6/28/2016 12:25:32 PM
9/30/2015 11:28:13 PM
Official Document Type
Agenda Item Number
DiVosta Building LLC
Termination of Slab Removal Agreement
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ado -,39 � <br /> MUTUAL TERMINATION OF <br /> SLAB REMOVAL AGREEMENT <br /> THIS MUTUAL TERMINATION OF SLAB REMOVAL AGREEMENT is <br /> made this 20th day of November , 2007 by and between DIVOSTA <br /> BUILDING , LLC , a Michigan limited liability company, successor by merger <br /> of DIVOSTA BUILDING CORPORATION , a Florida corporation ( " DiVosta" ) <br /> and INDIAN RIVER COUNTY, a political subdivision of the State of Florida <br /> ( " County" ) . <br /> RECITALS <br /> WHEREAS , on May 16 , 2006 DiVosta and County entered into a Slab <br /> Removal Agreement whereby County agreed to permit DiVosta to pour <br /> house slabs in the subdivision known as Waterway Village , prior to the <br /> delivery of form board tie - in surveys , subject to certain conditions set forth <br /> in said agreement, including the posting of a replenishable cash escrow of <br /> $ 100 ,000 . 00 to guaranty removal of any improperly poured slab not meeting <br /> minimum finished floor elevation or minimum setback requirements of <br /> Indian River County ; and <br /> WHEREAS , due to present housing market conditions , DiVosta <br /> Building Corporation is no longer doing mass production of multiple pours, <br /> and is desirous of terminating its Slab Removal Agreement and receiving <br /> back its cash escrow; and <br /> WHEREAS , there are no outstanding slab pours without form board <br /> surveys , nor are there any claims outstanding against the replenishable <br /> cash escrow held by County. <br /> NOW, THEREFORE , it is hereby mutually agreed by DiVosta and <br /> County that : <br /> 1 . The Slab Removal Agreement dated May 16, 2006 with <br /> accompanying Cash Deposit and Escrow Agreement attached as Exhibit <br /> " A " is hereby terminated ; and <br /> 2 . The $ 100 , 000. 00 cash escrow held by County is no longer <br /> required and is to be returned to DiVosta with interest earned during the <br /> escrow term , less administrative expenses . <br /> 1 <br /> F:1Attorney%NancyIDOCSIPLANIdivosta termination of slab removal agreement.doc <br />
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