HomeMy WebLinkAbout23 - Development Agreements - Freestone On Main, LLC - 5th and Main Sewer Improvements»Bond #: EACX4027470PUBLIC IMPROVEMENTS COMPLETION BONDWHEREAS, the City of Bozeman, a self governing local government operating pursuant to itsCharter and the laws of the State of Montana (the "City"), as obligee of this bond, and Freestone on Main,LLC hereinafter referred to as "Principal", as principal to this bond, have entered into an agreement wherebyPrincipal agrees to install and complete certain designated improvements, which said agreement, dated October 24th2023, is identified as Improvements Agreement for Freestone on Main, LLC (Sewer Improvements) (the"Improvements Agreement") and the Principal has entered into the Improvements Agreement for purposes offulfilling its requirements related to its Development Application #22321 (the "Land Use Applications") madepursuant to the requirements of Chapter 38, Article 39, Bozeman Municipal Code (the "Code"), as the above arehereby refen-ed to and made a part hereof; andWHEREAS, said Principal is required under the terms of the Improvement Agreement(s) and theconditions of approval for the Applications pursuant to the Code to furnish this public improvements completionbond for the faithful performance of the Improvements Agreement(s), and to guarantee the work for a period oftwo years.NOW, THEREFORE, we, the Prmcipal and Endurance Assurance Corporation (Surety), a corporation organized anddoing business under and by virtue of the laws of the State of Delaware, and duly licensed by the State of Montanafor the purpose of making, guaranteeing, or becoming sole surety upon bonds or undertakings, herein do provide thisbond in the sum of One Million Seven Hundred Thirty One Thousand Two Hundred Forty Two Dollars and FortyNine Cents ($1,731,242.49) lawful money of the United States, for the payment of which sum well and truly to bemade, we bind ourselves, our heirs, successors, executors and administrators, jointly and severally, firmly by thesepresents.The conditions of this obligation are such that if the above bounded Principal, his, their, or its heir,executors, administrators, successors, or assigns, shall in all things stand to or abide by and well truly keep andperform the covenants, conditions and provisions in the said Improvements Agreement and the Code and anyalteration thereof made as therein provided, on his or their part, to be kept and performed at the time and in themanner herein specified, and in all respects according to their tme intent and meaning, then this obligation shallbecome null and void; otherwise it shall be and remain in full force and effect.The Surety and Principal further agree that in the event the work and improvements are not completedwithin the time allowed by the Improvements Agreements), or any extensions thereof as may be granted by the City,the Surety and Principal shall be jointly and severally liable to the City for any and all costs incurred by the City incompleting the required improvements. The City may, at its election, order the Surety to take over and complete theimprovements without suit or, at the election of City, the City may complete the improvements and, in such a case,and upon demand by the City and without suit the Surety must tender to City the amount necessary, based upon theestimate of the City, to carry out completion of the improvements; it being further understood that upon completion ofthe improvements to the sole satisfaction of the City, any unexpended funds shall be returned to Surety.As a part of the obligation secured hereby and in addition to the face amount specified thereof, there shall beincluded costs and reasonable expenses and fees including enforcing such obligation as are incurred by the City, all tobe taxed as costs and included in any judgment rendered.The Surety and Principal further agree that ten percent f 10%) of the face amount of this bond will remain ineffect and continue after completion and acceptance of the work and improvement by the City for two (2) yearsfrom the date of acceptance by the City to guarantee said improvements against any defective work or labor done,or defective materials furnished, in performance of the Improvements Agreement or this agreement.Public Improvements Completion BondPage 1 of 2
