2002-118 - Laserfiche WebLink

Home Browse Search

PLAN agree2)LEGAL(W G Gnhm) Certificate of Completion Arbor Trace—Phase II—P.D. corporate,for use with letter of credit MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PD-99-09-13PH2CFC (98090107) THIS MODIFICATION, made and entered into this 17th day of December , 2002 by and between Arbor Trace Development, Inc., a corporation existing under the laws of the State of Florida, 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, Developer entered into a Contract for Construction of Required Improvements No. PD-99-09-13PH2CFC (98090107) guaranteeing the completion of certain required improvements within Arbor Trace — Phase II — P.D.; and WHEREAS, certain of the required improvements are not completed as outlined in Exhibit "A" attached hereto, and WHEREAS, Developer wishes to extend the contract date in which to complete the remaining required improvements to December 31, 2004 since the requirement to complete is not effective until the residences are constructed; and WHEREAS, Developer wishes to replace the existing security in place with another irrevocable letter of credit and reduce the security to cover only the remaining improvements yet to be constructed, NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. The date of completion of the remaining required improvements is extended to December 31, 2004. 2. The existing Wachovia Bank, National Association Irrevocable Standby Letter of Credit Number SM422166W in the amount of $292,948.66 will be released in exchange for a replacement letter of credit representing 115% of the remaining required improvements to be completed.