EXHIBIT G1
ESCROW RECEIPT
SUBDIVIDER'S PUBLIC IMPROVEMENT
PAYMENT, PERFORMANCE AND WORKMANSHIP BOND
The undersigned bank or savings and loan association by its duly authorized officers and agents, acknowledges and certifies to the undersigned Subdivider or Owner, and to the Town of Normal, McLean County, Illinois, effective the _____ day of ______________, 20____ as follows:
1. That it maintains a regular office for the transaction of its business in McLean County, Illinois.
2. That it has received and now holds in escrow, pursuant to the terms hereof, the sum of ________________________________ received from the undersigned Subdivider(s).
3. That this escrow account has been established by the undersigned Subdivider as security on said Subdivider's Public Improvement Payment, Performance and Workmanship Bond for __________________________ (name of subdivision) as provided in SEC. 1 6.3-4 of the Municipal Code of the Town of Normal, McLean County, Illinois, 1969, as amended, to the date thereof, and shall be held and disbursed in accordance with said Bond, said Ordinance, and as follows:
- The account, plus interest earned thereon, shall be held
by the undersigned, conditioned upon performance by the Principal
on its Subdivider's Public Improvement Payment, Performance
and Workmanship Bond furnished to the Town of Normal for the
improvements required as shown on the Final Plat of the above
mentioned Subdivision, the preparation of as-built plans and
the payment of inspection and testing fees.
- All withdrawals of the principal from the account shall
be made subject to the release of the Town of Normal by the
Town Engineer, and the same may be paid as work progresses and
is completed, subject also to the said Engineer's approval.
- At or at any time after the expiration of the two-year performance
period specified in said Bond and upon certification by the
Town Engineer that the principal has failed to perform in accordance
with the terms and requirements of said Bond or the Town's Subdivision
Ordinance, which said certification shall contain an enumeration
of such failures and deficiencies, all funds remaining on deposit
or such portion thereof as the Town Engineer deems necessary
to complete, repair or replace the public improvements within
the subdivision or portions thereof, prepare such as-built plans,
pay such inspection and testing fees and take or perform any
other actions necessary to guarantee that the Subdivision will
conform in every respect with its approved Final Plat and the
applicable codes, ordinances and requirements of the Town of
Normal shall be paid over to the Town of Normal.
- Upon the completion of the improvements and total approval and final acceptance for maintenance of all subdivision improvements within said subdivision by the President and Board of Trustees of the Town, $_________________ shall remain upon deposit in the escrow account as a workmanship guarantee until expiration of one year after the approval and acceptance by the Town of Normal or until such later date as any written claim by the Town against the escrow account is finally resolved.
__________________________________
BY:
__________________________________
Its________________________________
ATTEST:
_________________________________
Its _______________________________