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.
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:
