HomeMy WebLinkAboutSUB202100109 Bond 2021-12-15SUBDIVISION / ROAD
PERFORMANCE BOND
I/We, the undersigned, North Pointe Charlottesville, LLC, Principal(s), is/are held and firmly
bound unto the County of Albemarle, Virginia, in the penal sum of $1,174,740.00 for the 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.
The condition of the above obligation is such that whereas the said Principal(s), or other
authorized agent, did file with the County of Albemarle plans and specifications for certain
improvements, required pursuant to Article IV of the Subdivision Ordinance of Albemarle County,
Virginia, in connection with the development of North Pointe Subdivision Section 1 (I B) — SUB-2016-
00092, 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 the said plans and specifications, on or before the 31 day of
July, 2022, then 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 to and for the benefit of the County of Albemarle, Virginia, the hereinafter described
Letter of Credit, datedy I numbered 20Z I - 0 S a , in the
principal amount of $1,174,740.00, which is attached hereto.
In witness whereof, the said Principal(s) has/have caused this instrument to be executed this
day of o e-At_, 4&31_.
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PRINCIPAL
North Pointe Charlottesville, LLC
BY: Great Eastero Management Company, Its
(Please sign
David G. Mitchell
TITLE: Assistant Secretary for Execution of Documents
ADDRESS: Pa. SS-26
ck*./.tks�•l� VA- 2270.9'
PHONE: t 14- 29(,-d11&f f
If using a cashier's or certified check for security, please supply Federal Tax Identification Number
R.v. 12I01198
for corporations acting as principal or Social Security Number
for individuals acting as principal.
Approved as to Form:
County Attorney
Accepted:
Date
County Engineer / Authorized Agent Date
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ImBank
Date: December 15, 2021 & Trust CompanyMember FDIC
120 University Boulevard • Harrisonburg, VA 22801 •540-434-0671 • Fax: 540-801-0511
County of Albemarle
c/o Department of Community Development
Albemarle County Office Building
401 McIntire Road, North Wing
Charlottesville, VA 22902-4579 Irrevocable Letter of Credit Number 2021-058
Gentlemen:
We hereby establish our Irrevocable Letter of Credit in your favor for the account of North Pointe Charlottesville, LLC
available by your draft on us at sight up to an aggregate amount of $1,174,740.00 accompanied by a certificate
signed on your behalf by your duly authorized officer as follows:
"This is to certify that North Pointe Charlottesville, LLC has failed to perform obligations in
accordance with a project known as North Pointe Subdivision Section 1 tl B) — SUB-2016-00092,
or otherwise failed to perform in accordance with a performance bond between North Pointe
Charlottesville, LLC and the County of Albemarle."
All drafts drawn under this credit must contain the clause "Drawn under First Bank and Trust Irrevocable
Letter of Credit Number 2021-058 . dated December 15, 2021 ," and must be presented at our
office at 120 University Blvd Harrisonburg VA 22801 not later than December 15, 2022, or any extension
hereof, as provided below. Drafts may be presented by a written submittal delivered by certified mail
(return receipt requested) or overnight courier.
We hereby agree to duly honor upon presentation drafts drawn under and in compliance with the terms of this
letter of credit.
This letter of credit shall be valid until December 15.2027and shall thereafter be automatically extended without
amendment for a period of one year from the present or future expiration date hereof unless we notify you in
writing, by certified mail (return receipt requested), 30 days prior to the present or future expiration date that we
elect not to renew this letter of credit for such additional period.
Each drawing shall reduce the amount of this credit dollar for dollar. You will refund to us from the funds
drawn under this credit such funds not applied to correct the developer's failure to perform its obligations with
the County of Albemarle.
This original letter of credit must accompany the draft which exhausts credits 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 First Bank and Trustby the
beneficiary that the terms and conditions expressed herein have been fulfilled.
This credit is subject to Article V of the Uniform Commercial Code as adopted in Virginia, and to the extent not
inconsistent with the express terms hereof, is subject to the Uniform Customs and Practice for Documentary
Credits, established by the International Chamber of Commerce, as in effect on the date of issuance of this
credit.
Sincerely,
First Bank and Trust
BY: J Keith Phillips
TITLE: Senior Regional Vice President
OV07M, Rcv O7ftM, Rev. $11 M8
www.firstbank.com