HomeMy WebLinkAboutSDP198200012 Bond 1983-04-27 • OF ALa 4
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<C8ERT E.VAUGHN Inspections Department n1cHAEL C. MICXELL
Assistant DIRECTOR OF!NSPECT'ONS But Iding Official
ZONING ADMINISTRATOR
BUILDING.ZONING.SOIL EROSION ANOREW O.EVANS
JESSE R. HURT FIRE PREVENTION DEPUTY ZONING AOMINISTRATOR
DEPUTY CIRECTOR OF INSPECTIONS
401 MCINTIRE ROAO. ROOM 2-2 IRA H. CORTEZ
CHARLOTfESVILLE.VIRGINIA 22901-4596 PIPE PREVENTION OFFICER
(8D4)296-5832
April 27, 1983
TO: FILE (Real Estate III , Building Z)
FROM: L.L. Thompson
RE: Posting of Bond/Surety
Att d lease find an a roved bond/surety for the project known
pt as Real Estate I , Building IIZII.
Surety is a letter of credit drawn on Albemarle Bank & Trust,
in the amount of $7,245.00.
CHECK DATE: FEBRUARY 1 , 1984
Wt ;4 t 1983
PLANd'� 1 G DEPT.
BY—
PERFORMANCE BOND FOR CONSTRUC N I�� ,S��• (:1a1)0-kl - -
Know all men by these presents , that I/we, the undersigned
Real Estate III -Building Z ,principal (s) , is/are held and firmly bound unto
the County of Albemarle, Virginia , in the penal sum of $7, 245
for payment of which, well and truly to be made, I/we hereby jointly and severally
bind myself/ourselves, my/our heirs, executors, administrators , successors , and
assigns. ill
The condition of the above obligation is such that whereas the said principal (s)
did file with the County of Albemarle plans and specifications for certain improvements
required pursuant to Section 31 .2. 3 of the Zoning Ordinance of Albemarle County,
Virginia, in connection with the development of Buildign Z
which said plans and specifications are incorporated herein by
reference;
Now-, therefore, if the said principal (s) shall well and faithfully complete and
perform the said improvements in accordance with said specifications, including the
payment of all lawful claims of contractors, subcontractors, materialmen and laborers
for all labor performed and materials furnished in the completion of the said
improvements, on or before -5/4�51fi3,. /f,`: t, this obligation shall be void, otherwise
the same shall remain in full force and effect.
In consideration hereof and as security for this obligation the principal (s)
has/have heretofore caused to be issued/assigned for the benefit of the County of
Albemarle the hereinafter described Irrevocable Letter of Credit ,dated 4-21 , 1983
in the principal amount of 7,245.00 numbered LC29-L'-08650which is attached hereto.
In witness whereof, the said principal (s) has/have caused this instrument to be
executed this 22 Day of April, 1983.
BY //; 6,1,// //
Approved as to form vt�� i `' z /
_
County Attorney f/ `
Approved H7t1 _ (7(4_
-
Zoning Administrator
Albemarle
Bank &Trust Co.
Date : April 21, 1983
County of Albemarle
c/o (Director of Planning/Zoning Administrator/
County Engineer)
Albemarle County Office Building
401 McIntire Road
Charlottesville, Virginia 22901-4596
IRREVOCABLE LETTER OF CREDIT NO. LC29-U-08650
Gentlemen:
We hereby establish our Irrevocable Letter of Credit in your
favor for the account of Ednam Office Building
available by your draft on us at sight up to an aggregate amount of
$ 7, 245. 00 , accompanied by a certificate signed on your behalf
by your duly authorized officer as follows :
"This is to certify that Real Estate III
has failed to perform its obligation in accordance with
the plan known as Ednam Professional Center,
Building Z
or otherwise failed to perform in accordance with a Bond
dated April 22, 1983 , between Real Estate III
and the County of Albemarle . "
PO.Box 6096 Charlottesviile,Virginia 22906 (804)973-4373
All drafts drawn under this credit must contain the clause
"drawn under Albemarle Bank and Trust Co. irrevocable letter of
credit number LC29-U-08650 , dated April 22 , 19 83 ,
and must be presented at our office at 1425 Seminole Trail
Charlottesville, Virginia, not later than 2 : 00 PM April 22 , 1984
We hereby agree with the Drawers , endorsers and bona fide holders
of drafts under and in compliance with the terms of this credit and that
the same will be duly honored on due presentation.
This letter of credit shall be valid until April 22 , 1984
and shall thereafter be automatically renewed for one successive
six month period of time , unless at least 30 days prior to such
date we notify you in writing by registered or certified mail and
that we elect not to renew this letter of credit for such additional
period, and may be renewed for a second successive six month period
provided that not less than 30 days prior to the expiration of the
first six month renewal period the County of Albemarle requests
Albemarle Bank and Trust Co. in writing by registered or certified
mail to grant a second six month extension period. In no event will
this letter of credit be extended beyond two successive six month
periods .
Each drawing shall reduce the amount of this credit dollar for
dollar. You will refund us from the funds drawn under this credit
such funds not applied to developer ' s failure to perform under the
plan known as Ednam Professional Center, Building Z
This original letter of credit must accompany the draft which
exhausts credit and must be surrendered concurrently with the payment
of such draft.
The negotiation of any draft under this letter of credit shall
be deemed a warranty to Albemarle Bank and Trust Co. by the
beneficiary that the terms and conditions expressed herein have
been fulfilled.
ii
This credit is subject to Article V of the Uniform Commercial
Code, as adopted in Virginia.
Very truly yours,
Albemarle Bank and Trust Co.
By x-fi
Title C4,y ,
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OFFICE OF COUNTY ENGINEER
401 McIntire Road
Charlottesville, Virginia 22901-4596
1 COST ESTIMATE
PROJECT r_A,L CS7AT 04.) 14- 7/1,J(.., �.
PLANS Cor1firec)Cr/olJ aoti
ITEM NO. ITEM DESCRIPTION •UANTITY UNIT PRICE TOTAL PRICE
L A I 55,v, $ 2 , zo 43 :.8 , 75
11.l4./46 4 J tPA0. 5 0, ZCGAC ' Zc , 6o
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7 Mu_ L_IvNrS 4
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41 1/4i, G CarfC , Z.72 Ste, $ Z. 00/5,�. 544 ,
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