Performance BondG~~i~ G~-~t ~ FROM THE DESK OF James Fitzpatrick, P.E.
60 Merritt Boulevard
~'-_J ~J'DEVEL~P~E~T Suite 100
Fishkill, NY 12524
(845) 897-8900
(845) 897-8998 FAX
LETTER OF TRANSMITTAL: ~ [~ ~ Cam, Imo- ~ ~!~ ~ D
Date: 08/20/13 ~ AUG 2 0 ?.013
Job No. 2870
Attention: Ms. Barbara Roberti TO W IV C7 ~ W ~ ~ PI N G E ~',
To: Town of Wappinger ~~ "~~ ~~ ~ ~ ~` ~
Re: Regency at Wappinger -Performance Agreement
WE ARE SENDING YOU:
®Attached
^Shop Drawings
^Samples
^Under separate cover via UPS the following items:
^Prints ^Plans ^Specifications
^Copy of Letter ^Change order ®Other
Co ies Date No. Descri tion
1 8/20/13 Pefonnance Agreement Secured by a Surety
Bond - #39BSBGG1368
THESE ARE TRANSMITTED as checked below:
^For approval ^Approved as submitted
®For your use ^Approved as noted
^As requested ^Returned for corrections
^For review and comment ^For Bids Due
^Resubmit copies for approval
^Submit copies for distribution
^Return corrected prints
^Prints Returned After Loan To Us
REMARKS
If you have any questions, please do not hesitate in contacting me at the number listed above.
COPY TO
File
PERFORMANCE AGREEMENT SECURED BY A SURETY BOND
WHEREAS, the undersigned, TOLL LAND V, LIMITED PARTNERSHIP, a New York limited
partnership, a limited partnership owned by wholly-owned subsidiaries of TOLL BROTHERS, Inc., with
an address of 60 Merritt Blvd., Suite 100, Fishkill, New York 12524 is about to purchase a subdivision
known as "Hilltop Village at Wappinger" prepared Povall Engineering, PLLC and survey by Robert V.
Oswald Jr Land Surveying PLLC, dated May 28, 2013 and last revised on July 18, 2013 which plat is
about to filed in the Dutchess County Clerk's Office; and
WHEREAS, the Planning Board has granted final conditional subdivision approval to Toll
Brothers, Inc. as Applicant, and Contrail, LLC as owner pursuant to Resolution dated March 18, 2013,
subject to certain public improvements being made and constructed within said subdivision and subject to
completion of the requirements set forth in the Town Subdivision Regulations, Highway Specifications
and Zoning Law, and depicted in a set of construction plans specifically identified in the Resolutions of
Subdivision Approval and Site Plan Approval both dated March 18, 2013; and
WHEREAS, Contrail, LLC intends to convey its rights and interest in said subdivision to TOLL
LAND V, LIMITED PARTNERSHIP; and
WHEREAS, Article 16 of the Town Law and the Town of Wappinger Code requires that the
developer guarantee the construction, installation and dedication of the required public improvements and
obligation prior to issuance of any building permits.
NOW, THEREFORE, TOLL LAND V, Limited Partnership, hereby agrees to undertake the
following:
1. To make, construct, complete the improvements, and agree to perform all of the
obligations set forth in the Town of Wappinger Subdivision Regulations, Highway Specifications and
Zoning Law, including road maintenance and snow removal in accordance with the standards maintained
by the Town of Wappinger Highway Department and at the direction of the Town of Wappinger Highway
Superintendent, in accordance with the Resolution of Conditional Subdivision Approval dated March 18,
2013 within two (2) years from the date hereof.
2. Upon construction and completion of the required improvements and obligations set forth
above, and upon request of the Town, the undersigned will dedicate the Road and other improvements
noted on the subdivision plat to the Town, free and clear of any liens or obligations as set forth in the
Local Laws, Ordinances, Rules and Regulations of the Town of Wappinger.
3. As security for this obligation, including sums sufficient to pay for attorneys' or
consultants' fees in the event the undersigned defaults hereunder, the undersigned will hereby deliver to
the Town of Wappinger the following security for the faithful performance of the obligations the
undersigned has undertaken herein: a surety bond issued by HARTFORD FIRE INSURANCE
COMPANY, bearing number 39BSBGG1368 and issued in favor of the Town of Wappinger in the sum
of TWO MILLION THREE HUNDRED TWELVE THOUSAND TWO HUNDRED SEVENTY TWO
AND 00/100 DOLLARS ($2,312,272.00) securing the obligation set forth in this Performance
Agreement.
4. The undersigned, TOLL LAND V, further binds its successors, its heirs, executors,
administrators, successors or assigns as the case may be, for the faithful performance of the obligations
set forth herein.
5. The undersigned further acknowledges that if any default remains in the performance of
the obligations created hereunder, the lots within the subdivision will no longer be eligible for building
permits until such defaults are cured.
IN WITNESS WHEREOF, the undersigned executed this Agreement on this 20th
day of August, 2013.
Toll Land V Limited Partnership
By: Toll Peppertree, Inc., its general partner
By:
es Fit a , ice President
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STATE OF NEW YORK )
SS:
COUNTY OF DUTCHESS)
On the ~~ day of ~ in the year 2013 before me personally
appeared James Fitzpatrick, Vice President (TOLL LAND V LIMITED
PARTNERSHIP), personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and
acknowledged to me that he executed the same in his capacity, and that by his signature on
the instrument, the individual, or the person upon behalf of which the individual acted,
executed the instrument.
L~ , ~
Notary Public
LISA A. CLFJIRY
Notary public, State of New YoAc
No. 01CL5082388
QuafKied in Outchess County
Commission Expires 07-28-201t
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