Performance Surety Bonds

Performance Surety Bonds. Shall mean the bonds, undertakings and like obligations executed by a Surety for or on behalf of the Guarantor for one or more of the following purposes: (a) to guarantee the performance by the Guarantor or a Subsidiary of the Guarantor, as applicable, that construction of a real estate project will be completed in accordance with applicable plans and specifications and that all costs associated with such completion will be paid; (b) to insure that any mechanics' liens... incurred in the normal course of constructing a real estate project are duly paid and discharged; (c) as a condition to the issuance of a permit related to a real estate project; (d) as a condition to the issuance of state and local licenses required for the construction and development of a real estate project; or (e) to support other obligations related to the construction and development of a real estate project, provided that such obligations do not constitute Indebtedness. View More