Fillable WARRANTY CASH PERFORMANCE BOND (Sussex County Council)

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WARRANTY CASH PERFORMANCE BOND (Sussex County Council)

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WARRANTY CASH PERFORMANCE BOND
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 Developer does bind itself and each
and every of its heirs, executors, administrators, successors and assigns, jointly and
severally, for and in the whole firmly by these presents, effective upon the date of
issuance of Substantial Completion or upon the date this Bond is executed, whichever
later occurs.
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, water supply facilities, wastewater or sanitary
sewer facilities, forested or landscaped buffer strips, open space, amenities and/or other
improvements deemed necessary by the Sussex County Engineering Department,
2
Sussex County Council and/or Sussex County Planning and Zoning Commission (the
“Work”) shall well and truly provide and furnish all the labor, materials, appliances and
tools and perform all the Work required under and pursuant to the terms and conditions
of said Agreement, and of the proposals, plans and specifications contained therein,
shall also indemnify and hold harmless the said Sussex County, the County Council and
Councilmen 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, shall also remedy any defects or issues with respect to the
Work, and the proposals, plans and specifications contained therein that are discovered
by Sussex County prior to the issuance of Final Acceptance, and shall also 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 or remedying any defects
or issues related to the Work, as secured hereby.
In the event the funds held by Sussex County pursuant to this Bond are
insufficient to complete the Work, to remedy the defects or issues related to 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
3
DEVELOPER, UNCONDITIONALLY WAIVES ANY AND ALL RIGHTS THE
DEVELOPER HAS OR MAY HAVE TO PRIOR NOTICE AND AN OPPORTUNITY FOR
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 Sussex County only upon the submission of replacement security
satisfactory in the sole discretion of Sussex County, or in the event the Agreement is
complete and all conditions of this Bond have been fulfilled. Any capitalized terms in
this Bond shall have the meaning attributed in the Agreement, unless otherwise defined
herein.
Sealed with our Seals and dated this ____ day of ________________, in the
year of 20____.
4
SIGNED, SEALED AND DELIVERED IN THE PRESENCE OF:
DEVELOPER:
____________________________ By: ___________________________ (SEAL)
ATTEST
[CORPORATE SEAL] Title ____________________________
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WARRANTY CASH PERFORMANCE BOND (Sussex County Council)

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Completed 18 July 2020

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