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RESOLUTION NO. 2005- 029 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY ARBOR <br />TRACE DEVELOPMENT, INC. IN ITS OBLIGATION <br />TO COMPLETE REQUIRED IMPROVEMENTS TO <br />ARBOR TRACE — PHASE 11 — P.D., AND <br />AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br />AGAINST WACHOVIA BANK, NATIONAL <br />ASSOCIATION IRREVOCABLE STANDBY LETTER <br />OF CREDIT NO. SM201393W DATED DECEMBER <br />20, 2002, AS AMENDED. <br />WHEREAS, on August 6, 2002 Arbor Trace Development, Inc. entered <br />into a Contract for Construction of Required Improvements No. PD-99-09- <br />13PH2CFC (98090107), relating to Arbor Trace — Phase II — P.D. which contract <br />was amended by Modification to Contract for Construction of Required <br />Improvements No. PD-99-09-13PH2CFC (98090107) dated December 17, 2002; <br />and <br />WHEREAS, on December 17, 2002 Arbor Trace Development, Inc. also <br />entered into a Contract for Construction of Required Sidewalk Improvements No. <br />PD-99-09-13PH2-CFCSIDE (98090107); and <br />WHEREAS, those agreements required all subdivision improvements to <br />be constructed on or before December 31, 2004; and <br />WHEREAS, those agreements to construct required subdivision <br />improvements have not been complied with; and <br />WHEREAS, in order to guarantee performance of the contracts, the <br />developer provided Wachovia Bank, National Association Irrevocable Standby <br />Letter of Credit No. SM201393W dated December 20, 2002 in the amount of <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling arbor trace 2 loc 2nd.doc <br />