DEVELOPMENT STANDARDS SECTION 9 – BONDING STANDARDS 16 The Surety, Lender, Depositor shall then fulfill its obligation under this bond, according to the requirement selected by the Surety, Lender, Depositor under either paragraph 2.A or 2.B above. If the Surety, Lender, Depositor elects to fulfill its obligation under paragraph 2.B above, then upon completion of the remedy, the City shall notify the Surety, Lender, Depositor of the actual cost of the remedy. The City shall return, without interest, any overpayment made by the Surety, Lender, Depositor, and the Surety, Lender, Depositor shall pay to the City any actual cost which exceeded the City’s estimate, limited to the bond amount. 3. This bond shall remain in full force and effect until the obligations secured hereby have been fully performed and until released in writing by the City at the request of the Surety. Lender, Depositor or Developer. 4. Any corrections required shall be commenced within seven (7) days of notification by the City and completed within thirty (30) days of the date of notification, weather permitting. If the work is not performed in a timely manner, the City shall have the right, without recourse to legal action, to have said work performed, at the expense of the Developer. 5. No change, extension of time, alteration or addition to the work to be performed by the Developer shall affect the obligation of the Developer or Surety, Lender, Depositor on this bond, and the Surety, Lender, Depositor waives notice of any such change, extension, alteration or addition there under. 6. It is hereby specifically agreed by and between the parties that in the event any legal action must be taken to enforce the provisions of this bond or to collect said bond, the substantially prevailing party shall be entitled to collect its costs and reasonably attorney fees as a part of the reasonable costs of securing the obligation hereunder. In the event of settlement or resolution of these issues prior to the filing of any suit, the actual costs incurred by the City, including reasonable attorney fees, shall be considered a part of the obligation hereunder secured. Said costs and reasonable legal fees shall be recoverable by the prevailing party, not only from the proceeds of this bond, but also over and above said bond as a part of any judicial proceeding, in addition to recovery on the bond. IN WITNESS WHEREOF, the Developer and Surety, Lender, Depositor have caused this bond to be signed by their duly authorized officers or representative this _____ day of ____________, 20___. _______________________________ ______________________________ Developer Surety, Lender, Depositor By:_____________________________ By:___________________________ Attorney in Fact Title:___________________________ _______________________________ Business Name _______________________________ ______________________________ Business Address Business Address ______________________________ ______________________________ City/State/Zip Code City/State/Zip Code _____________________________ ______________________________ Business Telephone Number Business Telephone Number
