Common use of Reduction And Release of Security Clause in Contracts

Reduction And Release of Security. Upon notice by the Subdivider of Improvements completed pursuant to this Agreement and upon approval of the Gallatin County Commission, the Gallatin County Treasurer shall reduce the security and release amounts, with interest, that are commensurate with the percentage of the Improvements completed. Upon completion of all Improvements and release from this Agreement by the Gallatin County Commission, the Gallatin County Treasurer shall release any remaining security with interest as determined by the Treasurer. Upon release of security, County may require that any warranties provided to Subdivider for the construction of any public improvements made pursuant to this agreement be assigned to County.