This Performance Bond Agreement is hereby presented by (name of subdivider), the “Principal”,and (name of bonding company), the “Surety Company” to the Town of Fortville (the “Town”) this day of , 20 , for purposes of obtaining the Town’s signature on Section of (name of subdivision), the “Subdivision” located in the Town of Fortville, Indiana.
WITNESSETH:
WHEREAS, the Principal has petitioned for and received Primary Plat approval by the Plan Commission on day of , 20 for the Subdivision; and
WHEREAS, the installation of improvements required by the Plan Commission and the Fortville Town Code as a condition of approval of the Primary Plat have not been completed, constructed, and installed; and
WHEREAS, the Principal now desires recordation of the Subdivision plat prior to the installation of improvements required by the Plan Commission and the Fortville Town Code; and WHEREAS, the Surety Company has pledged a performance bond(s) (attached) for the actions of the Principal for the completion, construction, and installation of the improvements required by the Plan Commission and the Fortville Town Code; and
WHEREAS, the terms and provisions of the performance bond(s) shall remain in full force and effect until such time when the Board has executed a written Release of Performance Bond; and WHEREAS, the Surety Company and Principal agree that the covenants contained herein shall (i) run with the land and (ii) jointly and severally bind themselves, their heirs, executors, administrators, successors and assigns to the Town of Fortville jointly and severally for the completion, construction, and installation of the improvements required by the Plan Commission and the Fortville Town Code.
NOW, THEREFORE, the Principal agrees to the following obligations for the completion, construction, and installation of the improvements related to the development of the Subdivision:
(1) The Principal shall construct, install, and complete the following required improvements and installations for the Subdivision in compliance with all requirements, standards and specifications of the Fortville Town Code and other applicable ordinances and regulations of the Town within 12 months from the date on which the Town signs the Secondary Plat:
Check all items below covered by the performance bond(s)
relating to paragraph (1), above and list dollar amount with bond number:
Bond Type Dollar Amount Bond Number
Asphalt — Surface Course
Monuments & Markers
Permanent Seeding
Landscaping
Multi-Use Paths
Pipe Grouting
Sidewalks
Street Lights
(3) The Principal shall, upon completion of the improvements and installations in paragraphs (1) above, but prior to acceptance thereof for public maintenance by the Town, provide a maintenance bond(s) for a period of not less than 36 months in the amount of not less than 20% of the cost of the improvements.
(4) Upon receipt by the Surety Company of written notice from the Town stating that the Principal has failed to complete, construct and install the improvements and installations required by the Plan Commission and the Fortville Town Code, the Surety Company shall, at the option and direction of the Town, promptly and at the Surety Company's expense, take one of the following actions:
(a) Arrange for the Principal, with written consent of the Town, to perform and complete the construction and installation of the improvements and installations required by the Plan Commission and Fortville Town Code;
(b) Undertake to perform and complete the construction and installation of the improvements and installations required by the Plan Commission and Fortville Town Code; or
(c) Make payment to the Town in the amount to be incurred by the Town to complete the construction and installation of improvements and installations required by the Plan Commission and Fortville Town Code. The amount of the performance bond(s) shall be credited for any payments made in good faith by the Surety Company, provided that the Surety Company's obligations under this paragraph (4)(c) shall not exceed $ in the aggregate.
(5) If the Surety Company does not proceed as provided above with reasonable promptness, but in all events within thirty (30) days, the Surety Company shall be deemed to be in default on the performance bond(s) fifteen (15) days after receipt of an additional written notice from the Town to the Surety Company demanding that the Surety Company perform its obligations under the performance bond(s), the Town shall be entitled to enforce any remedy available to the Town.
(6) Upon compliance with the terms and provisions of the performance bond(s) and the execution of a written Release of Performance Bond by the Town, the performance bond(s) shall become null and void.
IN WITNESS WHEREOF, the undersigned have executed this instrument this day of , 20 .
By: By:
Name of Subdivider Name of Surety Company
Signature of Principal Signature of Attorney-in-Fact
Printed Printed
Title Title
Notice of Address Notice of Address
By:
TOWN OF FORTVILLE
ATTEST:
Attached: Executed Performance Bond(s)
(Ord. 2020-1D, passed 1-6-20)