2437 Rinehart Road Owner & Liberty Mutual - Perf Bond - (Bond Returned July 2023)^3 L
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PERFORMANCE BOND (Tree Recompense)
Bond No.: 016237314
KNOW ALL MEN BY THESE PRESENTS:
That we, Rinehart Road Owner, LLC, hereinafter called the "Principal", and Liberty
Mutual Insurance Company, a surety company authorized to do business in the State of
Florida, hereinafter called "Surety" are hold and firmly bound to the City of Sanford, a
political subdivision of the State of Florida (the "City"), in the full and just sum of
$883,018.00 Eight Hundred Eighty-three Thousand Eighteen and 00/100 (the "Maximum
Amount"), lawful money of The United States of America, to be paid to the City of Sanford
of Seminole County under certain conditions set forth below, to which payment well and
truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and
assigns, jointly and severally, firmly by these presents.
WHEREAS, the above -bounden Principal has applied to the City for a permit to
construct a multifamily development at 1710 Rinehart Road, Sanford, Florida 32771 (the
"Multifamily Development"), and, as a condition of issuing such permit, the City has asked
Principal to pay the Maximum Amount as tree recompense for the Multifamily
Development, and
WHEREAS, Principal has notified the City that Principal is working to explore
opportunities to improve the landscaping and environmental improvements for the
Multifamily Development, and, upon conclusion of said effort, would like to work with the
City to determine a final amount for tree recompense, and
WHEREAS, the City has agreed to proceed with permitting the Multifamily
Development in the normal course while the City and Principal determine final amount for
the tree recompense, but on the condition that this bond be executed:
NOW THEREFORE, the Surety unconditionally covenants and agrees that if the
bounden Principal and the City do not determine the tree recompense for the Multifamily
Development on or before September 1, 2023, the Surety upon forty-five (45) days written
notice from the City of Sanford, or its authorized agent or officer, of the default, will
forthwith pay to the City of Sanford the Maximum Amount. Should the Surety fail or
refuse to pay the Maximum Amount to the City when required hereunder, the City of
Sanford, in view of the public, interest, health, safety and welfare factors involved and the
inducement in approving and filing the plat, shall have the right to resort to any and all
legal remedies against the Principal and the Surety, or either, both at law and in equity,
including specifically specific performance, to which the Principal and Surety
unconditionally agree.
Performance Bond
Page 1
9516026.v2
IN WITNESS WHEREOF, the Principal and the Surety have executed these
presents this the 7 day of July, 2022.
Address:
c/o Carter USA
39 Georgia Avenue SE
Suite 200
Atlanta, Georgia 30312
Attention: Scott D. Stringer
Principal:
Rinehart 7tr_j
By:(SEAL)
Name: cott D. Stringer
Title: Authorized Signatory
Address: Surety: Liberty Mutual Insurance Company
175 Berkeley Street
Boston, MA 02116 By: (SEAL)
Name: nnette Wi
Title: ttorne in Fact
Performance Bond
Page 2
9516026.v2
This Power of Attorney limits the acts of those named herein, and they have no authority to
bind the Company except in the manner and to the extent herein stated.
Liber Liberty Mutual Insurance Company
mlXtuil, The Ohio Casualty Insurance Company Certificate No: 8208112-969078
lilw West American Insurance Company
SURETY
POWER OF ATTORNEY
KNOWN ALL PERSONS BY THESE PRESENTS: That The Ohio Casualty Insurance Company is a corporation duly organized under the laws of the State of New Hampshire, that
Liberty Mutual Insurance Company is a corporation duly organized under the laws of the State of Massachusetts, and West American Insurance Company is a corporation duly organized
under the laws of the State of Indiana (herein collectively called the "Companies"), pursuant to and by authority herein set forth, does hereby name, constitute and appoint,
Annette Wisong; Joseph R. Williams; Kathryn Kleinschmidt; Sarah Hancock
all of the city of Atlanta stale of GA each individually if there be more than one named, its true and lawful attorney-in-fact to make,
execute, seal, acknowledge and deliver, for and on its behalf as surety and as its act and deed, any and all undertakings, bonds, recognizances and other surety obligations, in pursuance
of these presents and shall be as binding upon the Companies as if they have been duly signed by the president and attested by the secretary of the Companies in their own proper
persons.
IN WITNESS WHEREOF, this Power of Attorney has been subscribed by an authorized officer or official of the Companies and the corporate seals of the Companies have been affixed
thereto this 2nd day of June , 2022 .
