HomeMy WebLinkAboutBlake Pond_street light agreementSTATE OF NORTH CAROLINA
COUNTY OF HARNETT
PERFORMANCE GUARANTEE AGREEMENT FOR IMPROVEMENTS
Purpose. This Performance Guarantee Agreement for Improvements (“Agreement”) is intended to allow developers of subdivisions to provide financial security to guarantee completion, installation
and dedication of improvements required under the Harnett County Unified Development Ordinance (“UDO”) in order to be able to record the final plat for a major subdivision prior to
completion of all required improvements. This agreement is not executed for the benefit of persons providing services or material to the subdivision, or for the benefit of persons buying
lots or homes in the subdivision, or other possible third party beneficiaries.
2. Parties. This Agreement is between the County of Harnett, North Carolina, a body politic and political subdivision of the State of North Carolina (“County”) and DRB Group North Carolina,
LLC.(the “Developer”).
Subdivision. This Agreement applies to property the Developer is developing as Blake Pond, Phase(s) 1, (the “Subdivision”) located in Harnett County, North Carolina.
4. Improvements. The Developer shall, on or before the 31st day of December 2025, complete as required by the UDO the following improvements in the Subdivision (the “Improvements”):
Improvement to be Completed Residential Street Lights
Cost to Complete
$8,120.00
Total Cost: $8,120.00
All Improvements shall be installed in accordance with the UDO and all applicable codes, standards and specifications.
5. Security. To guarantee and secure the performance of Developer’s obligations under this Agreement, the Developer will provide the County either: [ X] a surety performance bond, [
] an irrevocable letter of credit, or [ ] cash deposited with the County pursuant to the terms herein, in the amount of $10,150.00, which represents 1.25 times the total cost of the
Improvements to be completed, as set forth above (hereinafter referred to as the “Security”). If the Developer provides a surety performance bond or an irrevocable letter of credit,
it must be in the form approved by County.
6. Approval of Final Plat. When the Security has been provided to the County and the other requirements of the Subdivision Ordinance are met, then the County acting through its Director
of Planning Services, will approve the Final Plat of the Subdivision for recording.
7. Release of Security. The County will release the Security upon satisfactory completion of all Improvements covered by this Agreement, which shall be determined in the sole opinion
of County. County may request that Developer obtain certification of completion from a professional engineer prior to approval of the Improvements.
Default. The following conditions, occurrences, omissions or actions will constitute a default by the Developer:
Developer’s failure to complete the installation of the Improvements covered by this Agreement on or before the time period set forth in Section 4 and Exhibit A above; or
b Developer’s failure to complete the improvements to the satisfaction of the County and/or DENR; or
Developer’s insolvency, the appointment of a receiver for the Developer, or the filing of a voluntary or involuntary petition in bankruptcy with respect to the Developer; or
Foreclosure of any lien against the Subdivision property or a portion of the property, or assignment or conveyance of the Subdivision property in lieu of foreclosure; or
Ownership of the property changes without the new owner assuming the
obligation to install the improvements.
County’s Rights Upon Default. When any event of default occurs, the County may call the surety performance bond, or draw on the letter of credit or cash deposit up to the full amount
needed to complete the Improvements, based on an estimate prepared by County. The County shall have the right to use the drawn funds to construct, install and