Subdivision Maintenance Bond Form - City Of Waterville
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1
2SUBDIVISION
MAINTENANCE
®
BOND
P&Z Code §1117.02(b)(4)
City of Waterville
25 North Second Street
Waterville, Ohio 43566-1491
KNOW
ALL
MEN
BY
THESE
PRESENTS,
that
the
undersigned
__________________________________________________________________
a/an
____________________________________________________________, (Principal) and
____________________________________________________________ (Surety) are held
and firmly bound unto the City of Waterville, Ohio (“City”), in the full and just sum of
_________________________________________________________ and 00/100 Dollars
($____________________.00) good and lawful money of the United States of America, for
the payment of which we bind ourselves, our heirs, executors, administrators, successors
and assigns, jointly and severally, firmly by these presents.
WHEREAS,
Principal
has
constructed
certain
improvements
consisting
of:
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
WHEREAS, the said improvements were constructed pursuant to certain plans and
specifications approved by the City on _________________________, 20___ and on file with
the City and hereby made a part hereof by reference thereto and,
WHEREAS, Principal is obligated to protect the City against any defects resulting from
faulty materials or workmanship of said improvements and to maintain said improvements for
a period of two (2) years from the date of this Subdivision Maintenance Bond, then this
obligation shall be null and void, otherwise it shall remain in full force and effect.
The City 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. The Surety unconditionally covenants and agrees that if the
Principal fails to correct said defects within the time specified, the Surety, upon thirty (30)
days written notice from the City, its authorized agent or officer, of the defect will forthwith
correct such defect or defects and pay all of the direct and indirect costs thereof, including,
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