Common Contracts

STATE OF SOUTH CAROLINA BANK ACCOUNT AGREEMENT

Bank Account Agreement • December 13th, 2017 • South Carolina

• Contract Type
  Bank Account Agreement
• Filed
  December 13th, 2017
• Jurisdiction
  South Carolina

Obligor has requested that it be granted final plat approval by the City for the subdividing and improving of a tract of land known as “Lakeridge Phase 2, Pod H, Map 4, further described on the “Final Plat of Lakeridge (Gardendale), Phase 2, Pod H, Map 4 dated September 19, 2017 submitted to the City in regards to said development, (the “Final Plat”). As a condition precedent to the approval of the Final Plat by the City, the Obligor has furnish a Performance, Labor and Material Agreement dated December , 2017 (the “Performance Agreement”). To secure the Obligor’s obligations pursuant to the Performance Agreement, Obligor shall deliver to the Obligee the amount of $55,997.58 to be deposited by the Obligee in a bank account in the name of the Obligee, and in a bank of the Obligee’s designation. Such funds shall be distributed to the Obligee and/or Obligor pursuant to the terms and conditions described herein.