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Home My WebLink AboutLeeward Acres --~'.-~'~''''''' RICHARD J. CRON COUNSEi..LOR AT LAW CUTCHOGUE, NEW YORK ,~;' ~ LEEWARD ACRES SUBDlvrSXON BOND - Released 3/27173 ie' ACR'EEMENT bY'and between LEEWAR1)').CRES At BAYVIEW, INC., B domestic corpo~itit>n wlthpJ:"incipal office's at Mattituck, . . New York, herelnlifter rElfer~e4to as developer, and ROBERT CASOlA, LORtNM CASOlA and MAURICE CASOlA, all of:Southampton, New York, hereinafter referred to as depositors,and the PlANNING BOAR!) OF THE TOWN OF SOtmlOLD, hereinafter referred to as the Town. WIT N E. SSE T H: WHEREAS the Town has approved a certat:n ,.subdivisicm' -Plat of the developer to be knOwn as LEEWARD ACRES AT BAYVlEW, INC., and WHEREAS the Town requires certain imp~vements to be cQ~- structed, more specifically rOads, which will later be'~edicjted to the Town, and WHEREAS .the Town has estimated t~COl1t of said i~rovemEints. to be in the sum of Fifty-eight Thousand ($58,000.00)!)ollars; and WHEREAS the developer and the depositors in 1:I.eu.ofpo~t1n~ a perfol'llllmce bond in said amount will depos:l.t cash in thesulll of Fifty-nine Thousand Five Hundred Four anc:l 39/100 ($59,504.39) Dollars in the form of a savings bank, interellt bearing accounts , with the Town. and WHEREAS the parties hereto wish to guarantee tthefalthfu1 performance of the'!lgreement to complete 8ald imp.rovem~ts, NOW, in consideration of the covenants, declarations and mutual promises herein, the parties agree as. follows: 1. Thst the T~agrees to accept: a cash deposit of Fifty- nine Thoufland Fivl! Hundred Four and 39/100 ($59,50~,.30) DoHan in the form of interest bearing accounts from a lending institu!;iOlil, .__, ''''''''''-''''_ ,'~'.-".'" ft." '~i ~, RICHAilD J; CRON COUNSELLOR AT LAW CUTCHOGUE, NEW 'YORK said accounts to be held by the Town as security in lieu of a performance bond on the~ithful performance of construction and completion of the roads of the subdivision of LEEWARD ACRES AT BAYVIEW, INC., as prepared by Alden W. Young, P.E. is. L.B., in accordance with the plan of subdivision heretofore prepared and filed with the said Town. 2. That the developer and depositors cOvenanlt and agree to place said accounts as hereinbefore stated, with the Town, and covenant further that no withdrawals from said sccounts will, be made until releas~ of said accounts by the Town .and upon the satisfactory completion of the said improvements as hereinbefore described. 3. That the parties hereto agree that the said improvements shall be completed on or before three (3) years from the date hereof. 4. That in the event the said i~rovements are not com- pleted by the devdoper within the period' of three (1) ,.ears, s/, the Town shall have the right to comple~.' said improvedlents utilizing any part or all of the saidfttnc:!s on deposit. and if said funds are insufficient for the completion of said improve- ments, th~ d~v.llj)perwUl... ..ltab:Le to 1IC.LTown for any such . ' '; :. ~.",~ ~;:~',:'. ::~J,,' '; . ,,",. J'. 'If :J-. ,,:, .il ,.,:r" excess. I" ",'" hi, ..' ",' " , ", ~l" t \ 5. Upon tl:l.!~: <U)lll.ple.tloll of. the c.saidill1provem.n~s by the " ..~, ~eve1oper, tbe-'1:qym cove~.~bea~Jagfees .x~ forthwith release said interest bearing accounts to t~e developer and the depositors. 6. That interest bearing accounts evidenced bypassOooks from the North Fork Bank and Trust CqQlpany. *d:ituck, N~ York. - 2 ,:;.. ,,-~,~'.""_....-.', ~,~.,~. ':"" .'," ,- ~ .. .,.. " , , ' " "!{ as follows: Account #12863 in the paJ;!le af Lorinda Casols in trust for Robert 'Casola; Account #11594 in the name of Robert Casola in trust for Lorinda Casola; and Account #12197 in the name of Robert Casola in trust for Maurice C.so1a, with a wfthdrawal slip properly executed by each of'the above named depositors and bearing date of March placed in the hands of the Town. , 1974 have been 7. That the parties hereto agree t~ .xeaute and si~ any and all further documents to effectuate the terms of the agree- ment as hereinbefore stated. 8. .That nothing in this sgreetitent to, the contrary notwith- standing shall prohibit the d!!ve1op-.r and thedepositon from petitioning theTmm to release part: or pOrtions of the accounts i on deposit from time to tlme, ip.