§ 156.081 ACCEPTABLE FORMAT FOR IMPROVEMENT GUARANTEE.

   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 City Planner, 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 City Planner, 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 twenty-five (25%) percent of the principal amount until all improvements have been approved by the City Planner.

                           __________________________(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)