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n <br />L <br />N 0 V 71973 <br />PERFORMANCE BOND <br />KNOW ALL MEN BY THESE PRESENTS, That THE MOORINGS DEVELOPMENT <br />COMPANY, a Florida corporation, called the Principal, is held and firmly <br />bound unto INDIAN RIVER COUNTY, a Political subdivision of the State of <br />Florida, in the sum of Fifty -Five Thousand, Eight Hundred and no/100 <br />Dollars ($55,800.00) for the payment of which sum, well and truly to be <br />made, it binds itself, its successors and assigns, jointly and severally, <br />firmly by these presents. <br />WHEREAS, the Principal has submitted to the Board of County Com- <br />missioners of Indian River County, Florida, for approval, a plat of a sub- <br />division known as THE MOORINGS, UNIT FOUR, as provided by Chapter 177, <br />Florida Statutes, Chapter 29155, Laws of Florida, Acts of 1953, and the <br />Subdivision Resolution of Indian River County, Florida, and <br />WHEREAS, the Principal has elected in lieu of the completion and <br />installation of all the improvements shown upon the plat or required pur- <br />suant to the resolution to post this Bond and in lieu of its execution by <br />a surety company to deposit the foregoing sum in cash with the Clerk of the <br />Circuit Court of Indian River County, Florida, and in reliance thereupon said <br />Board has approved said plat conditioned upon the posting of this Bond, and, <br />WHEREAS, said Board has agreed that the amount of said Bond and <br />deposit shall be reduced from time to time as the work required to be per- <br />formed progresses in such amounts as the County Administrator certifies <br />represents the estimated value of work performed, based upon the cost figures <br />set forth on the attached "Estimate of Costs to Develop The Moorings (Unit <br />Four) for Roads, Drainage, Water Mains, and Sanitary Sewers," prepared for <br />Beindorf and Associates, Inc., under date of November 6, 1973, in certifi- <br />cates to be issued by the said County Administrator from time to time that <br />parts of said work have been performed in accordance with the requirements <br />of the Subdivision Resolution, and, <br />WHEREAS, said Board has agreed that upon the issuance of any such <br />certificate, the Clerk shall return to Principal such portion of said deposit <br />as equals the amount certified therein. <br />eoo�c 18 rac[.04 <br />