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RESOLUTION NO. 2004- 046 <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 AS AMENDED BY <br />AMENDMENT NUMBER 1 DATED MAY 2, 2003. <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, on May 6, 2003 the Board of County Commissioners <br />approved a Modification to Contract for Construction of Required Improvements <br />No. PD -01 -08 -18 -CFC (99110063-26994) extending the date for completion of <br />the required improvements to February 12, 2004; and <br />WHEREAS, in order to guarantee performance of the contract and <br />modification, the developer provided Amendment Number 1 to Bank of America <br />Irrevocable Standby Letter of Credit No. 3046140 extending the expiration date <br />of the Letter of Credit to May 12, 2004; and <br />WHEREAS, that agreement to construct required subdivision <br />improvements, as modified, 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 <br />FAattorney\nancy\DOCS\RES\Reso calling seasons loc2004.doc <br />