Security Deposit Agreement Form - Townlife

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SECURITY DEPOSIT AGREEMENT
Name of Owner(s):
______________________________________________________
______________________________________________________
Mailing Address:
______________________________________________________
City:
______________________________________________________
Postal Code:
______________________________________________________
Telephone No.:
______________________________________________________
Facsimile No.:
______________________________________________________
E-mail:
______________________________________________________
Cabin No.:
______________________________________________________
Security Deposit:
$10,000
Security Deposit paid: ______________________________________________________
(Date)
General Terms
1. The Summer Village of Argentia Beach (“Argentia Beach”) shall hold the Security Deposit
in trust. That deposit may consist of a bond, letter of credit or monetary deposit.
2. Argentia Beach will pay to the owner(s) any interest on a monetary Security Deposit. Any
interest earned on the account will be provided to the owner.
3. The Security Deposit shall be returned to the owner(s) upon the owner(s) completing
construction in accordance with the approved development permit after a thorough review
of all infrastructure has occurred:
a. All costs of and incidental to the repair, maintenance and replacement of roads,
sidewalks, trees, fences, survey pins and monuments, curbs, utilities and
improvements on the lot or elsewhere in the development arising from or
necessitated by the acts or negligence of the Owner, the Owner’s Builder,
employees, servants, contractors, agents, or workers and any person or persons
whomever acting on behalf of the Owner;
b. All claims, demands, proceedings, actions, damages, costs and expenses which may
be made or brought against Argentia Beach howsoever or which it may sustain,
incur or be put to howsoever, either directly or indirectly by reason of construction,
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Agreement Form.doc

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