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RESOLUTION NO. 2005- 003 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY SMIGIEL <br />PARTNERS XII LTD., A FLORIDA LIMITED <br />PARTNERSHIP, IN ITS OBLIGATION TO <br />COMPLETE REQUIRED IMPROVEMENTS TO <br />LEGEND LAKES, P.D. PHASE II, AND <br />AUTHORIZING STAFF TO MAKE SIGHT DRAFT <br />AGAINST GRAND BANK & TRUST OF FLORIDA <br />IRREVOCABLE LETTER OF CREDIT NO. 2004-049 <br />DATED APRIL 8, 2004. <br />WHEREAS, on April 13, 2004 Smigiel Partners XII Ltd., a Florida limited <br />partnership, entered into a Contract for Construction of Required Improvements <br />No. PD -01 -01 -03 -CFC (2000080224-38437) relating to Legend Lakes, P.D. <br />Phase ll; and <br />WHEREAS, in order to guarantee performance of the contract, the <br />developer provided a Grand Bank & Trust of Florida Irrevocable Letter of Credit <br />No. 2004-049 with the expiration date of January 13, 2005; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements has not been complied with, <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 Smigiel Partners XII Ltd. and Indian River County, <br />relating to Legend Lakes, P.D. Phase II, which contract is numbered No. PD -01- <br />01 -03 -CFC (2000080224-38437), Smigiel Partners XII Ltd. has defaulted under <br />the terms of the aforementioned Contract for Construction of Required <br />1 <br />F:\Attorney\Nancy\DOCS\RES\Reso calling loc legend lakes ph ii.doc <br />