HomeMy WebLinkAboutPerformance Bond Unit 13PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
GENERAL DEVELOPMENT CORPORATION, a Delaware corporation,
authorized. to transact business in the State of Florida, (herein-
after called. GENERAL) is held and firmly bound. unto the CITY OF
SEBASTIAN, a municipality created und.er the laws of the State of
Florida, in the penal sum of $300,790. for the payment of which it
binds itself, its successors and assigns, firmly by these presents.
THE CONDITION OF THE ABOVE OBLIGATION is such that whereas
GENERAL has platted. portions of Sections 23 and. 26, Township 31
South, Range 38 East, the CITY OF SEBASTIAN, Ind.ian River County,
Florida, into a Subdivision known as SEBASTIAN HIGHLANDS UNIT 13,
accord.ing to the Plat thereof, as record.ed. in the Public Records
of Ind.ian River County, Florida; and. the Plat of said Subdivision
shows streets, thoroughfares and drainage rights of way and. GENERAL
has agreed that it will within four (4) years from the date hereof,
grade and pave the streets and complete the necessary drainage as
shown on said. plat of the afored.escribed. property in accordance
with the details shown on the Development Plan and the Specifications
in effect as of the date shown hereon for the CITY OF SEBASTIAN,
F for id.a :
NOW THEREFORE, if GENERAL shall within four (4) years
from the date hereof, grade and pave the streets and complete the
drainage as shown on said Plat which abut the aforedescribed
property, in accordance with the specifications in effect as of
the date shown hereon for the CITY OF SEBASTIAN, Florida, then this
obligation shall be void, otherwise the same shall remain in full
force and effect.
It is expressly understood the obligation of GENERAL
shall diminish in proportion to the amounts expended from time to
time toward the completion of the improvements for which it is
obligated hereunder; and. that by its approval and acceptance of
this Bond., the CITY OF SEBASTIAN, Florida, agrees to acknowled.ge
from time to time, in writing, the reduction of the total sum of
this obligation according to the extent such work has been completed..
IN WITNESS WHEREOF, GENERAL has caused these presents to
be executed by its proper officers and its corporate seal to be
affixed hereto, all of which has been done at Miami, Dade County,
Florida, this 9th day of October, 1967.
GENERAL DEVELOPMENT CORPORATION (SEAL)
BY:
Ex ut ive Vi e Pre s iddrf _ .,
c�
ATTEST:
Assistant Secretarh, �p
THE FOREGOING BOND IS HERE-
BY ACCEPTED AND APPROVED THIS
, X DAY OF = 1967
CITY OF SEBASTIAN, FLORIDA
BY•