REDUCTION OR RELEASE OF IMPROVEMENT SECURITY Sample Clauses

REDUCTION OR RELEASE OF IMPROVEMENT SECURITY. A. Partial releases or reductions in the Developer's improvement security may be authorized prior to the City's acceptance of all Improvements required hereunder, as provided in this Section 6. B. Upon acceptance of all or any specified category of the Improvements by the City Council and upon request of the Developer, the improvement security may be reduced or released as follows:
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REDUCTION OR RELEASE OF IMPROVEMENT SECURITY. A. Performance security shall be released upon the recordation of the Notice of Completion. B. If City receives no notice of recorded claims of lien, labor and materials security shall be released in full 90 days after recordation of the Notice of Completion. If City receives notice of any recorded lien, the provisions of the Subdivision Map Act shall apply. C. No security given for the guarantee or warranty of work shall be released until the expiration of the warranty period and until any claims filed during the warranty period have been settled. As provided in Section 3 of this Agreement, the warranty period shall not commence until recordation of the Notice of Completion. Warranty security not utilized during the warranty period shall be released one year after recordation of the Notice of Completion. However, if at the end of the one-year warranty period, there are one or more outstanding requests by City for performance of work or provision of materials under the terms of the warranty, warranty security shall be retained until the outstanding requests are satisfied or until Subdivider has made other arrangements satisfactory to the City Engineer. D. City may retain from any security released an amount sufficient to cover costs and reasonable expenses and fees, including reasonable attorneys’ fees.
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REDUCTION OR RELEASE OF IMPROVEMENT SECURITY. A. All public Improvements (Improvements that are to be owned or dedicated to the City or other public entity as distinguished from those owned by a private community association) shall be first completed, deemed completed by the City Engineer and then accepted as complete by the City prior to release of sureties. All private Improvements (Improvements that are to be owned by a private community association and not dedicated or owned by the City or other public entity) shall be first completed and then accepted as complete in writing by the City Engineer. B. Partial releases or reductions in the Subdivider’s improvement (performance) security may be authorized prior to the City’s acceptance of all Improvements required hereunder, as follows: 1. At the time that the Subdivider believes that the obligation to perform the work for which security was required is complete, the Subdivider may notify the City in writing of the completed work, including a list of work completed. Upon receipt of the written notice, the City shall review and comment or approve the completion of the required work within forty-five (45) days. If the City does not agree that all work has been completed in accordance with the plans and specifications for the Improvements, it shall supply a list of all remaining work to be completed within this 45- day period. 2. Within forty-five (45) days of receipt of the list of remaining work from the local agency, the Subdivider may then provide cost estimates for all remaining work for review and approval by the City. Upon receipt of the cost estimates, the City shall then have forty-five (45) days to review, comment, and approve, modify, or disapprove those cost estimates. The City shall not be required to engage in this process of partial release more than once between the start of work and completion and acceptance of all work; however, nothing in this section prohibits the City from allowing for multiple and phased partial releases as it otherwise deems appropriate. 3. If the City approves the cost estimate, the City shall release all performance security except for security in an amount up to two hundred percent (200%) of the cost estimate of the remaining work. The process allowing for a partial release of performance security shall occur when the cost estimate of the remaining work does not exceed twenty percent (20%) of the total original performance security unless the City allows for a release at an earlier time. Substitute bonds or othe...
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REDUCTION OR RELEASE OF IMPROVEMENT SECURITY. A. Partial release or reductions in the Developer’s improvement security may be author- ized prior to the County’s acceptance of all Improvements required hereunder, as provided in this section. B. Upon acceptance of all or any specified category of the Improvements by the County Commissioners and upon request of the Developer, the improvement security may be reduced or released as follows:
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REDUCTION OR RELEASE OF IMPROVEMENT SECURITY. A) All public Improvements (Improvements that are to be owned or dedicated to the City or other public entity as distinguished from those owned by individual property owners, private community association, or homeowners’ association) shall be first completed, deemed completed by the City Engineer and then accepted as complete by the City Council ,unless such power to accept has been delegated by the City Council to the City Engineer or some other officer of the City, in which case the final acceptance shall be subject to the approval of that specified official. All private Improvements (Improvements that are to be owned by individual property owners, private community association, or homeowners’ association and not dedicated or owned by the City or other public entity) shall be first completed and then accepted as complete by the City Engineer. B) Partial releases or reductions in the Developer’s improvement security may be authorized prior to the City’s acceptance of all Improvements required hereunder, as provided in this Section 6. C) Upon acceptance of all or any specified category of the Improvements or all improvements within a specified geographical area of the project by the City Council, and upon written request of the Developer, the improvement security may be reduced or released as follows:
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Related to REDUCTION OR RELEASE OF IMPROVEMENT SECURITY

