Bond of subdivider to install improvements and utilities.
[Obligation] The principal has filed with the City [Town] of _________ a plat of a proposed subdivision in _________, more particularly described as _________ subdivision, plat _________, and, indorsed on the plat, the agreement of principal to install in the subdivision improvements and utilities, specifically: _________, required by law to be installed prior to approval of the subdivision and plat.
Provision has been made by law and ordinance by which the principal may, in lieu of the final completion of the improvements and utilities, file a surety bond acceptable to the City [Town] of _________ in favor of the city [town], which shall indemnify the city [town] and secure to the city [town] the actual construction of the improvements and utilities in a manner satisfactory to the city [town], in the event the principal shall fail to install the improvements and utilities within _________ years, from the date of approval of the subdivision plat.
Now, therefore, the condition of this obligation is such that if the principal shall complete the installation and construction of the improvements and utilities as are prescribed and required by the City [Town] of _________ pursuant to the agreement above mentioned, then this obligation shall be void, otherwise to remain in full force and effect.
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