Sample Time-Share Bond - Developer (Neb. Rev. Stat. ' 76-1715) Form

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SAMPLE TIME-SHARE BOND:
. ' 76-1715)
DEVELOPER (N
. R
. S
EB
EV
TAT
Bond No. ____________________
RECITALS
A.
________________________, _____________ [insert state] ________
______________________ [insert type of entity], as developer and principal (APrincipal@)
and _________________________________,
_______________ [insert state]
________________________________ [insert type of entity], as Surety (the ASurety@),
are held and firmly bound unto the State of Nebraska, Real Estate Commission, (the
ACommission@), as obligee, in the sum of FIFTY THOUSAND DOLLARS ($50,000.00), for
the benefit of any Nebraska resident now or hereafter purchasing and/or reserving a
time-share interval (the APurchaser@ or APurchasers@) directly or indirectly from Principal,
its agents or employees, in the Project.
B.
Principal is engaged in the sale to the public of time-share intervals in a
time-share project known as _______________________________________ located in
________________________, _________________ (the "Project").
C.
Prior to the offer for sale of such time-share intervals to any Purchaser,
Principal must comply with the Nebraska Time-Share Act (the AAct@) regarding deposits
made in connection with the purchase and/or reservation of a time-share interval (See
. ' 76-1715).
N
. R
. S
EB
EV
TAT
D.
Principal has elected in lieu of individual escrow deposits to give this surety
bond to the Commission for the benefit of Nebraska Purchasers who are entitled to the
return of their deposits under the terms of any purchase and sale agreement with
Principal or under the Act, as an obligation for the protection of all Purchasers..
BOND
The Recitals set forth above are incorporated herein.
The obligation of the
Principal and the Surety shall be void as to each Purchaser when one of the following
actions has occurred:
(1) The deposit has been delivered to the Principal at the expiration of the time for
rescission or any later time in the contract for sale or reservation; or
(2) The deposit has been delivered to the Principal because of the Purchaser=s
default under a contract to purchase the time-share interval; or
(3) Principal has returned to Purchaser the deposit; or
(4) Principal has deposited the Purchaser=s deposit into an escrow depository in
accordance with the requirements of the Act.

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