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The form and conditions of a subdivision improvements performance surety bond shall be as follows:
CITY OF LAKE MARY
KNOW ALL MEN BY THESE PRESENTS: that
(Here insert full name and address of the entity legally responsible for installation and construction of subdivision improvements, the Developer) as Principal, hereinafter called "Developer" and, (Here insert full name and address of Surety) as Surety, hereinafter called "Surety", are held and firmly bound unto the City of Lake Mary, Florida, 100 W. Lake Mary Blvd., Lake Mary, Florida 32746, as Obligee, hereinafter called "City" in the amount of (Here insert the amount of the bond) for the payment whereof Developer and Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents.
Developer is obligated pursuant to the ordinances of the City of Lake Mary, Florida, and a Developer's Agreement dated , 19 to City for the installation and construction of various and sundry subdivision improvements as required for the (Here insert name of subdivision) as approved by the City Commission on , 19 ; which ordinances, Development Agreement and subdivision approval are by reference made a part hereof and are hereinafter collectively referred to as the Contract".
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION is such that, if Developer shall promptly and faithfully perform said Contract, then this obligation shall be null and void; otherwise it shall remain in full force and effect.
The Surety hereby waives notice of any alteration or extension of time or amendment of the Developer's Agreement or subdivision approval made by the City.
Whenever Developer shall be, and declared by City to be, in default under the contract, the Surety shall promptly remedy the default by:
Obtaining a bid or bids for completing the Contract in accordance with its terms and conditions, and upon determination by the City and the Surety jointly of the lowest responsible bidder, arranging for a contract between such bidder and City, and making available as Work progresses (even though there should be a default or a succession of defaults under the contract or contracts of completion arranged under this paragraph) sufficient funds to pay the cost of completion but not exceeding, including other costs and damages for which the Surety may be liable hereunder, the amount set forth in the first paragraph hereof.
Any suit under this bond must be instituted before the expiration of three (3) years from the date on which subdivision approval was first given by the City Commission of the City of Lake Mary, Florida.
No right of action shall accrue on this bond to or for the use of any person or corporation other than the City named herein or the successors of the City.
Signed and sealed this day of , 19 .
(Ord. 547, passed 6-6-91)