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FEDERAL INSURANCE COMPANY
<br />SHORT HILLS, NEW JERSEY
<br />BOND NO. 80813021
<br />PERFORMANCE AND PAYMENT BOND
<br />KNOW ALL MEN BY THESE PRESENTS, That we FLORIDA LAND COMPANY, 1560 Orange Avenue,
<br />Winter Park, Florida 32790
<br />as Principal, and the FEDERAD INSURANCE COMPANY, having its principal office and
<br />place of business at Short Hills, New Jersey, as Surety, are held and firmly
<br />bound unto INDIAN RIVER COUNTY, FLORIDA, AS OBLIGEE,
<br />in the sum of FOUR HUNDRED SIXTY TWO THOUSAND THREE HUNDRED SIXTY and 00/100
<br />-------------- ------------------------- ------------ ($462,360.00) Dollars,
<br />for which payment, well and truly to'be made, we bind ourselves, our heirs,
<br />executors, administrators, successors and assigns, jointly and severally, firmly
<br />by these presents.
<br />Sealed with our seals and dated this 8th day of AUGUST
<br />19Z�9 _•
<br />WHEREAS, the above bounden FLORIDA LAND COMPANY will complete ,certain
<br />improvements to the subdivision known as BENT PINE UNITS 1 and 2, in INDIAN
<br />RIVER COUNTY, FLORIDA, including a) Subgrading and grading, b) Road base and
<br />asphalt surface, c) concrete curbs, d) catch basins and storm sewers, and
<br />e) engineering required for the foregoing, all in accordance with the applicable
<br />laws, ordinances, rules and regulations including Ordinance No. 75-3, the
<br />Subdivision Ordinance of INDIAN RIVER COUNTY, FLORIDA, and in accordance with
<br />the Agreement between FLORIDA LAND COMPANY and INDIAN RIVER COUNTY dated
<br />August 7, 1979, attached hereto as Exhibit "A" as is fully and at large set
<br />forth and described in the attached Engineers Estimate, dated July 23, 1979
<br />by James L. Beindorf, P.E. (Exhibit "B").
<br />NOW, THEREFORE, the condition of the above obligation is such, that if the
<br />above bounden Principal shall well and truly and in good, sufficient and workmanlike
<br />manner, perform or cause to be performed the said contract, and each and every of
<br />the covenants, promises, agreements and provisions therein stipulated, and in each
<br />and every respect comply with the conditions therein contained, then this obligation
<br />to be void; otherwise to remain in full force and virtue.
<br />No claim, suit or action by.reason of any default shall be brought against the
<br />Principal or Surety after two years from date hereof. If this limitation is made
<br />void by any law controlling the construction hereof, such limitation shall be
<br />deemed to be amended to equal the minimum period of limitation permitted by such law.
<br />The Principal shall be made a party to any suit or action, and be served with process
<br />commencing the same if the Principal can with reasonable diligence be found. No
<br />judgment shall be rendered against the Surety in excess of the penalty of this
<br />instrument.
<br />FLQRIDA LAND C ANY
<br />JAMES -L. CLARK -EXEC. VICE PRES.
<br />FEDERAL IN URANCE COMPANY
<br />BY
<br />Joseph H. Baker attorney.in-fact
<br />91979 BOOK 42
<br />DE -C ,
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