EXHIBIT I

ADJACENT SUBSTANDARD ROADWAY IMPROVEMENT GUARANTEE
SECURED BY CASH RESERVE
 

KNOW ALL MEN BY THESE PRESENTS: That ______________________________, owner and/or subdivider of the property hereinafter called the "Principal" is/are held and firmly bound unto the Town of Normal, a Municipal Corporation hereinafter called the "Obligee" in the penal sum of ______________________ (amount of cash reserve) lawful money of the United States, for which _____ he _____ hereby binds _______________________________________ (himself/herself/itself/themselves) to be truly made by their heirs, executors, administrators, successors and assigns jointly and severally.

SEALED and DATED this _____ day of ______________, 20____, at Normal, McLean County, Illinois.

WHEREAS a Petition has heretofore been filed with the Board of Trustees of the Town of Normal for the acceptance of a tract of land as a subdivision to the Town under the name and title __________________________________________ (name of the subdivision) McLean County, Illinois, per plat of ________________________ (name of Registered Lane Surveyor) Registered Land Surveyor No._____, consisting of ________(number of lots in the subdivision) lots and streets, dated _______________(date of the final plat) and the plan of which plat has received preliminary approval by the Planning commission of the Town of Normal and the Board of Trustees and which plat will be finalized upon the Principals meeting the further requirements of the Land Subdivision Code of the Town of Normal.

The legal description of the property sought to be subdivided and for which the final plat will be presented and for which this guarantee is provided is as follows, to-wit:




 

WHEREAS said subdivider is required by ordinance of the Town of Normal to contribute one-half of the cost of improving any and all sub-standard roadway or roadways abutting or bordering on said subdivision in accordance with SEC. 16.3-4 B; and

WHEREAS the __________________ Subdivision borders and abuts portions of the following substandard roadways:

EXHIBIT I
Page 2

and

WHEREAS the undersigned promises and guarantees to make such a contribution upon receipt of a Certificate of Completion signed by the Town Engineer of the Town of Normal certifying that one or more of the above-listed adjacent substandard roadways of the Town of Normal in accordance with Section 16.3-4 B; and

WHEREAS the undersigned has secured this obligation by posting _______________________($ _______________) with the Town of Normal.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that if the undersigned contributes 1/2 the cost of improving any of such adjacent substandard roadways which are improved in accordance with SEC. 16.3-4 B, this obligation shall be null and void. Otherwise, the same shall remain in full force and effect.

In the event that one or more of such adjacent substandard roadways are improved to meet or exceed all Town street standards and that improvement is completed in accordance with SEC. 16.3-4 B, and I am notified at the address listed below in writing of that completion, and fail to make the contribution described in this Guarantee and required by the Town's subdivision ordinance within 60 days from the date of mailing, the Town may utilize all or such portion of the reserve account established as security for this guarantee plus accumulated interest thereon for the purpose of making the required contribution.

PRINCIPAL: ______________________________

______________________________

______________________________

(Appropriate Notary's certificate for
the Principal)

Receipt of _____________________________________ ($___________________) as a reserve for subdivider's adjacent substandard roadway improvement guarantee acknowledged this _____day of ___________, 20______.

TOWN OF NORMAL, ILLINOIS,
BY:

____________________________________

Its _________________________________