Okaloosa County BOCC — April 15, 2014 — Maintenance Bond — reading text

teased S50! Y Wad. MERCHANTSS3S BONDING COMPANY 2100 FLEUR DRIVE * DES MOINES, IOWA 50321 (615) 243-8171 + (518) 243-3854 FAX MAINTENANCE BOND KNOW ALL PERSONS BY THESE PRESENTS: Bond No. FLC78407___ That MCT Development, LLC of DeFuniak Springs, FL as Principal, and the MERCHANTS BONDING COMPANY (MUTUAL) of Des Moines, lowa as Surety are held and firmly bound unto the Okaloosa County, FL in the penal sum of Two hundred forty-one thousand eight hundred nineteen : . (241,819.00 } DOLLARS, lawful money of the United States of America, for the payment of which, well and truly to be made, the Principal and Surety bind themselves, their and each of their heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents. Signed and delivered this__!4th_ day of May 2012 WHEREAS, the Principal entered into.a certain contract, dated the 26 day of February 2010 withthe Okaloosa County, FL ‘ to furnish all the material and labor necessary for the construction of The Overlook at Chestnut Ridge which was previously Rabbit Run for maintenance and upkeep of roads and drainage systems. in conformity with certain specifications; and WHEREAS, a further condition of said contract is that the Principal should furnish a bond of indemnity, guaranteeing to remedy any defects in workmanship or materials that may develop in said work within a period of two years from the date of acceptance of the work under said contract; and WHEREAS, the above work has been completed and accepted and if not accepted will be automatically accepted upon the filing of this maintenance bond; and WHEREAS, the MERCHANTS BONDING COMPANY (MUTUAL) of Des Moines, lowa for valuable consideration, has agreed to join with said Principal in such bond or guarantee, indemnifying said Okaloosa County as aforesaid; NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that if the said Principal does and shall, at the Principal's own cost and expense, remedy any and all defects that may develop in said work, within the period of___tvo___ years from the date of acceptance of the work under said contract, by reason of bad workmanship or poor material used in the construction of said work, and shall keep all work in continuous good repair during said period, and shall in all other respects, comply with all the terms and conditions of said contract with respect to maintenance and repair of said work, then this obligation to be null and void; otherwise to be and remain in full force and virtue in law. It is agreed that while the Principal shall be and remain liable for failure to adhere to the specifications which form the basis for the work, the Surety, inasmuch as the original work was not bonded, shall be obligated only to assure the maintenance of the work in the condition in which it existed at the time the work was accepted. Any obligation beyond this shall be that of only the Principal. MCT Development, LLC ae py C Sys C_ Approved Craig Thomas Managing Member By MERCHANTS BONDING COMPANY (MUTUAL) . G By CON 0304 (7/10) Daniel F. Rentz IH, Attonley-In-fdct