2013-1902013-190
Resolution Accepting a Performance Agreement Secured by Surety Bond and Acceptance
of Certain Properties Tendered in Connection with the Hilltop Village Project
At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County,
New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on August
26, 2013.
The meeting was called to order by Barbara Gutzler, Supervisor, and upon roll being
called, the following were present:
PRESENT: Supervisor
Councilmembers
- Barbara Gutzler
- William H. Beale
• Vincent F. Bettina
Ismay Czarniecki
Michael Kuzmicz
ABSENT:
The following Resolution was introduced by Councilwoman Czarniecki and seconded by
Councilman Kuzmicz.
WHEREAS, the Town of Wappinger Planning Board received an application from Toll
Brothers, Inc. (the "Applicant") on behalf of Contrail LLC (the "Owner") for Site Development
Plan and Wetlands Permit Approval for construction of a 225-unit (132 detached and 93 attached
units) age-restricted residential development known as "Hilltop Village at Wappinger" (the
"Project"); and
WHEREAS, the Project includes a club house, recreational amenities, preservation of
natural areas as permanent open space, recreational amenities, reconstruction of an existing
private road (identified as Road A) to be dedicated to the Town, dedication of 1.43 acres of land
for future use by the Town, dedication of 51.7-acre parcel adjacent to the existing Town
Recreation Center on Robinson Lane for recreational use, construction of off- site Town water
system upgrade identified as "Water Main Extension Loop from Meadowood Wells -All Angels
Hill Road," a water and sewer buy-in fee of $243,000 as well as recreation fees in the amount of
$1.25 million to be paid to the Town (included in the "Proposed Action"); and
WHEREAS, the Town of Wappinger Planning Board granted Site Development Plan
and Wetlands Permit Approval by Resolution dated March 18, 2013; and
WHEREAS, in connection with the aforementioned project, the Town of Wappinger
Planning Board also granted Preliminary and Final Subdivision Plat Approvals by Resolution
dated 18th March, 2013, as shown on subdivision plans generally entitled "Hilltop Village at
Wappinger, Town of Wappinger, Dutchess County, New York" prepared by Povall Engineering,
PLLC, which plans were last revised on February 15, 2013; and
WHEREAS, the Planning Board Resolution of Site Development Plan Approval allowed
for implementation of the Project in sections subject to certain improvements being made and
constructed as set forth on the aforementioned Site Development Plan and Wetlands Permit
Approval and related contract drawings, and in accordance with the Town of Wappinger
Subdivision Regulations, Zoning Code, Highway Specifications, Municipal Stormwater
Management Law, and Rules and Regulations of the Town of Wappinger all as set forth in the
plans and specifications recited in the aforementioned Resolution of Site Development Plan and
Wetlands Permit Approval and Preliminary and Final Subdivision Plat Approvals; and
WHEREAS, the Engineer to the Town, Robert J. Gray, has determined the amount
necessary to complete the improvements for the project to be the sum of Two Million Three
Hundred Twelve Thousand Two Hundred Seventy-Two and 00/100 Dollars ($2,312,272.00);
WHEREAS, the developer is required to guarantee the construction, installation and
dedication of the various improvements required by the aforementioned Resolutions of
Approval; and
WHEREAS, Toll Brothers, Inc. intends to convey its interest in the aforementioned
project to Toll Land V Limited Partnership, a limited partnership owned by wholly owned
subsidiaries of Toll Brothers, Inc.; and
WHEREAS, Toll Land V Limited Partnership, the successor in interest to Toll Brothers,
Inc., has tendered to the Town of Wappinger a Performance Agreement secured by a Surety
Bond issued by Hartford Fire Insurance Company in the principal sum of Two Million Three
Hundred Twelve Thousand Two Hundred Seventy-Two and 00/100 Dollars ($2,312,272.00), and
bearing Bond No. 39BSBGG1368 in favor of the Town of Wappinger as the security to
guarantee the construction and installation of the various improvements required by the
Resolutions of Approval; and
WHEREAS, Albert P. Roberts, Attorney to the Town, has reviewed, examined and
approved the aforementioned Performance Agreement secured by Surety Bond; and
WHEREAS, the Applicant has agreed to tender certain properties to the Town
simultaneously with the filing of the subdivision plat as hereinafter set forth.
NOW, THEREFORE, BE IT RESOLVED, as follows:
1. The recitations above set forth are incorporated in this Resolution as if fully set
forth and adopted herein.
