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<br />PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS
<br />That Fairways At Grand Harbor, Ltd., a Florida limited partnership, Developer
<br />(hereinafter called the "Principal'), and 1411 itN� ctl4m
<br />a surety company authorized to transact such business in the State of Florida (hereinafter
<br />called the "Surety"), are held and firmly bound unto Indian River County, a political subdivision
<br />of the State of Florida, hereinafter County, in the full and just sum of Ninety -Seven Thousand
<br />Fight Hundred Seventy -Nine and No/100 Dollars (;97,979.00) lawful money of the United
<br />States of America, to be paid to the Board of County Commissioners of Indian River County, to
<br />which payment well and truly to be made we bind ourselves, our heirs, executor-,,
<br />adrinunistrators, successors and assigns, jointly and severally, firmly by these presents.
<br />WHEREAS, time above bounded Principal, as a condition precedent to the approval by
<br />the County of a plat of a certain development known as Fairways At Grand Harbor, a
<br />Planned Residential Development has entered into a written contract with the County, No.
<br />PD-9MI-01-Ul, to construct required improvements prescribed by the contract and the
<br />Subdivision and Platting Ordinance of Indian River County, pertaining to said development.
<br />The contract, together with its First Modification, is so incorporated herein by this reference
<br />and made a part hereof for all purposes; and
<br />WHEREAS, one of the conditions of the contract as Modified is that this bond be
<br />executed.
<br />NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION are that if the above
<br />bounded Principal shall in all respects comply with the terms and conditions of the contract,
<br />within the time therein specified, and shall in every respect fulfill its obligations thereunder and
<br />under the permits, pians and regulations therein referred to and made a part thereof, and shall
<br />indemnify and save harmless the County against or from all claims, costs, expenses,
<br />damages, injury or loss, including engineering, legal and contingent costs, which Indian River
<br />County may sustain on account of the failure of the Principal to cavy out and execute all the
<br />provisions of the contract, within the time therein specified, then this obligation to be void;
<br />otherwise to be and remain in full force and virtue.
<br />THE SURETY UNCONDITIONALLY COVENANTS AND AGREES that if the Principal
<br />fails to perform all or any part of the obligations stated in said contract, within the time
<br />specified, the Surety, upon thirty (30) days written notice from the County or its authorized
<br />representative, as to the default, will forthwith perform and complete the aforesaid obligations
<br />and pay the cost thereof, including but not limited to, engineering, legal and contingent costs.
<br />Should the Surety fail or refuse to perform and complete said improvements, the County, in
<br />view of the public interest, health, safety and welfare and the inducement in approving and
<br />filing said plat, shall have the right to resort to any and all legal remedies against the Principal
<br />and the Surety, or either, including specific performance, to which the Principal and Surety
<br />unconditionally agree.
<br />THE PRINCIPAL_ AND SURETY FURTHER jointly and severally agree that the County,
<br />at its option, shall have the right to construct or, pursuant to receipt of competitive bids, cause
<br />to be constructed the aforementioned improvements in the event the Principal, or the Surety
<br />requested, should fail or refuse to do so in accordance with the terms of the contract. In the
<br />event the County should exercise and give effect to such right, the Principal and the Surety
<br />shall be jointly and severally liable hereunder to reimburse the County for the total cost thereof,
<br />including but riot limited to, engineering, legal and contingent costs, including reasonable
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