Index › Page 69 — Schedule “A”: Shelter Lakes Bonded Improvements Agreement

Schedule "A"

Shelter Lakes
Bonded Improvements Agreement

THIS AGREEMENT, dated this _____ day of __________, 19___, by and between ________________________, hereinafter referred to as "Owners", who have purchased land known as Lot _____, SHELTER LAKES Subdivision, Prince William County, Virginia, hereinafter referred to as "said Subdivision"; and RAYMOND C. HAWKINS CONSTRUCTION CO., INC., a Virginia corporation, Route 2, Box 985, Catlett, Virginia 22019, hereinafter referred to as the "Declarant".

WHEREAS, the Declarant has entered into certain agreements and placed public improvement letters of credit to guarantee the completion of the required public facilities within said Subdivision; and,

WHEREAS, the Declarant can not be released from such agreements and letters of credit until all required public improvements have been constructed, inspected and approved by the appropriate officials of Prince William County and the Virginia Department of Transportation ("VDOT" hereinafter); and,

WHEREAS, the Declarant has required that Owners post with Declarant a bonded improvements escrow to defray the cost, if any, of the damages to the bonded public improvements that may be caused by Owners by reason of, without limitation, damage to the street pavement, improper construction and/or location of driveway entrances and mailboxes.

NOW, THEREFORE, this Bonded Improvements Agreement.

W I T N E S S E T H:

that for and in consideration of the premises and the further sum of One Dollar ($1.00), cash in hand paid, receipt and sufficiency of which is hereby acknowledged, it is hereby covenanted and agreed by and between the parties hereto as follows:

  1. 1.Owners hereby tender the sum of Seven Hundred Fifty and No/100 Dollars ($750.00) per driveway entrance to Declarant as a bonded improvements escrow pending final acceptance of the bonded public improvements by the appropriate governmental authorities. Such funds shall be placed in an interest bearing escrow account at Central Fidelity Bank, Manassas, Virginia, with all other bonded improvement escrow funds.
  2. 2.At the time Declarant lays the final asphalt paving on the streets and completes the work necessary for final acceptance of the bonded public improvements, Declarant shall correct and fix the deficiencies, if any, in the driveway entrance(s) and mailbox of Owners and repair any other damage to the bonded public improvements attributable to Owners at the expense of the Owners.
  3. 3.If there are no deficiencies attributable to Owners, then the entire bonded improvements escrow, together with any and all accrued interest thereon, shall be returned to Owners upon receipt of the final acceptance of the improvements and release of the letter of credit by Prince William County to Declarant.
  4. 4.If there are deficiencies attributable to Owners in the opinion and best judgment of Declarant, then Declarant shall proceed to remedy the same utilizing the bonded improvements escrow of Owners. Upon completion of Declarant's repairs and/or replacement, Declarant shall furnish Owner a statement itemizing the costs. Owners' liability for the bonded improvements shall not exceed Seven Hundred Fifty and No/100 Dollars, plus the
Original scan of page 69, Schedule A Bonded Improvements Agreement
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