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RESOLUTION NO. 2_003- 052 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY M -R HOMES, <br />LTD, A FLORIDA LIMITED PARTNERSHIP IN ITS <br />OBLIGATION TO COMPLETE REQUIRED <br />IMPROVEMENTS TO SEASONS, P.D., AND <br />AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br />AGAINST BANK OF AMERICA IRREVOCABLE <br />STANDBY LETTER OF CREDIT NO. 3046140 <br />DATED FEBRUARY 12, 2002. <br />WHEREAS, on February 6, 2002 M -R Homes, Ltd., a Florida limited <br />partnership entered into a Contract for Construction of Required Improvements <br />No. PD -01 -08 -18 -CFC (99110063-26994), relating to Seasons, P.D.; and <br />WHEREAS, that agreement required all subdivision improvements to be <br />constructed on or before February 12, 2003; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements has not been complied with; and <br />WHEREAS, in order to guarantee performance of the contract, the <br />developer provided Bank of America Irrevocable Standby Letter of Credit No. <br />3046140 dated February 12, 2002 in the amount of $69,703.23, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />1. That pursuant to the Contract for Construction of Requirement <br />Improvements between M -R Homes, Ltd. and Indian River County, relating to <br />-\")eeALLRel. Mood <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling seasons loc.doc <br />