»yThe Surety hereby stipulates and agrees that no change, extension of time, alteration or addition to the termsof the Improvements Agreement or to the work to be performed thereunder or the specifications accompanying thesame shall in any way affect its obligations on this bond, and does hereby waive notice of any such change, extensionof time, alteration or addition to the terms of the agreement or to the work or to the specifications.No right of action shall accrue hereunder to or for the use of any persons, firm or corporation other thanthe City. It is understood that the rights of the City under this bond are conditioned upon the faithful performance byor on behalf of the Principal of all conditions to the Improvements Agreement and total amount of the Surety'sliability hereunder shall in no event exceed the aggregate penalty hereof.IN WITNESS WHEREOF, said Principal and said Surety have caused this public improvements completion bond tobe duly executed this 24th _day of_October _, 2023PRINCIPAL: _Freestone On Main, LLCDate: October 24th, 2Q23By:_Title: M^^V^y^ ^CITY OF BOZEMAN, MONTANA:/o^?^.^Date:By:1CierMailing Address: /^/$P €^e\^^ ^^- "^/^^-. u^ T^A., ^^ <5-^^' ^Telephone: </)^ . <8t3.3^<2clFax: __ ^ ~^"^SURETY: Endurance Assurance CorporationDate: October 24th, 2023By: ^'77^l-X^U-^) (V7J •<^~^lrt^-Title: Melissa M. Nordin, Attorney in FactMailing Address: 9855 W 78th Street Suite 100Eden Prairie, MN 55344Telephone: 952-653-1180Fax:APPROVED AS TO FORM:Date:;ity AttorneyJO/U/23Public Improvements Completion BondPage 2 of 2
*LINHTED LIABILITY COMPANY ACKNOWLEDGMENTSTATE OF.^^i i i^l n e.^ ff \^-^COUNTY OF H^t^l^t^^'^On this ^^ day of 0 C--/^/.<r2 02 3 , before me personally appeaTedKJ<7juJL<>fi> (J^HT^-—-to me known, who bemg by me duly sworn, that he is thej tfae Limited Liabilityl^t-^v^ a^- iM^vl*b<e^^ofthe /V-C-'-.^'^^^ ^/7 /^^^ /-/CCompany described in and which executed the foregoing mstnuneat; that he knows ths sealofsaid Luiuted LiabilityCompany; that the seal afiRxed to said instrument is such company seal; that it was aflSxed by ordsr of the Board ofGovernors of said Limited Liability Company; and that he signed his name thereto by likeorder.(iAnne C. StephensonNOTARY PUBLICMINNESOTAMy Commissfon Expires Jan. 31 , 2025Notary Public,A—x(Notarial Seal)IACKNOWLEDGMENT OF CORPORATE SURETYSTATE OF MinnesotaCOUNTS OF _WashingtoniiOn this^i^kb. day of (7C/^/e^2 02 3 , before me appearedMelissa M. Nordinto me personally knovm, who being duly sworn, did say that he is dieaforesaidofficer or attorney in fact of ^P^ccrct^C'e- ^^^^f^HCL Co^/]6r^'fffl , a eorporation;that the seal affixed to the foregoing instrument is the corporate seal of said corporation, and that said instrument wassigned and sealed on behalf of said corporation by the aforesaid officer, by authority of its board of directors; and theaforesaid office acknowledged said instrument to be the free act and deed of said cotporation.ffis;»^, JEFFREY MtTCHELL SETTEMNOTARY PUBLICMINNESOTAMy Commluton Expkw Januuy »1, 2U281Notary Public,.(Notarial Seal)
<s-SOMPO INTERNATIONALINSURANCEPOWER OF ATTORNEY15461KNOW ALL BY THESE PRESENTS, that Endurance Assurance Corporation, a Delaware corporation, Endurance American Insurance Company, a Delawarecorporation, Lexon Insurance Company, a Texas corporation, and/or Bond Safeguard Insurance Company, a South Dakota corporation, each, a "Company" andcollectively, "Sompo International," do hereby constitute and appoint: Alan Starks, Jeff Settem, Melissa Nordin, Name Alemdar as true and lawful Attomey(s)-ln-Fact tomake, execute, seal, and deliver for, and on its behalf as surety or co-surety; bonds and undertakings given for any and all purposes, also to execute and deliver on its behalfas aforesaid renewals, extensions, agreements, waivers, consents or stipulations relating to such bonds or undertakings provided, however, that no single bond or undertakingso made, executed and delivered shall obligate the Company for any portion of the penal sum thereof in excess of the sum of ONE HUNDRED MILLION Dollars($100,000,000.00).Such bonds and undertakings for said purposes, when duly executed by said attorney(s)-in-fact, shall be binding upon the Company as fully and to the same extent as ifsigned by the President of the Company under its corporate seal attested by its Corporate Secretary.This appointment is made under and by authority of certain resolutions adopted by the sole shareholder of each Company by unanimous written consent effective the 15thday of June, 2019, a copy of which appears below under the heading entitled "Certificate".This Power of Attorney is signed and sealed by facsimile under and by authority of the following resolution adopted by the sole shareholder of each Company byunanimous written consent effective the 15th day of June, 2019 and said resolution has not since been revoked, amended or repealed:RESOLVED, that the signature of an individual named above and the seal of the Company may be affixed to any such power of attorney or any certificate relating theretoby facsimile, and any such power of attorney or certificate bearing such facsimile signature or seal shall be valid and binding upon the Company in the future with respectto any bond or undertaking to which it is attached.IN WITNESS WHEREOF, each Company has caused this instrument to be signed by the following officers, and its corporate seal to be affixed this 15th day ofJune,2019.