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V <br />RESOLUTION NO. 2004- 077 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY SDG KINGS, <br />INC., A FLORIDA CORPORATION, IN ITS <br />OBLIGATION TO COMPLETE REQUIRED <br />IMPROVEMENTS TO THE OAKS OF VERO — P.D., <br />PHASE 1, AND AUTHORIZING STAFF TO MAKE <br />SIGHT DRAFT AGAINST CITRUS BANK, N.A. <br />IRREVOCABLE STANDBY LETTER OF CREDIT <br />NO. 2323454 DATED AUGUST 15, 2003 AS <br />AMENDED BY AMENDMENT NUMBER 1 DATED <br />AUGUST 26, 2003. <br />WHEREAS, on August 5, 2003 SDG Kings, Inc., a Florida corporation, <br />entered into a Contract for Construction of Required Improvements No. PD -01- <br />06 -15 -CFC (2000100085-34449), relating to The Oaks of Vero — P.D., Phase 1; <br />and <br />WHEREAS, in order to guarantee performance of the contract, the <br />developer provided Citrus Bank, N.A. Irrevocable Standby Letter of Credit No. <br />2323454, as amended by Amendment No. 1; 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. This resolution certifies that SDG Kings, Inc. has defaulted under <br />the terms of the aforementioned Contract for Construction of Required <br />1 <br />FAAttorney\Nancy\DOCS\RES\Reso calling oaks of vero ph 1.doc <br />