2. The Performance Agreement secured by Surety Bond executed on August 15,
2013 by Toll Land V Limited Partnership with an address at, 60 Merritt
Boulevard, Fishkill, New York 12524, as Obligor, and secured by a Surety Bond
issued by Hartford Fire Insurance Company in the principal amount of Two
Million Three Hundred Twelve Thousand Two Hundred Seventy-Two and 00/100
Dollars ($2,312,272.00) in favor of the Town of Wappinger, as Obligee, is hereby
accepted as the guaranty for the completion of the construction, installation,
implementation and dedication of the improvements required by the Resolution of
Subdivision Plat Approval and the Resolution of Site Development Plan and
Wetlands Permit Approvals adopted by the Planning Board on the 18th March,
2013.
3. The Surety Bond issued by Hartford Fire Insurance Company bearing Bond No.
39BSBGG1368 initiated in favor of the Town of Wappinger as Obligee in the
sum of Two Million Three Hundred Twelve Thousand Two Hundred Seventy-
Two and 00/100 Dollars ($2,312,272.00) is hereby accepted as security for the
faithful performance of the duties set forth in the above referenced Performance
Agreement.
4. The original Performance Agreement secured by the aforementioned Surety Bond
is hereby directed to be placed on file with the Town Clerk of the Town of
Wappinger.
5. In accordance with the Resolutions of Approval, the Applicant and Contrail LLC
have tendered to the Town of Wappinger and the Town of Wappinger hereby
accepts the following:
a. Parcel No. 6 identified on the above referenced subdivision map and
located at the terminus of Sylvia Drive;
b. A parcel of land containing approximately 51.7 acres plus/minus located
on Robinson Lane and adjacent to the existing Town of Wappinger
Recreation Park.
6. The Town Supervisor, Barbara A. Gutzler, and the Attorney to the Town, Albert
P. Roberts, are authorized to execute any and all documents necessary to record
the deeds to the aforementioned parcels simultaneously with the filing of the
above referenced subdivision plat.
The foregoing was put to a vote which resulted as follows:
BARBARA GUTZLER, SUPERVISOR Voting: AYE
WILLIAM H. BEALE, COUNCILMAN Voting: AYE
VINCENT F. BETTINA, COUNCILMAN Voting: AYE
ISMAY CZARNIECKI, COUNCILWOMAN Voting: AYE
MICHAEL KUZMICZ, COUNCILMAN Voting: AYE
Dated: Wappingers Falls, New York
8/26/2013
The Resolution is hereby duly declared adopted.
J ICA FULTON, DEPUTY TO CLERK
.~~ STENGER ROBERTS
j DAVIS & DIAMOND ~~P
1136 Route 9
Wappingers Falls, New York 12590
(845)298-2000
FAX (845) 298-2842
www.srddlaw.com
e-mail: info~srddlaw.com
Kenneth M. Stenger
August 20, 2013
Albert P. Roberts
Thomas R. Davis Town Boazd
Town of Wappinger
Stephen E. Diamond" 20 Middlebush Road
Joan F. Garrett"* Wappingers Falls, New York
Attention: Hon. Barbara A. Gutzler, Supervisor
Kevin T. McDermott Re: Hilltop Village at Wappinger
Angel I. Falcon Performance Agreement Secured by Surety Bond
James P. Horan"' SRDD File No. 12949.0574
Lisa M. Cobb Dear Bazbaza:
M. Ellen O'Sullivan
I have reviewed the Performance Agreement executed by Toll Land V
Marina V. O'Neill Limited Partnership secured by a Surety Bond issued by Hartford Fire
Melissa A. Manna-Williams Insurance Company, Bond No. 39BSBGG1368, photocopies of which is
affixed hereto. The Performance Agreement is dated August 20, 2013 and
the Subdivision Bond is dated August 15, 2013. Both the Performance
OF COUNSEL Agreement and the Bond are approved and acceptable as to form. Please
Scott L. Volkman note a Subdivision Bond is a form of Surety Bond.
Karen MacNish
I have previously approved the format of the deeds to Pazce16 (cul-de-sac)
at Sylvia Drive and the Robinson Lane Pazcel.
PARALEGALS
Sandra Oakley Pazce16 and Robinson Lane Parcel should be recorded simultaneously
Dawn M. Paino with the filing of the Subdivision Plat which is expected to occur at some
time next week. The intention is to have a formal closing with Hilltop at
CLOSING COORDINATOR which time all required payments, including water and sewer buy-in fees
Maria L. Jones and recreation fees will be paid to the Town.
