20110720 Ver 4_Hatley Bond 2018_20180209

Mitigatio
intenance and Monitoring
Bond
Bond No. SU55385 Penal Sum: $ 10,000.00
Know All Men By These Presents,
That we, Environmental Banc & Exchange, LLC of 412 N. 4th Street, Suite 300,
Baton Rouge, LA 70802(hereinafter called the Principal), as Principal, Aspen American
Insurance Company of 175 Capital Boulevard, Suite 300, Rocky Hill, CT 06067, a
corporation duly organized under the laws of the State of New Hampshire(hereinafter called the
"Surety"), as Surety, are held and firmly bound unto the North Carolina Department of
Environmental Quality — Division of Water Resources, 1617 Mail Service Center, Raleigh,
NC 27699-1617, (hereinafter called the "Obligee"), as Obligee, up to the maximum penal sum of
Ten Thousand and 00/100 Dollars ($10,000.00) (hereinafter called the "Maximum Penal Sum"),
for the payment of which we, the Principal and the Surety, bind ourselves, our heirs, executors,
administrators, successors and assigns, jointly and severally, firmly by these presents.
WHEREAS, the Principal has entered into the Upper Neuse Riparian Buffer & Nutrient Offset
Mitigation Banking Instrument (LIMBI) (hereinafter called the "LIMBI") with the Obligee, dated
the 10th day of February, 2012 which includes the Bank Parcel Development Package (hereinafter
called the "BPDP") for the Hatley Buffer and Nutrient Offset Mitigation Site (the "Mitigation
Bank Site") where financial obligations by the Principal are explicitly written and agreed upon
between the Principal and the Obligee, The UMBI and BPDP are hereby referred to and made a
part hereof as if fully set forth herein.
WHEREAS, the Principal has received written approval of their BPDP by the North Carolina
Department of Environmental Quality — Division of Water Resources ("NCDEQ") and that the
NCDEQ has granted the necessary approval, subject to the posting by the Principal of this Bond
(the "Bond"), to insure full compliance with all the terms and conditions of the UMBI and
BPDP; NCDWR #2011-07200.
NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH, that this Bond
will not be released in whole or in part until the Principal receives written verification from the
Obligee that the conditions for release in the UMBI have been fully met. If the above bounden
Principal shall meet the final performance standards as defined in the UMBI and corresponding
BPDP, then this obligation shall be null and void; otherwise it shall remain in full force and
effect. This Bond is subject to the following conditions:
1) This Bond shall remain in full force and effect for a period of one year, with the
option of yearly renewals
2) Obligee shall issue a full and final release of this Bond when all monitoring reports
have been submitted and have been approved by the Obligee; and the success criteria
identified in the UMBI and BPDP have been achieved and approved by the NCDEQ.
This Bond shall not be released in whole until the Principal receives written
verification from the Obligee that all the conditions for release in the UMBI and
BPDP have been satisfied.
3) If any payment under this Bond, as set forth in subsection 4 b) below, is made, then

the outstanding penal sum of the Bond shall be reduced by the corresponding amount
of such payment. Notwithstanding anything contained herein to the contrary, the
aggregate liability of the Surety is limited to the Maximum Penal Sum stated above
regardless of the number or amount of claims brought against this bond and
regardless of the number of years this bond remains in effect. The Obligee shall issue
a full and final release of this Bond and any and all of Surety's obligations hereunder
when Surety has tendered payment in whole, or in parts equal to the aggregate sum,
of the Maximum Penal Sum of this Bond.
4) The Surety's obligation under this Bond shall only arise after the Obligee has notified
the Principal and the Surety of the Principal's failure to abide by the terms and
conditions of the UMBI and BPDP. Upon notice of the Principal's default under the
UMBI and BPDP, the Surety, in its sole discretion, shall remedy the Principal's default
either under subsection 4) a) or 4) b) below. In the event that the Surety either fails to
respond to Obligee's notice of default within thirty (30) business days of receipt of
said notice, or fails to honor Surety's commitments under this bond to the full
satisfaction of the Obligee, then Surety shall remedy such default in accordance with
subsection 4) c) below.
a) Surety shall remedy Principal's default to the full satisfaction of the Obligee by
a reasonable date certain set by the Obligee; or
b) Surety shall immediately tender to a party, or parties, identified by the
Obligee the entire, or a portion thereof the, Maximum Penal Sum, that the
Obligee has determined is due in an effort to remedy the Principal's default.
In no event shall any portion of the Maximum Penal Sum be tendered to the
Obligee. Any new party or parties identified by the Obligee under this
section shall immediately become a Surety or Sureties under this bond for the
remaining term of the bond. If the Obligee determines that it is unable to
identify such a party, or parties, the Surety(ies) shall remedy the default of
the Principal under subsection 4) a) of this bond;
c) The Surety shall pay to a party, or parties, identified by the Obligee the
remaining unexpended portion of the Maximum Penal Sum. Said sum shall
become immediately due to a party, or parties, identified by the Obligee. In no
event shall such sum be tendered to the Obligee. Any new party or parties
identified by the Obligee under this paragraph shall immediately become a
Surety or Sureties under this bond for the remaining term of the bond.
NOTWITHSTANDING ANYTHING CONTAINED IN THE AGREEMENT TO THE
CONTRARY, THE LIABILITY OF THE PRINCIPAL AND SURETY UNDER THIS BOND IS
LIMITED TO THE TERM BEGINNING THE 12th DAY OF February, 2018, AND ENDING
THE 1 lth DAY OF February , 2019 . AND ANY EXTENSIONS OR RENEWALS OF
THE REFERENCED AGREEMENT SHALL BE COVERED UNDER THIS BOND ONLY
WHEN CONSENTED TO IN WRITING BY THE SURETY. IT IS FURTHER AGREED
THAT THE REFUSAL BY THE SURETY TO EXTEND THE TERM OF THIS BOND SHALL
NOT CONSTITUTE A DEFAULT BY THE PRINCIPAL, AND SHALL NOT GIVE RISE TO
A CLAIM OR DEMAND AGAINST THE SURETY UNDER THIS BOND.

