This Maintenance 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 Council to release applicable portions of performance bonds or letters of credit for the subdivision known as (the “Subdivision”).
WHEREAS, Principal has installed certain improvements, installations, and lot improvements within the Subdivision, but the following improvements, installations, and lot improvements have not been accepted for public maintenance [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 | ||
electric system | |||
; and | |||
WHEREAS, Surety Company has pledged surety for the any maintenance actions required of the Principal related to said improvements, installations, and lot improvements; and
WHEREAS, Surety Company and Principal jointly and severally, bind themselves, their heirs, executors, administrators, successors and assigns to the Town of New Carlisle (the “town”) for the maintenance of the above-listed improvements required by the Town of New Carlisle Subdivision Control Ordinance (the “Subdivision Control Ordinance”) and the town, and agree to be held and firmly bound unto the town.
WHEREAS, Principal certifies that all improvements, installations, and lot improvements within the subdivision have been completed in accordance with the requirements, standards and specifications of the Subdivision Control Ordinance, other applicable ordinances 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, installations, and lot improvements to be of good quality and constructed and completed in a workmanlike manner in accordance with the requirements, standards and specifications of the Subdivision Control Ordinance, other applicable ordinances of the town, and the construction plans for said improvements, installations, and lot improvements as approved by the Council; and
2. Agrees to maintain said improvements, installations, and lot improvements, at Principal’s own expense, for a period of 3 years after the date on which said improvements, installations, and lot improvements 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. This maintenance obligation shall not include any damage to said improvements, installations, and lot improvements which results from forces or circumstances beyond the control of the Principal or occasioned by the inadequacy of the standards, specifications and requirements of the Subdivision Control Ordinance or other applicable ordinances of the town.
Upon receipt by the Surety Company of written notice from the Council stating that the Principal has failed to maintain said improvements, installations, and lot improvements as required by the Subdivision Control Ordinance, the Council and this Bond, 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 Council, to maintain the improvements, installations and lot improvements as required by the Subdivision Control Ordinance, the Council and this Bond;
2. Undertake to maintain the improvements, installations and lot improvements as required by the Subdivision Control Ordinance, the Council and this Bond; or
3. Make payment to the town in the amount to be incurred by the town to maintain the improvements, installations and lot improvements as required by the Subdivision Control Ordinance, the Council and this Bond, 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 shall not to 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 Bond, 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 Maintenance Bond by the Council, the obligations contained herein 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 C, passed 5-11-2010)