The Resolution placed on the agenda for August 26~' authorizes
ALSO ADMIRED IN FL 8 MA
-AISOADMIRED IN ~ acceptance of the Performance Agreement secured by the Hartford Fire
"'ALSO ADMITTED IN NJ Insurance Subdivision Bond Ill the sum of $2,312,272.00 and the
Page 2
acceptance of the Robinson Lane Recreation Parcel offered by Contrail, LLC
(Buyakowski) and Pazce16 which contains land presently used by the Town as a cul-de-
sac at the end of Sylvia Drive.
Very truly yours,
STENGER, ROBE TS OND, LLP
~J
ALBERT P. ROB TS
APR/so
Enclosures
cc: Hon. Jessica Fulton, Deputy Town Clerk
Planning Board
Bazbaza Roberti, Zoning Administrator
Hon. Graham Foster, Highway Superintendent
Robert'J. Gray, P.E.
David Stolman, AICP
Patrick-02Sul1ivan-Esq.
Robert J. Lackaye, Esq.
FROM TNF DESK OF Jeff W. Schiller, P.E.
60 Merritt Boulevard
Suite 100
Fishkiil, NY 12524
(845) 897-8940
(845} 897-$998 FAX
LETTER OF TRANSMITTAL:
Date: 08/19/2013
Job No. 2870
Attention: Mr. Peter Hobday, P.E.
To: Town of Wappinger
Re: Regency at Wappinger Bond #39BSBGG1368
WE ARE 5ENDING 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 lion
1 08/15/2013 39BSBGG1368 $2,312,272 Subdivision Bond
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
BOND NO. 39BSBGG1368
SUBDIVISION BOND
KNOW ALL MEN BY THESE PRESENTS: that we, TOLL LAND V LIMITED PARTNERSHIP, A
LIlVIITED PARTNERSHIP OWNED BY WHOLLY-OWNED SUBSIDIARIES OF TOLL
BROTHERS, INC., as Principal, and HARTFORD FIRE INSURANCE COMPANY, as Surety, are
jointly and severally held and firmly bound unto the Town of Wappinger, as Obligee, in the sum of
TWO MILLION THREE HUNDRED TWELVE THOUSAND TWO HUNDRED SEVENTY TWO
AND AO/100 Dollars ($2,312,272.00), lawful money of the United States of America for the payment of
which we jointly and severally bind ourselves, our heirs, administrators, executors, successors and
assigns, firmly by these presents.
Whereas, the above bounden Principal has ENTERED INTO A PERFORMANCE AGREEMENT
WTTH THE TOWN OF WAPPINGER FOR THE CONSTRUCTION OF THE IMPROVEMENTS
SHOWN ON THE "HILLTOP VILLAGE AT WAPPINGER" SUBDPJLSION PLAT AND OFF-SITE
WATER LINE IMPROVEMENTS.
NOW, THEREFORE, the condition of the above obligation is such that if the above bounden Principal
shall well, fully and faithfully construct, install and complete said improvements then the above
obligation shall be null and void; otherwise to remain in full force and effect, and the Surety upon
receipt of a resolution of the Obligee indicating that the improvements have not been installed or
completed, will complete the improvements or pay to the Obligee such amount up to the Principal
amount of this bond which will allow the Obligee to complete the improvements.
Upon approval by the Obligee, this instrument may be proportionately reduced as the public
improvements are completed.
Seated with our seals and dated this 15 TH day of AUGUST, 2013.
ATTEST:
Lisa 6 ~~~ ~r cA,4d~„~1.