  • Retention or Repurchase of Assets Essential to Receiver (a) The Receiver may refuse to sell to the Assuming Institution, or the Assuming Institution agrees, at the request of the Receiver set forth in a written notice to the Assuming Institution, to assign, transfer, convey, and deliver to the Receiver all of the Assuming Institution's right, title and interest in and to, any Asset or asset essential to the Receiver as determined by the Receiver in its discretion (together with all Credit Documents evidencing or pertaining thereto), which may include any Asset or asset that the Receiver determines to be: (i) made to an officer, director, or other Person engaging in the affairs of the Failed Bank, its Subsidiaries or Affiliates or any related entities of any of the foregoing; (ii) the subject of any investigation relating to any claim with respect to any item described in Section 3.5(a) or (b), or the subject of, or potentially the subject of, any legal proceedings; (iii) made to a Person who is an Obligor on a loan owned by the Receiver or the Corporation in its corporate capacity or its capacity as receiver of any institution; (iv) secured by collateral which also secures any asset owned by the Receiver; or (v) related to any asset of the Failed Bank not purchased by the Assuming Institution under this Article III or any liability of the Failed Bank not assumed by the Assuming Institution under Article II. (b) Each such Asset or asset purchased by the Receiver shall be purchased at a price equal to the Repurchase Price thereof less the Related Liability Amount with respect to any Related Liabilities related to such Asset or asset, in each case determined as of the date of the notice provided by the Receiver pursuant to Section 3.6(a). The Receiver shall pay the Assuming Institution not later than the twentieth (20th) Business Day following receipt of related Credit Documents and Credit Files together with interest on such amount at the Settlement Interest Rate for the period from and including the date of receipt of such documents to and including the day preceding the day on which payment is made. The Assuming Institution agrees to administer and manage each such Asset or asset in accordance with usual and prudent banking standards and business practices until each such Asset or asset is purchased by the Receiver. All transfers with respect to Asset or assets under this Section 3.6 shall be made as provided in Section 9.6. The Assuming Institution shall transfer all such Asset or assets and Related Liabilities to the Receiver without recourse, and shall indemnify the Receiver against any and all claims of any Person claiming by, through or under the Assuming Institution with respect to any such Asset or asset, as provided in Section 12.4.

  • SCOPE, WAIVER AND ALTERATION OF AGREEMENT (1) No agreement, alteration, understanding, variation, waiver or modification of any of the terms and conditions or covenants herein shall be made by any employee or group of employees with the Board unless executed in writing between the parties hereto and the same has been ratified by the Union and the Board. (2) The waiver of any breach or condition of this Agreement by either party shall not constitute a precedent in the future enforcement of the terms and conditions herein. (3) If any Article or Section of this Agreement or any supplement thereto should be held invalid by operation of law or by any tribunal of competent jurisdiction, or if compliance with or enforcement of any Article or Section should be restrained by such tribunal, the remainder of this Agreement and supplements shall not be affected thereby and the parties shall enter into immediate collective bargaining negotiations for the purpose of arriving at a mutually satisfactory replacement for such Article or Section.