HomeMy WebLinkAboutPerformance Bond Units 2, 3, 4, 5, 6, 8, 9, 10V111
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PERFORMANCE BOND
KNOW ALL MEN BY THESE PRESENTS:
That GENERAL DEVELOPMENT CORPORATION, a Delaware corporation
authorized to transact business in the State of Florida, (herein-
after called the "Principal") is held and firmly bound unto the
City of Sebastian, Indian River County, a municipal corporation
existing under the "laws of the State of Florida, in the penal sum
of THREE HUNDRED EIGHTEEN THOUSAND FIVE HUNDRED THIRTY-NINE DOLLARS
($318,539.00) for the payment of which it binds itself, its suc-
cessors and assigns firmly by these presents:
THE CONDITION OF THE ABOVE OBLIGATION is such that whereas
the Principal has platted portions of Sections 1, 11, 12, 13, 14,
23 and 24, Township 31 South, Range 38 East, and portions of Sections
17 and 18, Township 31 South, Range 39 East, Indian River County,
Florida, into Subdivisions known as Sebastian Highlands according to
the plats thereof recorded as follows:
Plat Designation
Plat Book
Pages
Sebastian
Highlands,
Unit
2
5
34 and
37
Sebastian
Highlands,
Unit
3
5
99
Sebastian
Highlands,
Unit
4
5
100 and
101
Sebastian
Highlands,
Unit
5
5
102 and
103
Sebastian
Highlands,
Unit
6
5
93 thru
97
Sebastian
Highlands,
Unit
8
6
9 thru
14
Sebastian
Highlands,
Unit
9
6
36 and
36A
Sebastian Highlands, Unit 10 6 37, 37"A" thru 37"0"
in the public records of Indian River County, Florida; the plats of
said subdivisions show streets and drainage canals thereon, and the
Principal hereby agrees that it will grade and pave the streets,
provide drainage, and complete such canals as are shown on said plats
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of the aforedescribed property in accordance with the specifications
of the City of Sebastian on the date hereof.
NOW, THEREFORE, if the Principal shall within four (4) years
from the date hereof, grade and pave the streets and complete such
canals as are shown on said plats which abut the aforesaid property
as agreed, then this obligation shall be void; otherwise, the
same shall remain iD full force and effect until such work is
completed.
It is expressly understood the obligation of the Principal shall
with respect to each individual subdivision unit, be in the amount
reflected as "Bond Amount" on the attached schedule "A" and that
such amounts 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 acknowledge
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, the Principal 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 lst day of March , 1970.
(SEAL)
THE FOREGOING BOND IS HEREBY
APPROVED Al-q-
ACCEPTrD THISDAY OF t - 1970.
CITY OF SEBASTIAN, FLORIDA
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By
ayor
GENERAL DEVELOPMENT CORPORATION
By�cc�.'/.�C,
Eecutive Vice P esi-ffe-,Ht
ATTE T
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Assistant Secretary