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RESOLUTION 072R-05 TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE TO PARAMOUNT HOMES, LLC OF THE PERFORMANCE BOND ISSUED FOR WHISPERING HILLS, SEC. 1 A/K/A BLOCKS 94.05 & 94.06, LOTS 19-28 & 6-10

MOTION TO APPROVE BY: KAFTON MOTION SECONDED BY: GIBLIN YES: GIBLIN, REILLY, SEDA, KAFTON & BRODERICK

WHEREAS, Paramount Homes, LLC has requested a Release of the Performance Guarantees, which consists of $115,074.00 in the form of Performance Bond #S05044 issued by First Indemnity of America Insurance Company and $12,786.00 in the form of a cash guarantee pertaining to/Whispering Hills, Sec. 1, a/k/a Blocks 94.05 & 94.06, Lots 19-28 & 6-10, Jackson Township; and

WHEREAS, Ernest J. Peters, Jr., P.E. of CME Associates, Township Engineer, has reviewed and approved the release of said performance bond in letter report dated January 11, 2005, which letter report is made a part hereof; and

WHEREAS, the Township Committee of the Township of Jackson has considered the application and the report of the Engineer;

NOW, THEREFORE, BE IT RESOLVED, by the Mayor and Committee of the Township of Jackson, County of Ocean and State of New Jersey, that Performance Bond #S05044 issued by First Indemnity of America Insurance Company in the amount of $115,074.00 and $12,786.00 in the form of a cash guarantee pertaining to Blocks 94.05 & 94.06, Lots 19-28 & 6-10, heretofore posted with the Township may and hereby is released on the condition that the applicant:

1. Post a Maintenance Bond with the Township in the amount of $63,675.00 or post a cash guarantee in the amount of $42,450.00, subject to the review and approval of the Township Attorney. Said Maintenance Bond shall run for a period of two (2) years; and
2. That this resolution of release is further contingent upon the applicant/developer reimbursing the Township for the cost of any and all outstanding construction inspection fees and the cost of any and all other charges as per Township ordinance for the release of said performance guarantees.
3. Copies of this resolution to Administration, Finance, Applicant/Developer, Township Engineer, Jackson Board of Education Transportation Department, Attn: Dolores and the Department of Public Works, Attn: Connie Sidor.

The Mayor and Township Clerk are authorized to sign or issue any appropriate documentation to give effect to the within resolution.

DATED: 1/24/05

ANN MARIE EDEN, R.M.C. TOWNSHIP CLERK

RESOLUTION 073R-05

TITLE: RESOLUTION OF THE TOWNSHIP OF JACKSON, OCEAN COUNTY, NEW JERSEY AUTHORIZING RELEASE TO PARAMOUNT HOMES, LLC OF THE PERFORMANCE BOND ISSUED FOR WHISPERING HILLS, SEC. 2 A/K/A BLOCK 94.01, LOTS 12.02 & 13.

MOTION TO APPROVE BY: KAFTON MOTION SECONDED BY: GIBLIN YES: GIBLIN, REILLY, SEDA, KAFTON & BRODERICK

WHEREAS, Paramount Homes, LLC has requested a Release of the Performance Guarantees, which consists of $76,974.60 in the form of Performance Bond #S04877 issued by First Indemnity of America Insurance Company and $8,219.40 in the form of a cash guarantee pertaining to/Whispering Hills, Sec. 2, a/k/a Block 94.01, Lots 12.02 & 13, Jackson Township; and