In accordance with 33 C.F.R. § 332.3(n)(5), the Surety shall provide the Obligee notification of
at least 120 days in advance of termination, revocation, or modification of this bond.
No right of action shall accrue on this bond to or for the use of any person or corporation other
than the Obligee named herein, or their heirs, executors, administrators or successors.
The above -bounden parties have executed this instrument under their several seals, dated this 7th
day of February. 2018, the name and corporate seal of each corporate party being affixed
and these presents duly signed by its undersigned representative, pursuant to authority of its
governing body.
Principal: Environmental Banc &
Exchange, LLC
By:
5aM er�
Surety: Aspen American Insurance
Company
B
D:' iclette, Attorney -in -Fact
Obligee: North Carolina Department of
Environmental Quality - Division of
Water Resources
By:4&�_
Director or Acting rector

ASPEN
Aspen American Insurance Company
175 Capital Boulevard, Rocky Hill, CT 06067
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, THAT Aspen American Insurance Company, a corporation duly organized under the laws of the
State of Texas, and having its principal offices in Rocky Hill, Connecticut, (hereinafter the "Company") does hereby make, constitute and appoint: Ashley
Britt; David T. Miclette; Robert C. Davis; Barry K. McCord; Kristi Lovett; Rita G. Gulizo; Joni Bowen Maness; Tabitha Starkey; Jennie Goonie;
Nikole Jeannette of Bowen, Miclette & Britt Insurance Agency, LLC its true and lawful Attorney(s)-in-Fact, with full power and authority
hereby conferred to sign, execute and acknowledge on behalf of the Company, at any place within the United States, the following instrument(s) by
his/her sole signature and act: any and all bonds, recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional
undertaking and any and all consents incident thereto, and to bind the Company thereby as fully and to the same extent as if the same were signed by the
duly authorized officers of the Company. All acts of said Attorney(s)-in-Fact done pursuant to the authority herein given are hereby ratified and confirmed.
This appointment is made tinder and by authority of the following Resolutions of the Board of Directors of said Company effective on April 7, 2011, which
Resolutions are now in full force and effect;
VOTED: All Executive Officers of the Company (including the President, any Executive, Senior or Assistant Vice President, any Vice President, any Treasurer, Assistant
Treasurer, or Secretary or Assistant Secretary) may appoint Attomeys-in-Fact to act for and on behalf of the Company to sign with the Company's name and seal with the
Company's seal, bonds, recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, and any of said Executive Officers at
any time may remove any such appointee and revoke the power given him or her.
VOTED: The foregoing authority for certain classes of officers of the Company to appoint Attomeys-in-Fact by virtue ofa Power of Attorney to sign and seal bonds,
recognizances, and other writings obligatory in the nature of a bond, recognizance, or conditional undertaking, as well as to revoke any such Power of Attomey, is hereby
granted specifically to the following individual officers of Aspen Specialty Insurance Management, Inc.:
Michael Toppi, Executive Vice President, Scott Sadowsky, Senior Vice President, Kevin W. Gillen, Senior Vice President, Nlathew Raino, Senior Vice
President, and Ryan Field, Senior Vice President.
This Power of Attorney may be signed and sealed by facsimile (mechanical or printed) under and by authority of the following Resolution voted by
the Boards of Directors of Aspen American Insurance Company, which Resolution is now in full force and effect:
VOTED: That the signature of any of the Officers identified by title or specifically named above may be affixed by facsimile to any Power of Attorney for purposes
only ofexecuting and attesting bonds and undertakings and other writings obligatory in the nature thereof, and any and all consents incident thereto, and any such Power
of Attomey or certificate bearing such facsimile signature or facsimile seal shall be valid and binding upon the Company. Any such power so executed and certified by
such facsimile signature and/or facsimile seal shall be valid and binding upon the Company with respect to any bond or undertaking so executed.
IN WITNESS WHEREOF, Aspen American Insurance Company has caused this instrument to be signed and its corporate seal to be hereto affixed this 24"
day of September, 2017,
Aspen A erican In, ante Company
STATE OF CONNECTICUT
SS. ROCKY HILL
COUNTY OF HARTFORD evin Gillen, Senior Vice President
On this 24th day of September, 2017 before me personally came Kevin Gillen tome known, who being by me duly sworn, did depose and say; that he/she is Senior
Vice President, of Aspen American Insurance Company, the Company described in and which executed the above instrument; that he/she knows the seal ofsaid corporation;
that the cal affixed to the said instrument is such corporate seal; and that he/she executed the said instrument on behalf of the Company by authority of his/her office under the
abo Resolutions thereof
dQ Vanessa Mics
Notary Public
'44 b
Notary Public State of Connecticut
My commission expires: 2/28/2019 My Commission Expires February 40, 2010
CERTIFICATE
I, the undersigned, Kevin Gillen of Aspen American Insurance Company, a stock corporation of the State ofTexas, do hereby certify that the foregoing Power of
Attorney remains in fill force and has not been revoked; and furthermore, that the Resolutions of the Boards of Directors, as set forth above, are now and remain in
full force and effect.'�`�� �,D
Given under my hand and seal of said Company, in Rocky Hill, Connecticut, this F day of { L7
By: Name: Kevin Gillen , Senior Vice President
* For verification of the authenticity of the Power of Attorney you may call [phone] or email:[e-mail]