Time-Share Surety Bond Form. This is a California form and can be use in Bureau Of Real Estate Statewide.
Tags: Time-Share Surety Bond, RE 600L, California Statewide, Bureau Of Real Estate
STATE OF CALIFORNIA BUREAU OF REAL ESTATE SUBDIVISIONS TIME-SHARE SURETY BOND (§11243(c)) RE 600L (Rev. 7/15) BOND NUMBER Know All Men By These Presents: That we, , as principal, and , a corporation organized and existing under the laws of the State of , and authorized to transact surety business in the State of California as surety, are held and firmly bound unto the State of California, in the penal sum of Dollars ($ ) lawful money of the United States, for payment hereof well and truly to be made, we hereby bind ourselves, our heirs, executors, administrators, successors and assigns, jointly and severally, firmly by these presents: The Condition of the Foregoing Obligation Is Such That: Whereas, the principal has been selling or leasing, or is about to sell or lease, time-share interests in a time-share plan known as , County, State of , and has elected to give this surety bond to the State of California as 11243(c) 11244 of the Business and Professions Code of the State of California for the prescribed by Section benefit and protection of purchasers or lessees of such time-share interests; Now, Therefore, this obligation shall be void if the above bonded principal, in case of every contract of purchase or lease of every time-share interest in said time-share plan, to which said principal is a party or agent of a party, takes or has taken one of the following actions: (a) Said principal forthwith deposits, or has deposited, the entire sum of money paid or furnished by the purchaser or lessee, or such portion of such money as the Real Estate Commissioner of the State of California has previously determined is sufficient to protect the interest of the purchaser or lessee, into an escrow depository, theretofore accepted by said Commissioner, under conditions in compliance with Section 11243(c) 11244(a) of the Business and Professions Code of California; or (b) Said principal completes all property improvements in compliance with Section 11243(b) of the Code or provides acceptable property completion security in compliance with Section 12230(a) of the Code, and delivers or has delivered the legal title or other interest contracted for, whether it be title of record or other interest, and including a proper release from any "blanket encumbrance" as defined by Section 11244(a) of the Business and Professions Code of the State of California, to the purchaser or lessee within the time specified in the contract to sell or lease, or any extension thereof; or (c) If said money has not theretofore been thus deposited in escrow and said interest contract for, including said release, has not been so delivered, said principal forthwith returns or has returned the money so paid or advanced. Otherwise, this obligation shall continue in full force and effect; except that if it should be determined that such purchaser or lessee, by reason of default or otherwise, is not entitled to the return of such money; or any portion thereof, then this obligation shall be exonerated to the extent of the amount of such money to which such purchaser or lessee is not entitled. The surety on this bond may relieve itself of further liability by filing a notice of cancellation or withdrawal with the Real Estate Commissioner of the State of California and at the same time, serving similar notice upon the above principal. At the expiration of thirty days after the filing of such notice, or on the filing and acceptance by said Commissioner of a new bond covering all such subsequently accruing liability, whichever event first occurs, this bond shall be cancelled or withdrawn and the surety shall thereby be relieved of all liability which otherwise thereafter would arise on this bond, but such cancellation or withdrawal shall not relieve the surety of liability arising prior to such cancellation or withdrawal. Dated this day of , . American LegalNet, Inc. www.FormsWorkFlow.com RE 600L -- Page 2 of 2 PRINCIPAL BY PRINTED OR TYPED NAME CAPACITY ADDRESS TELEPHONE SURETY BY PRINTED OR TYPED NAME CAPACITY ADDRESS TELEPHONE Corporate Seal Note: · Attach notary's acknowledgement of surety's signature. · Submit a current attorney-in-fact with any bond, rider or notice for the entity signing on behalf of the Surety. American LegalNet, Inc. www.FormsWorkFlow.com