EXHIBIT J

ADJACENT SUBSTANDARD ROADWAY IMPROVEMENT GUARANTEE
SECURED BY IRREVOCABLE LETTER OF CREDIT

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 bond) lawful money of the United States, for which ____ he ____ hereby bind ___________________________________ (himself/herself/itself/themselves) to be truly made by ____________________ (them) their heirs, executors, administrators, successors and assigns, jointly and severally, by the following presents.

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 acceptance of a tract of land as a subdivision to the Town of Normal under the name and title of ______________________________ (name of subdivision), McLean County, Illinois, per plat of __________________ (name of Registered Land Surveyor) Registered Illinois Land Surveyor No. ______, consisting of _____________ (number of lots in subdivision) lots and streets, dated ______________ (date of 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 Principal's 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 a final plat will be presented, and for which property this guarantee is given is described 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

EXHIBIT J
Page 2
 

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




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 has been improved to meet or exceed the applicable street standards of the Town of Normal in accordance with SEC. 16.3-4 B; and

WHEREAS the undersigned has secured this obligation by posting an irrevocable letter of credit in accordance with SEC. 16.3-4 B.1 with the Town of Normal.

NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that if the undersigned contributed one-half the cost of improving any of such adjacent substandard roadways which are improved in accordance with SEC. 1 6.3-4 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 letter of credit established at security for this guarantee plus accumulated interest thereon for the purpose of making the required contribution.

PRINCIPAL:

________________________________

________________________________

(Appropriate Notary's Certificate
for the Principal)