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<br />Woods of Vero Beach FDIiMS(hondflLEGAL(WGclnhMh f
<br />P_MA,99,09,52 iU) for u&p with Contract for Construcuon of Required Improvements
<br />PERFORMANCE BOND
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That Naimisha Construction, Inc., a Florida corporation, Developer
<br />(hereinafter called the "Principal"), and Travelers Casualty and Surety
<br />Company of America , a surety company authorized to transact such
<br />business in the State of Florida (hereinafter called the "Surety"), are held and firmly bound
<br />unto Indian River County, a political subdivision of the State of 'Florida, hereinafter County,
<br />in the full and just sum of One Hundred Ninety -Seven Thousand and No/100 Dollars
<br />($197,000.00) 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 truly to be made
<br />we bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and
<br />severally, firmly by these presents.
<br />WHEREAS, the above bounded Principal has entered into a written contract
<br />with the County, No. 5P -MA -99-09-52 (U), to construct required improvements prescribed
<br />by the contract pertaining to Woods of Vero Beach and to provide assurance against
<br />damage to the required improvements resulting from continuing construction. The contract
<br />is incorporated herein by this reference and made a part hereof for all purposes: and
<br />WHEREAS, one of the conditions of the contract is that this bond be
<br />executed.
<br />NOW, THEREFORE, THE CONDITIONS OF THIS OBLIGATION are that if
<br />the above bounded Principal shall in all respects comply with the terms and conditions of
<br />the contract, within the time therein specified, and shall in every respect fulfill its obligations
<br />thereunder and under the permits, plans and regulations therein referred to and made a park
<br />thereof, and shall indemnify and save harmless the County against or from all claims, costs,
<br />expenses, damages, injury or loss, including engineering, legal and contingent costs, which
<br />Indian River County may 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 specified, then this
<br />obligation to be void; otherwise to be and remain 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 said contract, within the
<br />time specified,. the Surety, upon thirty (30) days' written notice from the County or its
<br />authorized representative, as to the default, will forthwith perform and complete the
<br />aforesaid obligations and pay the cost thereof, including but not limited to, engineering, legal
<br />and contingent costs. Should the Surety fail or refuse to perform and complete said
<br />improvements, the County, in view of the public interest, healtl,, safety and welfare shall
<br />have the right to resort to any and all legal remedies against the Principal and the Surety, or
<br />either, including specific performance, to which the Principal and Surety unconditionally
<br />agree.
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