WI S:
Arlene Ostroff -Witness
TOLL LAND V LIMITED PARTNERSHIP
BY: TOLL PEPPERTREE, INC., GENERAL PARTNER
BY:
-1+~5 c,r. r vP
HARTFORD FIRE INSURANCE COMPANY
BY: !~
o W. Kolok, Jr., Attorney-in-Fact
Direct lnqurries/Claims to:
.P~ WER ~F ATT~.~:NEY T4 e H ~~ a ~~RD
Hartford, Connecticut D6155
call: 888-266-3488 or fax.• 850-757-5835
KNOW ALL PERSONS BY THi=SE PiRESENTS THAT: Agency Code: 39-320116
Hartford Fire Insurance Company, a corporation duly organized under the laws of the State of Connecticut
Hartford Casualty Insurance Company, a corporation duly organized under the laws of the State of Indiana
Hartford Accident and Indemnity Company, a corporation duly organized under the laws of the State of Conaec6cut
Hartford Underwrtters Insurance Company, a corporation duly organized under the laws of the State of Connecticut
Twin City Fire Insurance Company, a corporation duly organized under the laws of the State of Indiana
u Hartford Insurance Company of Illinois, a corporation duly organized under the laws of the State of lllinois
Hartford Insurance Company of the Midwest, a corporation duly organized underthe laws ofthe State of Indiana
~~ Hartford Insurance Company of the Southeast, a corporation duly organized under the laws of the State of Florida
having their home office in Hartford, Connecticut, (hereinafter collectively referred to as fhe "Companies") do hereby make, constitute and appoint,
up to the amount of unlimifed:
1~!liam F. Simkiss, Daniel P. Dunigan, Richarcl J. Decker, Brian C. Block, Joseph W. Kolok Jr., James L. Hahn
of
Paoli, PA '
their true and lawful Attorney(s)-in-Fact, each in their separate capacity if more than one is named above, to sign its name as surety(ies) only as
delineated above by ®, and to execute, seal and acknowledge any and a!I bonds, undertakings, contracts and other wrrften instruments in the
nature thereof, on behalf of the Companies in their business of guaranteeing the {delity of.persons, guaranteeing the performance of contracts and
executing or guaranteeing bonds and undertakings required or permitted in any actions or proceedings allowed by law.
In Witness Whereof, and as au#horized by a Resolution of the Board of I)irectars of the Companies on August '!, 2009 the Companies
have caused these presents to be signed by its Uce President and its corporate seals to be hereto effaced, duty attested by its Assistant Secretary.
Further, pursuant to Resolution of the Board of Directors of the Companies, the Companies hereby unambiguously affirm that they are and will be
bound by any mechanically applied signatures applied to this Power of Attorney.
o`-~~ ~:,wn.re..u ~ Leer ° _yr ~=/~°°°'%4`i^~ m
4y~+F ~, ;~'~ : \ air tnti f q~~y+~ t.,:~`L10 7 4{~ .'`€ ~ ~ ja 74 ~ ~8 7979
it +,~~~ jrR ~. I•~~ r '1uNis' 4 N' ~:-
Wesley W. Cowling, Assistant Secretary M. Ross Fisher, vice President
STATE OF CONI+fECT1CUT
~, Hartford
COUNTY OF HARTFORD
On this 12"' day of July, 2012, before me personally came M. Ross Fisher, to me known, who being by me duly sworn, did depose and
say: that he resides in the County of Hartford, State of Connecticut; that he is the Vice President of the Companies, the corporations described in
and which executed the above instrument; that he knows the seals of the said corporations; that the seals affixed to the said ins#rument are such
corpora#e seals; that they were'so affixed by authority of the Boards of Directors of said corporations and that he signed his name thereto by Pike
authority.
. ~: !4ur.~. ~ ; Kathleen. T. Ma
' Notary Public
'CERTIFICATE' My Commission ExpQes 7uly 31, 2016
!, the undersigned, Vice President of the Companies, DO HEREBY CERTIFY that t AUGUST 15d 20~oing is a true and correct copy of
the Power of Attorney executed by said Companies, which is sfill in full force effective as of
Signed and sealed at the City of Hartford.
~'n' ~'i tf s ~y'r t t~ y r ~ !'s.4 !.' ~v."
q ~~ 9 `Wn"rr.,4 ~ LYE f ~ ~,~~,sc"-"R't-~t a'
a +r~. i 1167 •~ C g S~ • / a ! il~r •$,='i = !
~~ Ar-tY~ ~i - 3.~ '+anr Mry+~ • ~~NAw- ~>~.~aw/ ~ 7 ~ ~ r`~.~.~'~ ~ 7974
-..~~ r`
f l t
Gary W. Stamper, ice President
Hartford, Connecticut
Financial Statement, December 31, 2012
._ (Statutory Basis)
ASSETS
U.S. Government Bonds ................... $ 468,076,524
Bonds of C?ther Governments ............. 225,576,451
State, County Municipal
Mlscelianeous Bonds ............ 12,051,050,206
Stocks ............................... 5,407,687,599
Short Term tnvestments ................... 565,906,440
$ 18,718,297,220
Real Es#ate ................................... $ 201,114,123
Cash ........................................... 89,214,243
Agents' Balances {Under 90 Day) ..,.., 2,837,315,710
Other Invested Assets ..................... 539,241,941
Miscellaneous ............................... 2,235,154,560
Total Admitted Assets ................... $ 24,620,337,797
STATE OF CONNECTICUT
COUNTY OF HAf2TFORD SS.
CITY OF HARTFORD
LIAB[L(TIES
Reserve for Claims
and Claim F~cpense ..........................
