APPENDIX F: PERFORMANCE BOND AGREEMENT FORM
This Performance Bond Agreement is hereby presented by (name of subdivider), the “Principal”, and
(name of bonding company), the "Surety Company"
to the Hancock County Board of Commissioners (the "Board") this day of 20 , for purposes of obtaining the Board's signature on
Section of (name of subdivision), the "Subdivision"
located in Hancock County, Indiana.
WITNESSETH:
WHEREAS, the Principal has petitioned for and conditionally 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 Hancock County 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 Hancock County 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 Hancock County 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 Hancock County Plan Commission and Board of Commissioners jointly and severally for the completion, construction, and installation of the improvements required by the Plan Commission and the Hancock County 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 Hancock County Code and other applicable ordinances and regulations of the County within 12 months from the date on which the Board 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
(2) The Principal shall construct, install and complete the following required improvements and installations for the Subdivision in compliance with all requirements of the Hancock County Code and other applicable ordinances and regulations of the County according to either a or b, below, whichever occurs first:
(a) No less than 36 months from the date on which the Board signs the Secondary Plat.
(b) When building permits have been issued for 80% of the lots shown on the Secondary Plat.
Check all items below covered by the performance bond(s) relating to paragraph (2), above and list dollar amount with bond number:
Bond Type Dollar Amount Bond Number
Sidewalks
Street Lights
Asphalt — Surface Course
(3) The Principal shall, upon completion of the improvements and installations in paragraphs (1) and (2) above, but prior to acceptance thereof for public maintenance by the County, provide a maintenance bond(s) for a period of not less than 36 months in the amount of not less than 25% of the performance bond(s).
(4) Upon receipt by the Surety Company of written notice from the Board stating that the Principal has failed to complete, construct and install the improvements and installations required by the Plan Commission and the Hancock County Code, the Surety Company shall, at the option and direction of the County, promptly and at the Surety Company's expense take one of the following actions:
(a) Arrange for the Principal, with written consent of the Board, to perform and complete the construction and installation of the improvements and installations required by the Plan Commission and Hancock County Code;
(b) Undertake to perform and complete the construction and installation of the improvements and installations required by the Plan Commission and Hancock County Code; or
(c) Make payment to the County in the amount to be incurred by the County to complete the construction and installation of improvements and installations required by the Plan Commission and Hancock County 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 Board to the Surety Company demanding that the Surety Company perform its obligations under the performance bond(s), the County shall be entitled to enforce any remedy available to the County.
(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 Board, 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: HANCOCK COUNTY ATTEST:
BOARD OF COMMISSIONERS
, Auditor
Attached: Executed Performance Bond(s)
(Ord. 1993-9G, passed 9-27-93; Am. Ord. 2003-10F, passed 10-12-03)