§ 82-294. Release of guarantee.

Upon acceptance by the board of commissioners of the dedication of the final portion of improvements, the county will authorize the release of the letter of credit.

GILMER COUNTY, GEORGIA
LETTER OF CREDIT - DEVELOPER'S FORM

WHEREAS _______, Principal herein, is the owner and developer _______ of the Subdivision, Unit_______, located in Gilmer County, Georgia; and

WHEREAS the Preliminary Plat plans and specifications of said Subdivision showing the location, construction, and installation of improvements therein have been filed with and approved by the Planning Commission, and which are hereby referred to and made part of this instrument, as if fully copied and set forth herein; and,

WHEREAS the Principal herein does hereby obligate itself and does agree to complete the construction and installation of said improvements in the said Subdivision in accordance with the said Preliminary Plat plans and specifications now on file, and as bounded and modified by the final plat of _______ Subdivision, Unit_______, approved by the Planning Commission.

NOW THEREFORE, _______, as Principal, does hereby firmly bind itself, its heirs, executors, administrators, and successors and assigns unto the County in the sum of $_______, conditioned upon_______ Subdivision, Unit_______, in the construction and installation of all improvements herein called for, the same improvements to completed on or before the _______ day of _______, 20_______ and upon the completion thereof this obligation to be null and void, otherwise to remain in full force and effect.

If the Principal fails to complete the construction and installation of all the improvements of said Subdivision as shown and provided for by said plans and specifications herein referred to or has not obtained an extension of the above completion date prior to the completion date herein above specified, then the County shall be entitled to perform the construction and installation of the improvements herein above referred to and the Principal shall pay or cause to be paid to the County such sums as may be necessary to complete said improvements, as secured by an irrevocable Letter of Credit, terminating no sooner than _______ weeks after the completion date for said improvements above mentioned, executed with this instrument, but not to exceed the amount referred to herein.

WITNESS OUR HANDS this the _______ day of _______ 20_______.

Signature ___________

Address ___________

Sworn to and subscribed before the undersigned notary this ________ day of _______ 20_______

Seal

Printed Name________

My Commission Expires________

GILMER COUNTY, GEORGIA
LETTER OF CREDIT - CREDITOR'S FORM

20_______ _______,

Gilmer County Board of Commissioners

#1 Westside Square

Ellijay, GA 0540

We hereby establish an irrevocable and unconditioned Letter of Credit in your favor for the account of _______ for a sum or sums not exceeding _______ available by your draft or drafts on us at sight.

Drafts drawn pursuant to this Letter of Credit or guaranty must be accompanied by a statement signed by your authorized agent stating that the amount of the draft is due for the construction and installation of the improvements in _______, Gilmer County, Georgia, under the terms of the Performance Bond executed by _______ to you on the _______day of 20_______.

Partial drawings are permitted, but the combined draws by you cannot exceed the amount of this Letter of Credit. This Letter of Credit shall terminate upon the _______day of 20_______.

All drafts drawn hereunder must be marked "Drawn under_______, of _______ Letter of Credit dated _______20_______."

We hereby agree with the drawers, endorsers, and bona fide holders of drafts drawn under and in compliance with the terms of the Letter of Credit that the same shall be duly honored if presented to us before the termination hereof as above provided.

The amount of each such draw shall be inscribed on the back hereof, and this Letter of Credit must itself be attached to any draft which exhausts the full amount of the credit set forth in the first paragraph above.

This Letter of Credit shall not be assignable without written permission of the County.

Very truly yours,

_____
(Title)

Name of Bank: ___________

Sworn to and subscribed before the undersigned notary this ________ day of _______ 20_______

Seal

Printed Name________

My Commission Expires________

(Ord. of 3-27-2003(5), § 3.803; Ord. of 5-13-2004(4), § 3.803; Res. No. 06-47, 3-8-2006)