2004-139A - Laserfiche WebLink

Home Browse Search

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