20150636 Ver 1_Construction Performance Bond_20160630

PERFORMANCE BOND
Bond No. CE01492400035
KNOW ALL MEN BY THESE PRESENTS, that we, Watershed Investments NC, LLC Principal, and Philadelphia
Indemnity Insurance Company, licensed to do business in the State of, North Carolina as Surety, are held and firmly
bound unto North Carolina Department of Environmental Quality — Division of Water Resources (Obligee), in the
penal sum of Fifty Thousand and 00/100 dollars ($50,000.00), lawful money of the United States of America, for the
payment of which sum, well and truly to be made, the Principal and Surety do bind themselves, their heirs, executors,
administrators, and successors and assigns, jointly and severally, firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the above bounden Principal has entered into certain
written Agreement known as the Neville Farms Mitigation Banking Instrument with the above named Obligee, effective the
29th day of January. 2016, for the Neville Farms Buffer and Nutrient Offset Bank Parcel Development Package
Phase 1 & 2 (Contract) and more fully described in said Agreement, a copy of which is attached, which Agreement is
made a part hereof and incorporated herein by reference, except that nothing said therein shall alter, enlarge, expand
or otherwise modify the term of the bond as set out below.
NOW, THEREFORE, if Principal, its executors, administrators, successors and assigns shall promptly and faithfully
perform the Contract, according to the terms, stipulations or conditions thereof, then this obligation shall become null and
void, otherwise to remain in full force and effect. This bond is executed by the Surety and accepted by the Obligee
subject to the following express condition:
Notwithstanding the provisions of the Agreement and Contract, the term of this bond shall be from 6/23/2016 to
6/23/2017 and will terminate upon Approval of As -Built Report of said Agreement by the Obligee, but may be extended
by the Surety at its sole option by Continuation Certificate on an annually renewable basis for up to a period of Five
(5) years. However, neither nonrenewal by the Surety, nor the failure or inability of the Principal to file a
replacement bond in the event of nonrenewal, shall itself constitute a loss to the Obligee recoverable under this
bond or any renewal or continuation thereof. The liability of the Surety under this bond and all Continuation
Certificates issued in connection therewith shall not be cumulative and shall in no event exceed the amount as set
forth in this bond or in any additions, riders, or endorsements properly issued by the Surety as supplements thereto.
Sealed with our seals and dated this 23rd day of June. 2016
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Witness
Agreed a d acknowledged this day of J J,1 J , 2016
By:
Obligee
S-5025 (08-99)
Watershed Inv ments NC LLC
Principal
Philadel hia Indemnity Insurance Com an
Ja on L e Sayers, Attor ct

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PHILADELPHIA INDEMNITY INSURANCE COMPANY
231 St. Asaph's Rd., Suite 100
Bala Cynwyd, PA 19004-0950
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS: that PHILADELPHIA INDEMNITY INSURANCE COMPANY (the Company), a corporation organized and
existing under the laws of the Commonwealth of Pennsylvania, does hereby constitute and appoint: Phoebe C. Honeycutt; Bobbi D. Pendleton; Neil B. Biller;
Heather Burroughs; Kenneth J. Peeples; Christopher A. Lydick, Julia C. McElligott, Adrienne Pettigrew, Adam Pfanmiller and Jason Lee Sayers of BB&T
Insurance Services, Inc. its true and lawful Attorney(s) in fact with full authority to execute on its behalf bonds, undertakings, recognizances and other contracts of
indenmity and writings obligatory in the nature thereof, issued in the course of its business turd to bind the Company thereby, in an amount not to exceed $ 25,000,000
This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following Resolution adopted by the Board of Directors of
PHILADELPHIA INDEMNITY INSURANCE COMPANY at a meeting duly called the V day of July, 2011.
RESOLVED: That the Board of Directors hereby authorizes the President or any Vice President of the
Company to: (1) Appoint Attomey(s) in Fact and authorize the Attomey(s) in Fact to
execute on behalf of the Company bonds and undertakings, contracts of indemnity and
other writings obligatory in the nature thereof and to attach the seal of the Company
thereto; and (2) to remove, at any time, any such Attorney -in -Fact and revoke the
authority given. And, be it
FURTHER
RESOLVED: That the signatures of such officers and the seal of the Company may be affixed to any
such Power of Attorney or certificate relating thereto by facsimile, and any such Power of
Attorney so executed and certified by facsimile signatures and facsimile seal shall be
valid and biding upon the Company in the future with the respect to any bond or
undertaking to which it is attached.
IN TESTIMONY WHEREOF, PHILADELPHIA INDEMNITY INSURANCE COMPANY HAS CAUSED THIS INSTRUMENT TO BE SIGNED AND
ITS CORPORATE SEALTO BE AFFIXED BY ITS AUTHORIZED OFFICE THIS 7 T DAY OF FEBRUARY 2013.
(Seal)
o-A,.�C9
Robert D. O'Leary Jr., President & CEO
Philadelphia Indemnity Insurance Company
On this 7`' day of February 2013, before me came the individual who executed the preceding instrument, to me personally known, and being by me duly sworn said that
he is the therein described and authorized officer of the PHILADELPHIA INDEMNITY INSURANCE COMPANY; that the seal affixed to said instrument is the
Corporate seal of said Company; that the said Corporate Seal and his signature were duly affixed.
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Notary Public:
residing at: Bala Cymvyd_ PA
(Notary Seal)
My commission expires: March 22, 2016
I, Craig P. Keller, Executive Vice President, Chief Financial Officer and Secretary of PHILADELPHIA INDEMNITY INSURANCE COMPANY, do herby certify that
the fore_soing resolution of the Board of Directors and this Power of Attorney issued pursuant thereto are true and correct and are still in full force and effect. I do
further certify that Robert D. O'Leary Jr., who executed the Power of Attorney as President, was on the date of execution of the attached Power of Attorney the duly
elected President of PHILADELPHIA INDEMNITY INSURANCE COMPANY, %
In Testimony Whereof I have subscribed my name and affixed the facsimile seal of each Company this "� day of 7'j' -J E 20 I �O
Craig P. Keller, Executive Vice President, Chief Financial Officer & Secretary
PHILADELPHIA INDEMNITY INSURANCE COMPANY
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