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9/30/2015 7:38:03 PM
Official Document Type
Agenda Item Number
Modification to Contract Required Improvements
Diamond Lake Subdivision
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Jun 07 04 07 : 59a Indian River County 772 - 770 - 5095 p . 2 <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . SD -03 -03 -12CFCPH1 (2002040141 ) <br /> THIS MODIFICATION , made and entered into this day of <br /> --��t-jr� , 2004 , by and between Sunland Development, Inc . , a Florida <br /> corporation , hereinafter referred to as " Developer ', and INDIAN RIVER <br /> COUNTY , a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> WHEREAS , on March 23 , 2004 the Board of County Commissioners <br /> approved a Contract for Construction of Required Improvements No . SD-03-03 - <br /> 12-CFCPHI (2002040141 ) wherein Sunland Development , Inc . agreed to <br /> construct certain required improvements within Diamond Lake Subdivision , <br /> Phase One by March 23 , 2005 ; and <br /> WHEREAS , those certain required improvements were guaranteed by a <br /> letter of credit from Sterling Bank in the amount of $ 934 , 000 . 55 ; and <br /> WHEREAS , all improvements have been completed with the exception of <br /> a 1 - inch second lift of asphalt , the setting of PCPs , and two 6-foot high by 24 - <br /> foot long gates with posts and controls , all as itemized on the approved cost <br /> estimates attached hereto as Exhibit "A" ; and <br /> WHEREAS , Sunland Development , Inc . wishes to receive a Certificate of <br /> Completion for Diamond Lake Subdivision , Phase One , and has substituted cash <br /> in the total amount of $ 62 , 510 . 55 representing 115 % of the cost of the remaining <br /> improvements along with an executed Cash Deposit and Escrow Agreement , <br /> attached hereto as Exhibit "B " in order that the existing Sterling Bank letter of <br /> credit be released ; and <br /> WHEREAS , Sunland Development , Inc . acknowledges that the remaining <br /> improvements outlined on Exhibit "A" attached hereto , are to be completed no <br /> later than March 23 , 2005 , <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br />
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