~~ordance with the Town Law of the Stat. of New York. IN WITNBSS WHEREOF, the pattieabereto have placed their , ifQ'. hands and :SealS tUB Ie; 'day of March, 1971. LEEWARD ACIlE.S AT ~mEW, ) r '~ \ INC. By -12, PLAIN~QJJOARD 9F THE. TOWN OF 8()trraOXJ> BYr. J~~,k( \t Chairman..' b__ . ,O~1tt CaiJaU ~..~~ {~"lt2. . Lori.ndae._o1a ~~~J;iC~~t:. < ,'j' .. RICllIlRD J. CROl'j ; COUNt,ELLOR AT LAW CUTCHQ6U'E, NEW YORK Cy "....,...' .!, .~ 'i'" :"* ,~\,,, "i;f' .-.3 ':... if ~,.j -I"~, '.,'. '. ... .f "~_"~~V"..."".,,......' ".. STATE OF NEW YOIlK ss. : , COUNTY OF SUPJ"OLKt& On this I q . day of March. 1971 . before 1I1.e personally came FRANKLYN,J. BORN, to me known, ~ho. being by me '41,11y sworn, di4 depose and say that he resides at Mattituck, Suffolk County, i State of New York; that he is tiE Presideht of LEEWARD ACRES AT BAYVIEW, INt., the corporation described 1.n and which. execut,d the annexed;l.nstrument; that he ,knows ehe seal of sdd eorpont;lon; that the seal "ff1xed to said :lnstrument is such corporate8~1; that it was so/.Iffixed by order of the Board of Directors of '..aid corporation, and that he signed his;Ji.ii)tte thex-eto b ',:~ 'or~~r/ l d~' I /~' . '~."'? "" ~ ~";ry-'- '/" '<'. / -? (.k~ RICHA'RD Notarv T',~tF'. i:: \~,,~ No S?_t:;W112:.il >11 My (:I~~i-s~.i(:!), Ex; , , it>2,d:N'~Y... "dmtt., .3\'1, 1~_:;V STATE OF NEW YOU 88. : COUNTY OF SUFFOLK 17 . " ., . "'3.A .' . . ,., ",., On ttds-'-, . da, bf Mare,!;1, 1971, before me came ROBlmTCASOLA, to me known'/lnd known to be the'1ndtv1dua1deBcr1bed 1n/ and who executed the foregoing instrument a~ aCknowledgegJ:o me that . ../ '..... '. ,........... ~.--..., he executed the same. ri .') .... (.<.... '. C2/~ ) /1 / I ~. .... 'R(~~, . c.. . (/ . ", ..... .... . ' .' I rH~"I:'< .;' RIOJ/~~Dt~,:;Stat" oi "..Y. , Not.~J'.l"1l'idf sl1Holk Cn;nlXn'1-- NO. 5~.S86Jl',.u-.".,,,, 'lk,r. '\", 1""," ; 1..r;i,~ r.n'tT\u,. ,.'iqtlJ:.<)(l.' ,'. '_,Y'"f~. STATE OF .'NtfJ. m.' .,;,' , ss. : COUNTY OF SUFFOtK" I On this ~'~'I~Y~f Ma~~h: '~,97i'.~forell1e came LORIN~ CASOlJl. to me known anc:f,kUown' t'o be the 'individual described in, a1)d.:who executed the'toregoing instrUlDent:.,~ilheacknowle~sU:;~me that she exeeuttea tbe same. :". ,), (c- ,>.. . /. " . . x "-.... ,/.:-:+-~ ~3~~~~/0~_-.._. lUCRARD J CliON" . Lit '.' ,h'-Stat", of N. 't. NolarYP"u C lit S 'ffolk . eouBtr.. Nc.~'~, iOE;"i:.. '1.b<,JlI.I,,?-4 lh' . . RlCHARP J. CRON COUNSELLOR AT. LAW CUTCHOGUf, NEw:YeR~ - 4 I I I RICHARD J. CRON COUNSELLOR AT LAW CUTCHOGUE, NEW YORK 1T STATE OF NEW YORK as. : COUNTY OF SUFFOLK -.J.- On this)..") day of March, 1971, before me came MlURICE CASOLA, to me known and known to be the individual described in, and who executed the foregoing instrument, and he aCknowledged to me tbB t he executed the s.me. NOTMr=r~-:- ;:fd:~ ~_..~~ ~~ ~ . ~ --- .TAW.'" <IIntl~f{,'>: ...,:it". coilllllMfll>>' Cl'bMl , 1. K OIl '_a~NldaY ....J'l" J-JW'J1.1Ml,l ~1I\JQ'lW1'tl..,,~~;\ : to .. --"Kl'I~.PC!le_.lJt _~!lUdlldll1lfllkI'WbcllllAt)fl~_ _ t" ; th.~QIf'W l1Ih~1W T ''''1IbIIQj. ~ CJIl,J"IIIJl1"j"1 Iauffo1Jc , CCl.#f,lRQ&w~"8IRIIrJCl/" .ilI-.l--- :..~.,. *..~.....ut.d: th.,;.... ..'1.ttlftlr~flVl,~*tl~l& db~_ "'cS"-~"~_J:d" ancl'--__lVt. '.!Il~"""~"'."'I_~ll( ~ th;:;'c ' : :~ .;,.;;' . t ~, : '.! ," :~'" 'i ~-. 9.';;~' . ElIZABETH ANN NEVILLE . N@TARY PUBLIC, St.'Ite of New Yon.i,;.. ~_.~""".~, "......,.", ._.".....'""~"'....,-"-,._-".. NO il ilJii[G, 8.ltffe.l~ t. ~lJllv rllm -ExPir.e.s,.Mar.ch30. ,l~j THE NORTH FORK BANK AND TRUST COMPANY by AUSTIN TUTHILL, an officer thereof, bas read the foregoing agreement and has placed a true copy thereof in its file with reference to Account Nos. 12863, 11594, and 12197, interest bearing accounts in the total sum of $59,504.39, issued to Lorinda Casola in trust for Robert Casola, Robert Caiola in trust for Lorinda Casola. and Robert Caiola in trust for Maurice Casola, respectively, and - 5 - . ----.,- RICHARD J. CRON COUNSELLOR AT LAW CUTCHOGUE, NEW YORK U__._ I agrees that it will not permit any withdrawals from said accounts without the prior consent of the Planning Board of the Town of Southold. :y~:T~Ae&~~~ .6.