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DEVELOPER' S AGREEMENT BETWEEN
<br /> INDIAN RIVER COUNTY, FLORIDA
<br /> AND
<br /> SANDLER AT PINECREST, 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 linbility company, 448 Viking Drive, Suite 220, Virginia Beach, VA 23452
<br /> ("Developer").
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<br /> WITNESSETH
<br /> WHEREAS, 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 /> WIIBREAS, even though Heritage Reserve is located within the jurisdictional limits of the
<br /> City of Vero Beach, the County and the Developer share mutual 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,
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<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:
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<br /> 1 . Eastbound left-tum lane and westbound right-turn lane at Eastern Project
<br /> Access on 20 Street.
<br /> 2. Eastbound left-tun lane and westbound right-turn lane at Western Project
<br /> Access on 261° Sheet.
<br /> 3 . Northbound left-turn lane on 431d Avenue at Project Entrance (Airport
<br /> Road).
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