|
DEVELOPER WARRANTY AND. GUARANTY BOND
<br /> 1023648
<br /> KNOW ALL MEN BY THESE PRESENTS :
<br /> That, MS Rialto Verona Trace , FL , ( hereinafter called
<br /> " Principal" ) , Successor Developer to Lennar Homes , Inc . , a Florida corporation ( n/k/a
<br /> Lennar Homes , LLC , a Florida limited liability company) (" Developer") and
<br /> Lexon Insurance Company , a surety company authorized to
<br /> transact such business in the State of Florida with an A . M . Best rating of A= VI or better
<br /> ( hereinafter called the Surety ) , are held and firmly bound unto Indian River County , a
<br /> political subdivision of the State of Florida , y , 1
<br /> hereinafter Count in the full and ' ust sum of
<br /> $ 919 , 328 . 54 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
<br /> made we bind ourselves , our heirs , executors , administrators , successors and assigns ,
<br /> jointly and severally , firmly by these presents .
<br /> WHEREAS , the Developer , as a condition precedent to the acceptance by
<br /> the County of required improvements of a certain Development Known as Verona Trace
<br /> Subdivision and the Villas at Verona Trace , entered into a written contract with the
<br /> County , numbered No . SD -04- 09 - 39 -W & G (2003070038=46952) , to warranty and
<br /> guaranty, required improvements constructed within publicly and privately dedicated
<br /> lands against defects of workmanship and materials for the 3-year period from the date
<br /> of issuance of the Certificate of Completion (September 26 , 2006 to September 26 ,
<br /> 210091ias well as granting and conveying all required improvements constructed within
<br /> publicly dedioated lands . The contract is Incorporated herein. by reference and made a
<br /> part hereof for all purposes ; and
<br /> NOW , THEREFORE , THE CONDITIONS OF THIS OBLIGATION are that
<br /> if the above bounded Principal shall in all respects comply With the terms and conditions
<br /> of the contract within the time therein specified , and shall in every respect fulfill its
<br /> obligations thereunder , and shall indemnify and save harmless the County against and
<br /> from all claims , costs , expenses , damages , injury or loss , .including engineering , legal
<br /> and contingent costs , which Indian River County may sustain on account of the failure
<br /> of the Principal to carry out and execute all the provisions of the contract within the time
<br /> - specified , then this obligation to be void ; otherwise to be and remain in full force and
<br /> virtue .
<br /> THE SURETY UNCONDITIONALLY COVENANTS AND AGREES that if
<br /> the Principal fails to perform all or any part of the obligations stated in the warranty
<br /> contract ( Contract No . SDw04. 09 -39 -W & G ( 200307003846952 ) ) from September a3 ,
<br /> 2008 , the effective date of this bond , to September 26 , 2009 , the Surety , upon twenty
<br /> ( 20 ) days ' written notice from the County or its authorized representative , as to the
<br /> default , will forthwith perform and complete the aforesaid obligations and pay the cost
<br /> thereof, including but not limited to , engineering , legal and contingent costs .
<br /> APPROVED As TO FORM
<br /> AND LEGAL SUFFICIENCY
<br /> F :�AttorneyWancy\DOCS \I' LAN\paint developer surety bond verona (substitutiorn) .doc ' WILLIAM M , COLLINS I
<br /> COUNTY ATTORNEY
<br />
|