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t`o State of PENNSYLVANIA
0 County of MONTGOMERY
Liberty Mutual Insurance Company
P� 1NSIJ P01 INS& tNSUn� The Ohio Casualty Insurance Company
alb oonQoxq, ?�, yJ coapo2gT�9y C.rPoo�Op4T�yc� West American Insurance Company
3 mom Q3 �-r
1912 0 o_ 1919 0 � 1991
By: �Y
David M. Carev. Assistant Secretary
-0 m On this 2nd da of June , 2022 before me personally appeared David M. Care who acknowledged himself to be the Assistant Secreta of Liberty Mutual Insurance
� Y P Y PP Y. 9 Secretary �'
-ffi Company, The Ohio Casualty Company, and West American Insurance Company, and that he, as such, being authorized so to do, execute the foregoing instrument for the purposes
�" therein contained by signing on behalf of the corporations by himself as a duly authorized officer.
IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my notarial seal at King of Prussia, Pennsylvania, on the day and year first above written.
C'u;
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�Commonwealth of
Notary Seal
- sPesell&NOM,Pbic
O r` c 2 y Montgomery County v fnQ/
O OF My commission expires Manch 28,2D25 By:
Comndssion amber 1120944 eresa Pastella, Notary Public
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g4V Member. Pem5ylvarie Asseciatoi of Netanes
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'27) a? This Power of Attorney is made and executed pursuant to and by authority of the following By-laws and Authorizations of The Ohio Casualty Insurance Company, Liberty Mutual
0.9 Insurance Company, and West American Insurance Company which resolutions are now in full force and effect reading as follows:
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ARTICLE IV — OFFICERS: Section 12. Power of Attorney.
o m Any officer or other official of the Corporation authorized for that purpose in writing by the Chairman or the President, and subject to such limitation as the Chairman or the
a C.) President may prescribe, shall appoint such attomeys-in-fact, as may be necessary to act in behalf of the Corporation to make, execute, seal, acknowledge and deliver as surety
Co C: any and all undertakings, bonds, recognizances and other surety obligations. Such attomeys-in-fact, subject to the limitations set forth in their respective powers of attorney, shall
have full power to bind the Corporation by their signature and execution of any such instruments and to attach thereto the seal of the Corporation. When so executed, such
Z0 instruments shall be as binding as if signed by the President and attested to by the Secretary. Any power or authority granted to any representative or attomey-in-fact under the
provisions of this article may be revoked at any time by the Board, the Chairman, the President or by the officer or officers granting such power or authority.
ARTICLE XIII — Execution of Contracts: Section 5. Surety Bonds and Undertakings.
Any officer of the Company authorized for that purpose in writing by the chairman or the president, and subject to such limitations as the chairman or the president may prescribe,
shall appoint such attomeys-in-fact, as may be necessary to act in behalf of the Company to make, execute, seal, acknowledge and deliver as surety any and all undertakings,
bonds, recognizances and other surety obligations. Such attomeys-in-fact subject to the limitations set forth in their respective powers of attorney, shall have full power to bind the
Company by their signature and execution of any such instruments and to attach thereto the seal of the Company. When so executed such instruments shall be as binding as if
signed by the president and attested by the secretary.
Certificate of Designation —The President of the Company, acting pursuant to the Bylaws of the Company, authorizes David M. Carey, Assistant Secretary to appoint such attomeys-in-
fact as may be necessary to act on behalf of the Company to make, execute, seal, acknowledge and deliver as surety any and all undertakings, bonds, recognizances and other surety
obligations.
Authorization — By unanimous consent of the Company's Board of Directors, the Company consents that facsimile or mechanically reproduced signature of any assistant secretary of the
Company, wherever appearing upon a certified copy of any power of attorney issued by the Company in connection with surety bonds, shall be valid and binding upon the Company with
the same force and effect as though manually affixed.
I, Renee C. Llewellyn, the undersigned, Assistant Secretary, The Ohio Casualty Insurance Company, Liberty Mutual Insurance Company, and West American Insurance Company do
hereby certify that the original power of attorney of which the foregoing is a full, true and correct copy of the Power of Attorney executed by said Companies, is in full force and effect and
has not been revoked.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seals of said Companies this 7 day of July 2022
v 1NSU SSV INS&, N iNSUp-
�.JPgy C'P o°na°R°r9yC'
3 Kofi e3 �n �3 Fofi
1912 0 1919 1991
o By:
��9sSA°Nu4``�a a y� �``�Awvs`'�at'° '�,p 'MoruNt' ,aa Renee C. Llewellyn, Assistant Secretary
eh * teSa
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