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RESOLUTION NO. 2002- 118 <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 II — P.D., AND <br /> AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br /> AGAINST WACHOVIA BANK, NATIONAL <br /> ASSOCIATION IRREVOCABLE STANDBY LETTER <br /> OF CREDIT NO. SM422166W DATED AUGUST 1, <br /> 2002. <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.; and <br /> WHEREAS, that agreement required all subdivision improvements to be <br /> constructed on or before September 30, 2002; 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 Wachovia Bank, National Association Irrevocable Standby <br /> Letter of Credit No. SM422166W dated August 1, 2002 in the amount of <br /> $292,948.66, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1. That Arbor Trace Development, Inc. has defaulted under the terms <br /> of the aforementioned Contract for Construction of Required Improvements. <br /> 1212002RESO(LEGAL)WGc/nhm 1 <br />