1999-11-23
PERFORMANCE BOND SECURED BY LETTER OF CREDIT
This Performance Bond, executed this 2..s day of November, 1999 by
Dutchess Airport Realty LLC, 1 Main Street, Highland, New York, (hereinafter referred
to as "Dutchess"), as principal, onto the Town of Wappinger, a municipal corporation
with its offices at the Town of Wappinger Town Hall, Middlebush Road, Wappingers
Falls, New York 12590, as obligee.
WHEREAS, the principal ("Dutchess") is the owner of lands herein described;
and
WHEREAS, the Planning Board of the Town of Wappinger has granted
conditional site plan approval by resolution dated the 8th day of July, 1998 to the
application of PAZ HealthCare Management ("PAZ") to operate an assisted living
facility; and
WHEREAS, on November 2, 1999, the Planning Board authorized the issuance
of a limited building permit for the footings, foundation and related appurtenances for
the facility, conditioned upon, among other things, the provision of a performance
bond secured by a letter of credit to be deposited with the comptroller of the Town of
Wappinger, in an amount equivalent to twice the amount estimated by the Town
Engineer to restore the site;
NOW, THEREFORE, the principal ("Dutchess") hereby executes and delivers this
undertaking to guarantee to the Town of Wappinger that if principal is not able to fulfill
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all conditions of the July 8, 1998 conditional site plan resolution on or before July 30,
2000, or such later date as may be established by consent of the Town of Wappinger
Planning Board, then, upon due demand of the Town of Wappinger served upon the
principal by certified mail at the above address, the principal shall promptly remove any
and all improvements placed on the site pursuant to the limited building permit
(foundation permit) issued by the Town of Wappinger, and shall restore the site, as
near as may be possible, to its undeveloped condition prior the construction, within 60
days of receipt of demand, weather permitting; and
If principal fails to so remove the improvements by such date, or such extended
date as the Planning Board may approve, and to restore the site as set forth above,
then the Town of Wappinger shall have the right to draw upon a security posted to
complete the removal of the improvements and the restoration of the property. The
Town shall provide an accounting to the principal for the expenditure of such sums,
and all amounts remaining on deposit with the Town after the work has been
completed, shall be returned to the principal.
As security for this obligation, principal delivers herewith to the Town of
Wappinger the following security for faithful performance of this obligation:
A Letter of Credit from the U.S. Trust, No. 1Gi./1o
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,
IN WITNESS WHEREOF, Dutchess has executed this Performance Bond this
J3tf day of November, 1999.
DUTCHESS AIRPORT REALTY LLC
BY' L;(~7 if.~
. ~ .' - L ~::> .
Azzy Recke~, Managing Member
STATE OF NEW YORK )
)ss.:
COUNTY OF DUTCHESS)
On the ,~j day of November in the year 1999, before me, the undersi9ned,
a Notary Public in and for said State, personally appeared AZZY RECKESS, 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 ack,nowledged to me that he
executed the same in his capacity I and that by his signature on the instrument, the
individual(s), or the person upon behalf of which the individual acted, executed the
instrument.
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