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NOW THEREFORE, THE CONDITIONS OF THIS OBi,IGATION are that if
<br />the above bounded Principal shall in all respects comply with the terms
<br />and conditions of the contract, within the time therein specified, and
<br />shall in every respect fulfill its obligations thereunder and under the
<br />permits, plans and regulations therein referred to and made a part
<br />thereof, and shall indemnify and save harmless the County against or
<br />from all claims, costs, expenses, damages, injury or loss, including
<br />engineering, legal and contingent costs, whiff;Indian River County may
<br />sustain on account of the failure of the Principal to carry out and
<br />execute all the provisions of the contract, within the time therein
<br />specified, then this obligation to be void; otherwise to be and remain
<br />in full force and virtue.
<br />THE SURETY UNCONDITIONALLY COVENANTS AND AGREES that if the
<br />Principal fails to perform all or any part of the obligations stated in
<br />said contract, within the time specified, the Surety, upon thirty (30)
<br />upon
<br />days written notice from the County or its authorized representative, as
<br />to the default, will forthwith perform and complete the aforesaid
<br />obligations and pay the cost thereof, including but not limited to,
<br />engineering, legal and contingent costs. Should the Surety fail or
<br />refuse to perform and complete said improvements, the County, in view of
<br />the public interest, health, safety and welfare and the inducement in
<br />approving and filing said plat, shall have the right to resort to any
<br />and all legal remedies against the Principal and the Surety, or either,
<br />including specific performance, to which the Principal and Surety
<br />unconditionally agree_
<br />THE PRINCIPAL AND SURETY FURTHER jointly and severally agree
<br />that the County, at its option, shall have the right to construct or,
<br />pursuant to receipt of competitive bids, cause to be constructed the
<br />aforementioned improvements in the event the Principal, or the Surety if
<br />requested, shall fail or refuse to do so in accordance with the terms of
<br />the contract. In the event the County should exercise and give effect
<br />to such right, the Principal and Suretv sh,ll be ;.,inti.. and severally
<br />liable hereunder to reimburse the County for the total cost thereof,
<br />including but not limited to, engineering, legal and contingent costs,
<br />including reasonable attorney's fees, together with any damages
<br />either direct or consequential, which may be sustained by the
<br />county on account of the failure of the Principal to carry out
<br />ERC
<br />PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />®
<br />That NORTH BEACH ASSOCIATES, LTD. ,
<br />Developer (hereinafter called the "Principal") and
<br />FIREMAN"S FUND INSURANCE COMPANY a surety company
<br />authorized to transact such business in the State of Florida,
<br />•
<br />(hereinafter called the "Surety"), are held and firmly bound unto Indian
<br />River County, a political subdivision in the State of Florida,
<br />hereinafter "County", in the full and just sum of $ 50,000.00
<br />lawful money of the United States of America, to be paid to the Board of
<br />County Commissioners of Indian River County, to which payment well and
<br />truly to be made we bind ourselves, our heirs, executors,
<br />administrators, successors and assigns, jointly and severally, firmly by
<br />these presents.
<br />® ®
<br />WHEREAS, the above bounded Principal, as a condition
<br />precedent to the abandonment of a road right-of-way adjacent to property
<br />owned by Principal, entered into a written agreement with the County,
<br />pursuant to Resolution #84-34, to construct certain road improvements,
<br />all pursuant to the said Contract, which is incorporated herein by
<br />reference and made a part hereof for all purposes.
<br />WHEREAS, it was one of the conditions of the contract that
<br />®
<br />this bond be executed.
<br />NOW THEREFORE, THE CONDITIONS OF THIS OBi,IGATION are that if
<br />the above bounded Principal shall in all respects comply with the terms
<br />and conditions of the contract, within the time therein specified, and
<br />shall in every respect fulfill its obligations thereunder and under the
<br />permits, plans and regulations therein referred to and made a part
<br />thereof, and shall indemnify and save harmless the County against or
<br />from all claims, costs, expenses, damages, injury or loss, including
<br />engineering, legal and contingent costs, whiff;Indian River County may
<br />sustain on account of the failure of the Principal to carry out and
<br />execute all the provisions of the contract, within the time therein
<br />specified, then this obligation to be void; otherwise to be and remain
<br />in full force and virtue.
<br />THE SURETY UNCONDITIONALLY COVENANTS AND AGREES that if the
<br />Principal fails to perform all or any part of the obligations stated in
<br />said contract, within the time specified, the Surety, upon thirty (30)
<br />upon
<br />days written notice from the County or its authorized representative, as
<br />to the default, will forthwith perform and complete the aforesaid
<br />obligations and pay the cost thereof, including but not limited to,
<br />engineering, legal and contingent costs. Should the Surety fail or
<br />refuse to perform and complete said improvements, the County, in view of
<br />the public interest, health, safety and welfare and the inducement in
<br />approving and filing said plat, shall have the right to resort to any
<br />and all legal remedies against the Principal and the Surety, or either,
<br />including specific performance, to which the Principal and Surety
<br />unconditionally agree_
<br />THE PRINCIPAL AND SURETY FURTHER jointly and severally agree
<br />that the County, at its option, shall have the right to construct or,
<br />pursuant to receipt of competitive bids, cause to be constructed the
<br />aforementioned improvements in the event the Principal, or the Surety if
<br />requested, shall fail or refuse to do so in accordance with the terms of
<br />the contract. In the event the County should exercise and give effect
<br />to such right, the Principal and Suretv sh,ll be ;.,inti.. and severally
<br />liable hereunder to reimburse the County for the total cost thereof,
<br />including but not limited to, engineering, legal and contingent costs,
<br />including reasonable attorney's fees, together with any damages
<br />either direct or consequential, which may be sustained by the
<br />county on account of the failure of the Principal to carry out
<br />ERC
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