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<br />DEVELOPER'S AGREEMENT BETWEEN
<br />INDIAN RIVER COUNTY, FLORIDA
<br />AND
<br />SANDLER AT PMCREST, L.L.C.
<br />FOR HE, RESERVE
<br />THIS AGRBBMBNT is made and entered 'pito this 15thday of January 12006;
<br />by and between Indian River County, Florida, a political subdivision of the State of Florida, 1840
<br />25"' Street, Vero Beach, Florida 32960 ("County"), and Sandler at Pinecrest, L.L.C., a Virginia
<br />]united liability company, 448 Viking Drive, Suite 220, Virginia Beach, VA 23452
<br />("Developer").
<br />WITNESSETH
<br />WHERBAS, the Developer proposes to develop a residential community, located on the
<br />north side of 26"' Street, west of 43rd Avenue, and east of 58"' Avenue, in Vero Beach, Florida, to
<br />be known as Heritage Reserve ("Project"); and
<br />WHEREAS, as proposed, Heritage Reserve will include up to 780 residential units, with
<br />associated recreational and other amenities, on approximately 333 acres of land. A legal
<br />description of the property is attached as Exhibit "D'; and
<br />WHBREAS, even though Heritage Reserve is located within the jurisdictional limits of the
<br />City of Vero Beach, the County and the Developer share muhral goals and can assist each other
<br />with respect to right-of-way acquisition, roadway and drainage improvements,. intersection
<br />improvements, and other improvements described herein;
<br />NOW, THEREFORE, in consideration of the mutual terms, conditions, promises,
<br />covenants, and premises stated herein, and other good and valuable consideration, the receipt and
<br />sufficiency of which is hereby acknowledged, the County and the Developer agree as follows:
<br />X. Recital : The foregoing recitals are incorporated as if fully restated herein,
<br />B. Site Related huprovements: Prior to the issuance of the first certificate of
<br />occupancy for any unit in the Project, Developer shall plan,,survey, design, permit, and construct
<br />the following site related improvements:
<br />2. Eastbound left -tun lane and westbound right -turn lane at Western Project
<br />Access on 261' Street.
<br />1. Eastbound left -tum lane
<br />and westbound right -turn
<br />lane at Eastern Project
<br />Access on 20
<br />Street.
<br />2. Eastbound left -tun lane and westbound right -turn lane at Western Project
<br />Access on 261' Street.
<br />3. Northbound left -turn lane on 43`d
<br />Avenue at Project Entrance
<br />(Airport
<br />Road).
<br />
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