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••. rti <br /> ': y k <br /> COMPLETION AGREEMENT <br /> THIS COMPLETION G REEM NT hereinafter the "Agreement ") is made and <br /> entered into as of the /a ay o _'. 200iy and between Bond Safeguard <br /> Insurance Company (hereinafter the ".urety", and The City of Jeffersonville, IN <br /> (hereinafter the "City"). <br /> WITNESSETH <br /> WHEREAS, 21 Century Developers, Inc. (hereinafter "Developer"), entered into <br /> a Performance Agreement (hereinafter the "Development Agreement ") with Clark <br /> County, Indiana to perform certain construction work in a project known as Whispering <br /> Oaks Subdivision, (hereinafter the "Project "); and <br /> WHEREAS, three Subdivision Performance Bonds (hereinafter the "Bonds "), <br /> were issued by the Surety in connection with the Project and described as follows: <br /> a. Subdivision Performance Bond No 5004160 in the amount of $14,481.60 <br /> on Whispering Oaks, Section 3 with such Bond issued to the Board of Commissioners <br /> of Clark County, Indiana as Obligee; <br /> b. Subdivision Performance Bond No 5009190 in the amount of <br /> $438,756.00 on Whispering Oaks Subdivision, Phase II, Section 3 with such Bond <br /> issued to the Board of Commissioners of Clark County, Indiana as Obligee; <br /> c. Subdivision Performance Bond No 5032733 in the amount of $18,166.00 <br /> on Whispering Oaks II with such Bond issued to the City of Jeffersonville, Indiana as <br /> Obligee; <br /> WHEREAS, the Obligees for Bonds 5004160 and 50019190 were amended by <br /> , Indiana <br /> Rider changing the Obligee from the Board of Commissioners of Clark County, <br /> to the City of Jeffersonville, Indiana; <br /> WHEREAS, the penal sum of Bond 5009190 was reduced by Rider from <br /> $438,756.00 to the penal sum of $87,800.00 on July 14, 2005; <br /> WHEREAS, the penal sum of Bond 5032733 was increased by Rider from <br /> $18,166.00 to the penal sum of $23,000.00; <br /> WHEREAS, the Developer failed to complete the Project and on or about <br /> November 15, 2011, the City, as Obligee, held the Developer in default on the Project <br /> and demanded that the Surety complete the Project in repairing curbs and applying the . <br /> top layer of asphalt; <br /> WHEREAS, the Surety has obtained a quotation from Mark Guthrie Construction <br /> (hereinafter known as "Completion Contractor") to complete the Project and desires to <br /> complete the Project, and the City hereby accepts the Completion Contractor to <br /> complete the Project; and <br /> { <br />