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CASH PERFORMANCE BOND ROADS AND ASSOCIATED DRAINAGE WORK (Sussex County Council)

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BROWSE SUSSEX COUNTY COUNCIL (DE) FORMS

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CASH PERFORMANCE BOND
ROADS AND ASSOCIATED DRAINAGE WORK
A BOND TO ACCOMPANY AND FOR:
AGREEMENT NO: ________________________________________________
AGREEMENT NAME: ______________________________________________
____________________________________________________________ (Developer)
________________________________________________ (Street or Post Office Box)
__________________________________________________________ (City or Town)
In the County of __________________ and State of ____________________, are held
firmly bound unto the Sussex County Council, or the County Officers thereof, in the sum
of _____________________________________________________________ Dollars
($___________________), which has well and truly been paid unto the said Sussex
County Council for the uses hereinafter stated, and we do bind ourselves and each and
every of our heirs, executors, administrators, successors and assigns, jointly and
severally, for and in the whole firmly by these presents.
NOW THE CONDITION OF THIS OBLIGATION IS SUCH THAT:
If the above said Developer, who has an Agreement with Sussex County of the
State of Delaware, a certain Agreement designated by the parties thereto as Agreement
No. ______________________ (development), with plans and specifications approved
by the Sussex County Engineering Department, Sussex County Council and/or Sussex
County Planning and Zoning Department that require materials, labor, construction
administration and construction inspection necessary for private roads and the
associated drainage improvements (the “Work”), shall well and truly provide and furnish
all the labor, materials, appliances and tools and perform all the Work required under
2
and pursuant to the terms and conditions of said Agreement, and of the proposals,
plans and specifications contained therein and shall also indemnify and hold harmless
the said Sussex County, the County Council and Councilmembers thereof and all
employees of said County, from all costs, damages and expenses growing out of or by
reason of the Work and completion of the above mentioned Agreement, and shall well
and truly pay all and every person furnishing material or performing labor in and about
said Agreement, all and every sum or sums of money due it, them or any of them, for all
such labor and materials for which the Agreement is liable; then this obligation shall be
void or else to be and remain in full force and virtue, with the funds held by Sussex
County pursuant to this Bond applied to the costs of the Work secured hereby.
In the event the funds held by Sussex County pursuant to this Bond are
insufficient to complete the Work or to furnish the materials which Developer is
obligated to provide, and Sussex County shall incur any costs of any nature whatsoever
to administer the funds or to complete the Work or furnish the materials, Sussex County
shall have the right to seek reimbursement from the Developer, including, without
limitation, the right to bring an action to recover such costs in the appropriate Court of
the State of Delaware located in Sussex County. In such event, Developer shall be
liable not only for the principal due, but also reasonable attorney’s fees and costs
incurred by Sussex County.
THE FOLLOWING PARAGRAPH SETS FORTH A WARRANT OF AUTHORITY FOR
AN ATTORNEY TO CONFESS JUDGMENT AGAINST THE DEVELOPER. IN
GRANTING THIS WARRANT OF ATTORNEY TO CONFESS JUDGMENT AGAINST
THE DEVELOPER, THE DEVELOPER HEREBY KNOWINGLY, INTENTIONALLY AND
VOLUNTARILY AND, ON THE ADVICE OF THE SEPARATE COUNSEL OF THE
DEVELOPER, UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE
DEVELOPER HAS OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR
3
HEARING UNDER THE RESPECTIVE CONSTITUTIONS AND LAWS OF THE
UNITED STATES AND THE STATE OF DELAWARE.
Upon acceleration of the outstanding costs and expenses of any deficiency under
this Bond, if any, and/or after entry of any judgment pursuant to this Bond, legal interest
shall accrue thereafter at the applicable legal interest rate until the judgment is paid in
full.
This obligation shall survive foreclosure, sale, assignment, conveyance or
transfer of the real property or the Agreement, or both, which is the subject of this Bond.
In the event of such foreclosure, sale, assignment, conveyance or transfer, this Bond
shall be released by the County only upon the submission of replacement security
satisfactory in the sole discretion of the County, or in the event the Agreement is
complete and all conditions of this Bond have been fulfilled.
Sealed with our Seals and dated this ____ day of ________________, in the
year of 20____.
SIGNED, SEALED AND DELIVERED IN THE PRESENCE OF:
DEVELOPER:
____________________________ By: ___________________________ (SEAL)
ATTEST
[CORPORATE SEAL] Title ____________________________
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CASH PERFORMANCE BOND ROADS AND ASSOCIATED DRAINAGE WORK (Sussex County Council)

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Completed 18 July 2020

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