This Performance Bond (the “Bond”), is hereby presented by ,
(the “Principal”), and , (the “Surety Company”) to the Town Council of the Town of New Carlisle, St. Joseph County, Indiana (the “Council”) this______________day of___________, ______, to induce the President and Secretary of the Area Plan Commission to sign the Secondary Plat of a subdivision to be known as (the “Subdivision”).
WHEREAS, Principal has petitioned for and conditionally received Primary Plat approval by the St. Joseph Area Plan Commission under Docket No. _________________________ for the Subdivision; and
WHEREAS, the installation of improvements required by the St. Joseph County Subdivision Control Ordinance (the “Subdivision Control Ordinance”) and the installation of improvements required by the Board as a condition of approval of the Secondary Plat have not been completed, constructed, and installed as required by the Subdivision Control Ordinance and the Council; and
WHEREAS, Surety Company has pledged surety for the actions of the Principal related to the completion, construction and installation of the improvements required by the Subdivision Control Ordinance and the Council; and
WHEREAS, 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 Town of New Carlisle (the “Town”), and the Council, jointly and severally, for the completion, construction and installation of the improvements required by the Subdivision Control Ordinance and the Council.
NOW, THEREFORE, Principal agrees to the following obligations for the completion, construction and installation of the improvements, installations and lot improvements related to the development of the Subdivision:
1. Principal shall construct, install and complete the following required improvements, installations, and lot improvements for the Subdivision in compliance with all requirements, standards and specifications of the Subdivision Control Ordinance and other applicable Ordinances of the town within three years from the date on which the President and Secretary of the Area Plan Commission sign and certify the Secondary Plat.
(Check all items covered by this Bond):
road base course | road intermediate course | ||
road surface course | street signs | ||
curbs | sidewalks | ||
sanitary sewer | water system | ||
storm drainage & retention | lot drainage | ||
erosion control | soil preservation | ||
survey monumentation | fencing | ||
debris and waste removal | grading and landscaping | ||
as-built drawings | electric system | ||
2. Principal shall also construct, install and complete the following improvements as required by the Council within______________(___) years from the date on which the President and Secretary of the Area Plan Commission sign and certify the Secondary Plat:
a. _________________________________________________________________________;
b. _________________________________________________________________________;
c. _________________________________________________________________________.
Upon receipt by the Surety Company of written notice from the Council stating that the Principal has failed to complete, construct and install the improvements, installations and lot improvements required by the Subdivision Control Ordinance and the Council, 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:
1. Arrange for the Principal, with consent of the town, to perform and complete the construction and installation of the improvements, installations and lot improvements required by the Subdivision Control Ordinance and the Council;
2. Undertake to perform and complete the construction and installation of the improvements, installations and lot improvements required by the Subdivision Control Ordinance and the Council; or
3. Make payment to the town in the amount to be incurred by the town to complete the construction and installation of the improvements, installations and lot improvements required by the Subdivision Control Ordinance and the Council, and the amount of this Bond shall be credited for any payments made in good faith by the Surety Company, provided that the Surety Company’s obligations under this paragraph three shall not exceed dollars, ($_____________), in the aggregate.
If Surety Company does not proceed as provided for above with reasonable promptness, but in all events within 30 days, the Surety Company shall be deemed to be in default on this Bond 15 days after receipt of an additional written notice from the Council to the Surety Company demanding that the Surety Company perform its obligations under this Council, and the town shall be entitled to enforce any remedy available to the town.
Upon compliance with the terms and provisions of this Bond and the execution of a written Release of Performance Bond by the Council, this Bond shall become null and void.
IN WITNESS WHEREOF, the undersigned have executed this instrument this ________________day of ________________, ____________.
___________________________________ ________________________________________
By:________________________________ By:_____________________________________
Signature Signature
Printed:_____________________________ Printed:_________________________________
Title:_______________________________ Title:___________________________________
Notice Address:______________________ Notice Address: __________________________
___________________________________ ________________________________________
TOWN OF NEW CARLISLE
Approved this_______________day of________________,__________.
By:________________________________
Printed:_____________________________
Title:_______________________________
(Ord. 1223, Form A, passed 5-11-2010)