Reserve for Unearned Premiums ................
Reserve for Taxes, license
and Fees .......................................
Miscellaneous Liabilities ..........................
Total Liabilities .....................................
7,358,097,206
1,948,066,149
66,134,885
2,295,501,984
$ ##,807,800,224
Capital Paid In $ 54,740,000
Surplus ................ 12,957,797,573
Surplus as regards Policyholders.....,..... $ 13,012,537,573
Total Liabilities, Capital
and Surplus .................................... $ 24,620,337,797
M. Ross Fisher, Vice President ,and Wesley W. Cowling, Assistant Secretary of the Hartford Fire Insurance Company, being duly
sworn, each deposes and say that the foregoing is a true and correct statement of the said company's finanaal condition as of
December 31, 2012,
Subscribed and sworn to before me
this 19th day of April, 2013.
Kathleen T. tVlaynard
Notary Public
My Commission Facpires July 31, 2018
....
M. Ross Fisher, Vice President
~~ ~-
Wesley W. Cowling, Assistant Secretary
Form CS-19-37 HF printed in U.S.A.
To: Dan Zalinsky
from: Lisa Gunther
CC: Jeff Schiller
Date: 08/19/13
Re: Subdivision Bond -Regency a# Fiilltap
Please sign the attached Subdivision Bond, where indicated with the post it flag, and return it to rrty
attention for processing.
Thank you!
UPS Internet Shipping: Shipment Receipt
Shipment Receipt
Page 1 of 1
fransac>cionua>:e; ~IaHU zu~ls IracKin Numaer: 1LU23F1FU394768817
Address Information
Ship To: Ship From: Return Address:
Town of Wappinger Tdi Brothers, Inc. TGI Brothers, tnc.
Mr. Peter Hobday Lisa Gunther Lisa Gunther
20 Middlebush Road 60 Merritt Boulevard 60 Merrill Boulevard ...... .. .. .. ....
WAPPtNGERS FALLS NY 125904004 Suite 100 suite 100
Telephone:845-297-6256 Land Development Lend Development
Fishklli NY 12524 FISHKILL NY 12524
Talephone:845-897-8900 Telaphona:845-697-8900
x8950 x8950
Package Ynfotmatton
Weight Dimensions,' Packaging Declared Value Reference Numbers
1. 1.0 Ibs Other Packaging Reference#1 - 21400
Reference#2 -Regency at Wappinger - Jeff S.
UPS Shipp4ng Service and Shipping Options
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Guaranteed By: End. of Day Tuesday, Aug 20, 2013
Shipping Fees Subtotal: 6.2b USD
Traneportatfon 5.84 USD
Fuel Surcharge 0.41 USD
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hops://www.ups.com/uis/create?ActionOriginPair=default PrintWindowPage&key=rec... 8/19/2013
~.^~
FROM THE DESK ~F James Fitzpatrick, P.E.
~~~~".~~~~ .~,~,~ 60 Merritt Boulevard
t c~ T M ~~~~` Suite 100
`~~" "` "~ "~ -~ ~ ~ Fishkill, NY 12524
(845) 897-8900
{845) 897-8998 FAX
LETTER OF TRA1VSMlTTAL:
Date: 08/20/13
Job No. 2870 "
Attention: Ms. Barbara Roberti
To: Town of Wappinger
Re: Regency at Wappinger -Performance Agreement
WE ARE SENDING YOU:
®Attached ^Under separate cover via UPS the following items:
^Shop Drawings ^Prints ^Plans ^Specifications
^Samples ^Copy of Letter ^Change order ®Other
Co ies Date No. Descri tion
1 8/20/13 Peformance Agreement Secured by a Surety
Bond - #39BSBGGl368
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 far 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 nunriber listed above.
COPY TO
File
WHEREAS, the undersigned, TOLL LAND V, LIMITED PARTNERSHIP, a New York limited
partnership, a limited partnership awned 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 PARTNERSHIl'; 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 1 S,
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
Loca] 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" MII:LION 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, far the faithful performance of the obligations
set forth herein.
5. The undersigned further acknowledges that if any default remains in the perfonmance 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 2Qu'
day of .august, 2013.
Toll Land V Limited Partnership
By: Toll Peppertree, Inc., its general partner
By;
~J es Fit a ' ice President
2
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 Heine is subscribed to the within instrument and
acknowledged tome 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. CLEAFtY
Notary t~ublic, State of New Yotls;
No.09CL5062385
Qualified in Dutchess County
Commission Expires 07 28-2091
3