Sample Time-Share Bond - Developer (Neb. Rev. Stat. ' 76-1715) Form (Page 2 of 2) in pdf

Sample Time-Share Bond - Developer (Neb. Rev. Stat. ' 76-1715) Form Page 2

Otherwise this obligation shall continue in full force and effect, except that if it

should be determined in a court of competent jurisdiction that a Purchaser is not entitled

to the return of a deposit or portion thereof by reason of default, then this obligation shall

be released to the extent of the amount of such deposit to which such Purchaser is not

entitled.

The Surety on this bond may relieve itself of further liability by filing a notice of

cancellation with the Commission, as obligee, serving similar notice on the above

Principal. At the expiration of thirty days after the filing of such notice, or the filing and

acceptance of a new bond covering all such subsequently accruing liability, whichever

occurs first, this bond shall be canceled and the Surety shall thereby be relieved of all

liability which otherwise thereafter would arise in this bond, but such cancellation or

withdrawal shall not relieve the Surety of liability with respect to any claim arising prior to

such date of cancellation or withdrawal.

The Surety and Principal agree that Nebraska courts shall have personal

jurisdiction over the Surety and Principal for claims under this bond and that venue in

Nebraska is proper.

Any Purchaser entitled to the return of purchase money paid for a time-share

estate offered for sale by Principal due to the failure of Principal to honor a timely

rescission, shall have the same right to make claim for such money against the Surety (in

an amount not to exceed the aggregate amount of this bond) as such Purchaser would

have against Principal.

Surety represents that it is duly authorized and licensed to do business in the State

of Nebraska and to perform all obligations stated herein.

In witness whereof, the parties hereto have executed this Bond effective the ____

day of ________________, 20__.

PRINCIPAL:

SURETY:

By: ____________________________

By: _____________________________

Name: _________________________

Name: __________________________

Title: __________________________

Title: ___________________________

Address: _______________________

Address: ________________________

_______________________

________________________

Phone:

_______________________

Phone:

________________________

Revised 5/07

Sample Time-Share Bond - Developer (Neb. Rev. Stat. ' 76-1715) Form Page 2