Board of County Commissioners shall issue a written release of the Security. The amount of the Security to be released for the completed Subdivision Improvements shall be the entire amount of the Security, as reduced by any prior releases, less (1) 10% of the Engineer Cost Estimate of the Subdivision Improvements for which Preliminary Acceptance has been issued (the "Warranty Security"); and (2) 125% of the Engineer Cost Estimate of any Subdivision Improvements for which Preliminary Acceptance has not been issued. The Warranty Security for any Subdivision Improvements is required for the purpose of guaranteeing the correction of deficiencies in workmanship or materials and the adequate maintenance and repair of the Subdivision Improvements between preliminary and final acceptance thereof. The Warranty Security shall remain in effect until 30 days after the date of Final Acceptance of the completed Subdivision Improvements, but at a minimum for the one-year Warranty Period following Preliminary Acceptance, unless earlier released by County.