The form and conditions of a subdivision improvements maintenance surety bond shall be as follows:
SUBDIVISION IMPROVEMENTS MAINTENANCE BOND
Agreement made on between of , City of , State of Florida, referred to as principal, and of , City of , County of , State of Florida, referred to as surety and the City of Lake Mary, Florida, referred to as obligee.
RECITALS
The parties recite and declare:
A. That , as surety, is authorized to do business in the state of Florida as a surety bonding company.
B. That, as principal, and as surety, are firmly bound to the City of Lake Mary, Florida, in the penal sum of ,and undertake to the City of Lake Mary, State of Florida, to guarantee for the period of two (2) years, from and after the date of issuance of the Certificate of Completion of subdivision improvements pursuant to plans and specifications approved for subdivision by the City of Lake Mary on , said improvements required pursuant to § 155.01 et seq, Code of ordinances, City of Lake Mary, Florida, and all appendixes thereto and other ordinances of the City of Lake Mary.
C. The obligations of this guarantee bond shall be deemed to be fulfilled at the end of two (2) years from the date of issuance of the Certificate of Completion for the improvements by the City provided that, at the time, all parts of every improvement shall be in good condition and constructed and maintained as required by the specifications of the applicable codes and regulations of the City of Lake Mary, Florida, and subdivision plans as approved on for .
TERMS
1. The , as principal, and , as surety, specifically warrant and guarantee to the City of Lake Mary, Florida, that in the event any improvement as so required shall not be in good repair and/or all damage to or defects in said improvements corrected and/or repaired or constructed or reconstructed, if found not to have been constructed and installed as required to the satisfaction of the City Commission of the City of Lake Mary, Florida, before or at the time of expiration of two (2) years from the date of issuance of Certificate of Completion; then and in that event the improvement or improvements shall be placed in a condition of good repair and/or replaced or reconstructed to the standard of the original specifications at the principal's expense, all to the satisfaction of the City Commission. Further the terms and conditions of this bond and the obligations hereof shall extend until such time as all necessary repairs and/or reconstruction shall have been made, approved and accepted by the City Commission.
2. If the principal shall fully comply with the terms and conditions of this Subdivision Improvements Maintenance Bond and further, if the principal shall fully indemnify the City of Lake Mary, Florida, for all loss that the City of Lake Mary, Florida, may sustain by reason of any defect in materials, construction or failure on the part of principal to fully maintain said subdivision improvements, for the period of two (2) years from and after the issuance of Certificate of Compliance, or thereafter until this bond shall be fully discharged, then this obligation shall be void; otherwise, it shall remain in full force and affect.
IN WITNESS WHEREOF, we have hereunto set our hands and seals, the day of , 19 .
Signed, sealed and delivered in presence of:
(L.S.)
As to Principal By
As Principal
As to Principal
(L.S.)
As to Surety By
As Surety
As to Surety
(Ord. 547, passed 6-6-91)