^JIJWQ, ^5^r^p 3ZJWQ ^SW^Richard Appel,^§,V.Ri«8>,)§enior Counsel Richard Appel,,SWP'<>^enior Counsel Ricliard Appel.^g^genioil- fcounsel Richard Appel^,SYP&,-§enio/^/ou^sel^^^^ura'1c^^, _2002_ jg^•.,DELAWARE,.'jy"•^yr'«*l|l||Mk^1'i-T,-(S; SEAL ;o|^^""••.„.„„„.-'••" ACKNOWLEDGEMENT^RAHCf^:^0''^-^,<ftsT<&sEAL•<**^,/.•.r^'•6OfriardAppel^V^.&^"W9.|^/ SOUT_H \';DAKOTA :jINSURANCE :,COMPANY .'<&•vx""'nnini,'.""'"*"On this 15th day of June, 2019, before me, personally came the above signatories known to me, who being duly sworn, did depose and say that heMysyf^^fvi^cer of eachof the Companies; and that he executed said instrument on behalf of each Company by authority of his officg.under thg by-^ws of each Company^- ^s..--ov ',/^\\By:CERTIFICATENoublic;Amy Taylor,Tt-NESSEt•or»«»PUBLt-. -^ 'y»x_..iMy Commission ExpiresI, the undersigned Officer of each Company, DO HEREBY CERTIFY that:1. That the original powerof attorney of which the foregoing is a copy was duly executed on behalf of each Company and has not since been revoked, amended or modified;that the undersigned has compared the foregoing copy thereof with the original power of attorney, and that the same is a true and correct copy of the original power ofattorney and of the whole thereof;2. The following are resolutions which were adopted by the sole shareholder of each Company by unanimous written consent effective June 15, 2019 and said resolutionshave not since been revoked, amended or modified:"RESOLVED, that each of the individuals named below is authorized to make, execute, seal and deliver for and on behalf of the Company any and all bonds,undertakings or obligations in surety or co-surety with others: RICHARD M. APPEL, BRIAN J. BEGGS, CHRISTOPHER DONELAN, SHARON L. SIMS,CHRISTOPHER L. SPARRO, MARIANNE L WILBERT; and be it furtherRESOLVED, that each of the individuals named above is authorized to appoint attorneys-in-fact for the purpose of making, executing, sealing and delivering bonds,undertakings or obligations in surety or co-surety for and on behalf of the Company."3. The undersigned further certifies that the above resolutions are true and correct copies of the resolutions as so recorded.and of the whole thereof.IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal this 24th day of October //, 202^s.•rie:retaryeBy:DarnelNOTICE: U. S. TREASURY DEPARTMENT'S OFFICE OF FOREIGN ASSETS CONTROL (OFAC)No coverage is provided by this Notice nor can it be construed to replace any provisions of any surety bond or other surety coverage provided. This Notice provides information concerningpossible impact on your surety coverage due to directives issued by OFAC. Please read this Notice carefully.The Office of Foreign Assets Control (OFAC) administers and enforces sanctions policy, based on Presidential declarations of "national emergency". OFAC has identified and listednumerous foreign agents, front organizations, terrorists, terrorist organizations, and narcotics traffickers as "Specially Designated Nationals and Blocked Persons". This list can be locatedon the United States Treasury's website - httos://www.treasurv.gov/resource-center/sanctions/SDN-List.In accordance with OFAC regulations, if it is determined that you or any other person or entity claiming the benefits of any coverage has violated U.S. sanctions law or is a SpeciallyDesignated National and Blocked Person, as identified by OFAC, any coverage will be considered a blocked or frozen contract and all provisions of any coverage provided are immediatelysubject to OFAC. When a surety bond or other form of surety coverage is considered to be such a blocked or frozen contract, no payments nor premium refunds may be made withoutauthorization from OFAC. Other limitations on the premiums and payments may also apply.Any reproductions are void.Surety Claims Submission: LexonClaimAdministrationffisompo-intl.comTelephone: 615-553-9500 Mailing Address: Sompo International; 12890 Lebanon Road; Mount Juliet, TN 37122-2870