This Maintenance Bond Agreement is hereby presented by
(Name of Subdivider), the “Principal”
and
(Name of Bonding Company), the “Surety Company.”
This Maintenance 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 acceptance of public maintenance of certain improvements and installations within
Section of
(Name of Subdivision), the “Subdivision”
located in the Town of Fortville, Indiana.
WITNESSETH:
WHEREAS, the Principal has installed certain improvements and installations within the Subdivision to the satisfaction of the Town, but the following improvements and installations have not been accepted for public maintenance:
Check all items below covered by the maintenance bond(s) and list dollar amount with bond number:
Bond Type Dollar Amount Bond Number
Asphalt - Intermediate Course
Asphalt - Surface Course
Curbs
Erosion Control
Final Grading & Lawn Preparation
Lot Drainage
Survey Monumentation
Multi-Use Paths
Sanitary Sewer
Sidewalks
Storm Drainage
Street Base (stone, asphalt, etc.)
Street Lights
Street Signs
Water System
WHEREAS, the Principal now desires for the Town to accept public maintenance of certain improvements and installations within the Subdivision; and
WHEREAS, the Surety Company has pledged a maintenance bond for any maintenance actions required of the Principal related to said improvements and installations; and
WHEREAS, the terms and provisions of the maintenance bond(s) shall remain in full force and effect until such time when the Board has executed a written Release of Maintenance Bond; and
WHEREAS, the Surety Company and Principal jointly and severally bind themselves, their heirs, executors, administrators, successors and assigns to the Town of Fortville jointly and severally for the maintenance of the above-listed improvements required by the Plan Commission and the Hancock County Code, and agree to be held and firmly bound unto the Board; and
WHEREAS, the Principal certifies that all improvements and installations within the Subdivision have been completed in accordance with the requirements, standards, and specification of the Fortville Town Code, other applicable ordinances and regulations of the Town, and the construction plans for the Subdivision as approved by the Town.
NOW, THEREFORE, Principal:
(1) Warrants the workmanship and materials used in the construction, installation and completion of said improvements and installations to be of good quality and constructed and completed in a workmanlike manner in accordance with the requirements, standards and specifications of the Fortville Town Code, other applicable ordinances and regulations of the Town, and the construction plans for said improvements and installations as approved by the Town; and
(2) Agrees to maintain said improvements and installations at the Principal's own expense for a period of not less than 36 months after the date on which said improvements and installations are accepted for public maintenance by the Town, and shall make all repairs thereto which may become necessary by reason of improper workmanship or materials.
(3) Upon receipt by the Surety Company of written notice from the Town stating that the Principal has failed to maintain said improvements and installations as required by the Fortville Town Code and the maintenance bond(s), 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 maintain the improvements and installations as required by the Fortville Town Code and the maintenance bond(s);
(b) Undertake maintain the improvements and installations as required by the Fortville Town Code and the maintenance bond(s); or
(c) Make payment to the Town in the amount to be incurred by the Town to maintain the improvements and installations as required by the Fortville Town Code and the maintenance bond(s). The amount of the maintenance 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 (3)(c) shall not exceed $ in the aggregate.
(4) 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 maintenance 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 maintenance bond(s), the Town shall be entitled to enforce any remedy available to the Town.
(5) Upon compliance with the terms and provisions of the maintenance bond(s) and the execution of a written Release of Maintenance Bond by the Town, the obligations contained herein shall become null and void.
IN WITNESS WHEREOF, the undersigned have executed this instrument this day of ,
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
Attached: Executed Maintenance Bond(s) and Forms
(Ord. 2020-1D, passed 1-6-20)