(Submitted on letterhead of Surety Company with executed power-of-attorney form attached.)
Bond No. & Rating:
Project Name/Section:
KNOW ALL MEN BY THESE PRESENTS: That We, the undersigned: (Developer and Contractor or Developer, only) (Street Address) (City, State, Zip), as principal and (Surety Name and Address), as Surety, are held and firmly bound unto the Town of Fortville, Indiana, (hereinafter called the "Obligee") as Obligee, in the sum of (amount) dollars ($ dollar amount), in lawful current money of the United States, for which payment will and truly be made, we bind ourselves, our heirs, successors, executors, and assigns, jointly and severally, firmly by these presents.
SEALED WITH OUR SEALS AND DATED THIS DAY OF , 20 .
THE CONDITIONS of this obligation are such that:
WHEREAS, the Principal has entered into an Agreement (attached) with the Obligee for the installation of the following physical improvements:
Asphalt Surfacing Landscaping
Survey Monuments & Markers Multi-Use Paths
Permanent Seeding Pipe Grouting
Sidewalks Streetlights
as required by the Fortville Town Code in accordance with all the provisions of the ordinances, rules, and regulations of the Town of Fortville, Indiana.
NOW THEREFORE, if the said Principal, hereinbefore set forth, shall fully and faithfully perform all the work specified to be done and performed by said Agreement between said Principal of the bond and the Town of Fortville, in accordance with this Agreement, which Agreement is made part hereof by reference, the same as if fully incorporated herein; then this obligation shall be void and of no further legal effect; otherwise, this bond shall remain in full force and effect in law.
However, upon default by the Principal in completing the required improvements as specified herein in accordance with the aforementioned Agreement, the Surety shall complete the improvements or pay to the Town of Fortville, Indiana, a sum up to the total amount provided in the bond to complete such improvements to the satisfaction of the Town. Payment shall be made upon receipt of a statement signed by an authorized signer of the Obligee, stating that: "a claim has been made and there has been a failure of the developer to comply with the terms of the construction plan requirements for the above mentioned improvements in said subdivision". Upon approval by the Town, this instrument may be proportionately reduced as the improvements are completed.
It is expressly being understood and agreed that the liability of the Surety for any and all claims hereunder, shall in no event exceed the full amount of this obligation herein stated.
IN TESTIMONY WHEREOF, we have hereunto set our hands, in the presence of a Notary Public this day, month, and year above written.
By: By: Company Name (Principal) Surety Company
Signature Signature of Attorney-in-Fact
Type/Print Signatory's Name and Title Type/Print Attorney-in-Fact
Subscribed and sworn before me, a Notary Public, in and for said County and State, this day of , 20 .
Notary Public
County of Residence
Commission Expiration
Attached: Executed Power of Attorney Form
Executed Performance Bond
Executed Performance Bond Agreement
(Ord. 2020-1D, passed 1-6-20)