Any deviation from the acceptable format below may delay acceptance of this instrument:
STATE OF SOUTH CAROLINA
CITY OF CAMDEN
IMPROVEMENT GUARANTEE
KNOW ALL MEN BY THESE PRESENTS that we, , as principal, and , as security, are held and firmly bound unto the City of Camden, South Carolina, as obligee, in the sum of $ , for payment whereof to the obligee, the principal and security bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly to these presents:
Signed, sealed, and dated, this day of , 20 .
WHEREAS, application was made to the obligee for approval of a subdivision shown on a plat entitled “ ”, dated , 20 , and filed with the Camden Planning Commission, and said final plat was approved upon certain conditions, one of which is that an improvement guarantee in the amount of $ be filed with the City of Camden to guarantee certain improvements in said subdivision;
NOW THEREFORE, THE CONDITION OF THIS OBLIGATION is such that if the above-named principal shall, within from the date hereof (in no case shall the improvement guarantee be valid for more than two years), truly make and perform the required improvements and construction of public improvements in said subdivision in accordance with the specifications of the Land Development Ordinance, then this obligation will be void; otherwise it will remain in full force and effect.
It is hereby understood and agreed that in the event any required improvements have not been installed within the term of this improvement guarantee, the City Council may thereupon declare this guarantee to be in default and collect the sum remaining payable thereunder, and upon receipt of the proceeds thereof, the city shall install such improvements as are covered by the guarantee.
It is further understood and agreed that when the required improvements have been approved for conformity with these regulations by the Planning and Development Director or designee, the guarantee shall be released and returned. In addition, if any portion of the required improvements is completed by the subdivider and approved by the Planning and Development Director or designee, a portion of the guarantee commensurate with the cost of these completed improvements may be released and returned. In no event shall an improvement guarantee be reduced below 25% of the principal amount until all improvements have been approved by the Planning and Development Director or designee.
(L.S.)
Approved and accepted
this th day of 20 (L.S.)
by the Camden City
Council
Mayor
Clerk
(Am. Ord. 07-019, passed 8-14-07; Am. Ord. 10-036, passed 8-24-10; Am. Ord. 2024-012, passed 6-11-24)