Duluth UDC (unnumbered, p.353: Surety Agreement For Performance Letter Of Credit)

SURETY AGREEMENT FOR PERFORMANCE LETTER OF CREDIT (MUST BE PRINTED ON LOCAL BANK LETTERHEAD) DATE: __________________________________________________ SUBJECT: SURETY AGREEMENT FOR PERFORMANCE GUARANTEE DEVELOPMENT NAME: ______________________________________________________________________ DEVELOPMENT PERMIT NUMBER: _________ LOCATION: ________________________________________ PHASE SUBMITTED FOR FINAL PLATTING OR DEVELOPMENT APPROVAL: ______________________________________________________ SUBJECT IMPROVEMENTS: As specifically identified and described as follows: Final street topping, [for those streets identified on the attached plat of the subdivision] [as listed as follows: __________] [as attached hereto as Schedule A]; and, The construction of all sidewalks, [as identified on the attached plat of the subdivision] [as listed as follows: __________] [as attached hereto as Schedule B]; and, The installation of the final landscaping, [as identified on the approved Buffer and Landscape Plan] [as listed as follows: __________ ] [as attached hereto on Schedule C]; and, Grassing all street shoulders and easements, [as identified on the attached plat of the subdivision] [as listed as follows: __________] [as attached hereto as Schedule D]. To the MAYOR AND CITY COUNCIL of the City of Duluth: This is to advise that ____________________________________________ , as Issuer, is holding at the request of ____________________________ , as Principal, the total amount of $ ________________ as an assignment that the subject improvements indicated above will be constructed and completed in accordance with the standards and requirements of the Unified Development Code of the City of Duluth, Georgia, and further that this money will not be released until such time that we are notified by the City of Duluth that the subject improvements have been properly and satisfactorily completed and accepted by the City, as evidenced by the return of this letter of credit with such release signed and dated by the authorized agent of the Mayor and City Council of the City of Duluth, below. This is also to advise that if the Principal should fail to construct and complete the subject improvements in accordance with the standards and requirements of said Unified Development Code, upon written notification from the responsible official of the City of Duluth, this party as Surety will pay to the City of Duluth immediately, and without further action, the total amount of the assignment indicated above (less the actual cost of covered improvements expended as of the date of demand and accepted by the City as to reasonableness); provided, however, the amount is not to exceed the total amount held as an assignment. 352 | P a g e Article Eleven. Procedures and Permits This is also to advise that the Issuer guarantees that any liens or encumbrances that exist or may be placed on the subject improvements will not become the responsibility of the City under any circumstances, and that any such liens or encumbrances shall be satisfied by the Principal to the satisfaction of the Insurer prior to the release of this letter of credit by the City. It is also agreed that this letter of credit shall not be terminated less than 60 calendar days after the date of the end of the performance period as established in said Unified Development Code, and that this letter of credit may not be withdrawn or reduced in amount and will be automatically renewed in 30-day increments until released by the authorized agent of the Mayor and City Council of the City of Duluth. Date Signature ATTEST: Notary Public Typed Name My commission expires: Title APPROVED BY THE DULUTH MAYOR AND CITY COUNCIL Clerk to the Mayor and City Council Mayor Date Final Inspection has been completed and APPROVAL IS RECOMMENDED by: City Engineer Date RELEASE OF PERFORMANCE SURETY Director of Community Development Date