EROSION CONTROL BOND
KNOW ALL MEN BY THESE PRESENTS: that we,, as Principal (hereinafter referred to as the “Developer”) and , a corporation organized under the laws of the State of , as Surety, (hereinafter referred to as “Surety”), are held and firmly bound unto the CITY OF FORT COLLINS, COLORADO, a municipal corporation asObligee(hereinafter referred to asthe “City”), in the penal sum of Dollars ($______), to be paid to the City, for which payment well and truly to be made, we bind ourselves, our heirs, executors and administrators, successors and assigns, firmly by these presents.
WHEREAS, the Developer has submitted to the City for its approval of the following development project: (the “Project”); and
WHEREAS, the City has approved theProject and the Developer and the City have executed a Development Agreement dated pertaining to the Project (the “Development Agreement”), which is incorporated herein and made a part hereof by this reference; and
WHEREAS, as a condition of the City’s approval of the Project,theDeveloper is required to install, maintain, and upon completion of the Project removecertain erosion/sediment control measures as shown on the approvedplans for the Project, described in the “Fort Collins Stormwater Criteria Manual”, and in accordance with the Fort Collins Municipal Code (including the Land Use Code adopted therein) (the “Erosion/Sediment Control Measures”); and
WHEREAS, the maintenance of all Erosion/Sediment Control Measures, whether, temporaryor permanent, shall be at all times the responsibility of the Developer; and
WHEREAS, if the Developer fails to maintain compliance with the approved plans for the Project, the Development Agreement, the Fort Collins Storm Water Criteria Manual and the Fort Collins Municipal Code (including the Land Use Code adopted therein), whether by non-completion, substandard work, or otherwise, the City may request that the penal sum of this bond be released by the Surety to be used by the City (through its own forces or through one or more contractors) to satisfactorily complete any necessary work to the workbring the Project into compliance; and
WHEREAS, this bond shall remain in full force and effect until such time as the City releases the bond, which release shall occur upon (1) issuance to the Developer of a notice of final acceptance stating that all of the Erosion/SedimentControl Measures have been completed in accordance with the approved plans for theProject and the specifications and standards of the City; or (2) delivery to the City by the Developer of a replacement bond, cash or other securing deposit in a form acceptable to the City to guarantee that the Developer shall install, maintain, and upon completion of the Project remove certain Erosion/Sediment Control Measures as set forth herein; and
WHEREAS, this bond shall be governed by the laws of the State of Colorado and venue shall be in the district court located in Fort Collins, Colorado.
NOW, THEREFORE, the condition of this obligation is such that if the Developer shall truly and faithfully perform to the satisfaction of the City its obligations to construct, maintain, repair, and eventually remove certainof theErosion/Sediment Control Measuresfor the Project in accordance withthe approved plans for the Project, the Development Agreement, the Fort Collins Storm Water Criteria Manual, and the Fort Collins Municipal Code (including the Land Use Code adopted therein), then upon completion of the Project this obligation shall be fulfilled and terminated by the City by returning the bond to the Surety; otherwise to remain in full force and effect.
DATED this day of, .
DEVELOPER:
Printed Name
By:
Title:
SURETY:
Printed Name
By:
Attorney-in-Fact (attach Power of Attorney)