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RESOLUTION NO. 2004- 1 a2 <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 FIRST NATIONAL BANK <br /> AND TRUST COMPANY CLEAN IRREVOCABLE <br /> LETTER OF CREDIT NO. 2004-16 DATED JULY 12, <br /> 2004. <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, on July 20, 2004 the Board of County Commissioners <br /> approved a Modification to Contract for Construction of Required Improvements <br /> to extend the completion date and substitute the existing Irrevocable Standby <br /> Letter of Credit of Citrus Bank, N.A. with a Clean Irrevocable Letter of Credit of <br /> First National Bank and Trust Company in a like amount of $500,684.03 with an <br /> expiration date of January 1, 2005 in order to guarantee performance of the <br /> contract, as modified; and <br /> WHEREAS, that agreement, as modified, to construct required <br /> subdivision 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 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling oaks of vero ph 1 2nd x.doc <br />