1201-Private Road Mtn-AmberleeSLtBDIVISION AND SITE PLAN
PRIVATE ROAD MAINTENANCE AGREEMENT
(For use with Letter of Credit)
t
THIS AGREEMENT is made and entered into this ( z day of
200 ,between bUF- Wf ST L > L • C hereinafter referred to
as "PRINCIPAL" and the A wiPr£ Homeowner's
Association of Q,.. &EA Q,,,,,,, ,. 5 subdivision, (hereinafter referred to
as the "BENEFICIARY ") or, if none, the CITY OF SANFORD, a municipality of the State of
Florida (hereinafter referred to as the "HOLDER"), on behalf of all purchasers of lots within
A,,.,aw 5 subdivision.
WITNESSETH:
WHEREAS, PRINCIPAL has constructed certain road improvements, including streets,
curbs, storm drains and other appurtenances in that certain subdivision described as
S , a Plat of which is recorded in Plat Book Pages
Public Records of Seminole County, Florida; and
WHEREAS, PRINCIPAL is obligated to protect the BENEFICIARY against any defects
resulting from faulty materials or workmanship of said road improvements and to maintain said road
improvements for a period of three (3) from bEe,&w�a_ l'z ''—{
i. , 200 (p; and
WHEREAS, to guarantee performance of said obligations by PRINCIPAL, PRINCIPAL has
obtained and furnished to the BENEFICIARY or to the HOLDER on behalf of the owners of lots
within the subdivision (hereinafter referred to as LOT OWNERS) a certain Irrevocable Letter of
Credit No. 51M 7_z 3 3 1 ^1 W issued by irJAc A a%j t A , in
the sum of S Ttjco,,,�,D r(� f..•,�Y .c DOLLARS ($
J t1
NOW THEREFORE, the BENEFICIARY or the HOLDER on behalf of the LOT
OWNERS, agrees to accept an Irrevocable Letter of Credit as security for the maintenance obligation
of the PRINCIPAL.
PRINCIPAL, its heirs, executors, successors and assigns, jointly and severally agrees to be
held and firml bound to the BENEFICIARY or to the HOLDER ER on behalf of the LOT OWNERS
5 &v ..
in the sum of � w 11-447 LARS on the
condition that, if PRINCIPAL shall promptly and faithfully protect the BENEFICIARY or LOT
OWNERS against any defects resulting from faulty materials or workmanship of the aforesaid road
improvements and maintain said road improvements for a period of three (3) years from
1 , 200 pthen this obligation shall be null and void, otherwise it shall remain
in full force and effect.
A .A.e,r kA_ To w ..1�.., r
The BENEFICIARY /HOLDER, or LOT OWNER shall notify the PRINCIPAL in writing
of any defect for which the PRINCIPAL is responsible and shall specify in said notice a reasonable
period of time within which PRINCIPAL shall have to correct said defect.
Should the PRINCIPAL fail or refuse to perform or correct said defects within the time
specified, the BENEFICIARY /LOT OWNERS (which shall include, but not be limited to, any
individual lot owner in AK subdivision) be authorized, but shall not
be obligated, to take over and perform, or cause to be performed, such work as shall be necessary
to correct such defects, and shall be authorized to draw upon the Letter of Credit to pay the cost
thereof, including, but not limited to, engineering, legal and contingent costs. Further, the
BENEFICIARY /LOT OWNERS (which shall include, but not be limited to, any individual lot owner
in j4wL66r �E subdivision), in view of the public interest, health, safety,
welfare and other factors involved, and the consideration in approving and filing the said Plat shall
have the right to resort to any and all legal remedies against the PRINCIPAL, both at law and in
equity including, specifically, specific performance, to which the PRINCIPAL unconditionally
agrees.
The PRINCIPAL further agrees that the BENEFICIARY /LOT OWNERS (which shall
include, but not be limited to, any individual lot owner in AoA.E subdivision),
at its option, shall have the right to correct said defects resulting from faulty materials or
workmanship, or, pursuant to receipt of bids, cause to be corrected any defects or said defects in case
the PRINCIPAL shall fail or refuse to do so, and, in the event the BENEFICIARY /LOT OWNERS
should exercise and give effect to such right, the PRINCIPAL shall be obligated hereunder to
reimburse the BENEFICIARY (which shall include, but not be limited to, any individual lot owner
in subdivision) the total cost thereof, including, but not limited
to, engineering, legal and contingent costs, together with any damages, either direct or consequent,
which may be sustained on account of the failure of the PRINCIPAL to correct said defects.
(This Agreement and all rights hereunder may be assigned by the HOLDER to the
Homeowner's Association of subdivision or to the
individual lot owners of subdivision as the case may be.)
IN WITNESS WHEREOF, the parties to this Agreement have caused their names to be
affixed hereto by the proper officers thereof.
BENEFICIARY:
ATTEST /WITNESSES:
Date:
� 1 ,
PRINCIPAL: �J2
Signed, sealed and delivered
in the presence of.—
�C V- By: yy 111_ { Y
Vo"�St.r �C�r� \ ¢ V .
Date:
ATTEST. HOLDER:
CITY OF SANFORD
An Dougherty, City CIA 9 SEMINOLE COUNTY, FLORIDA
Linda Kul�n, Mayor
Date: 1-11s--6)
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WAC410VIA
N 222 WEST CCASTOCX AVENUE SbITE, 102:
K AVENUF WINTER PARK!,-. FL-3.278*9
2771
D STORM DRAINAGE IMPROVEMENTS
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CER OF ' CREDIT AND ANY �AMENDMENTS: ATTACHED r..�!lf
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WDBY'LETTER OF CREDIT "NUMBER SM223318W-.
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