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RESOLUTION NO. 2003- 023 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, DECLARING DEFAULT BY TORWEST <br />INC. DBA WINDSOR PROPERTIES, A FLORIDA <br />GENERAL PARTNERSHIP IN ITS OBLIGATION TO <br />CONSTRUCT REQUIRED SUBDIVISION <br />IMPROVEMENTS, AND AUTHORIZING STAFF TO <br />MAKE SIGHT DRAFT AGAINST FIRST UNION <br />NATIONAL BANK (WACHOVIA) IRREVOCABLE <br />STANDBY LETTER OF CREDIT NO. SM419435C <br />DATED DECEMBER 17, 2001, AS AMENDED. <br />WHEREAS, certain required improvements within subdivisions are <br />required to be constructed within one year of final plat approval; and <br />WHEREAS, Windsor Plat 23 P.D. was approved on December 11, 2001; <br />and <br />WHEREAS, to secure the obligation to construct the required <br />improvements, developer posted an Irrevocable Standby Letter of Credit No. <br />SM419435C from First Union National Bank (Wachovia) in the amount of <br />$734,340.89 and entered into a Contract for Construction of Required <br />Improvements No. PD -02 -01 -02 -CFC (2001020102-28705); and <br />WHEREAS, by AMENDMENT DATED December 13, 2002, First Union <br />National Bank (Wachovia) reduced its Irrevocable Standby Letter of Credit No. <br />SM419435C to $146,868.18; and <br />WHEREAS, said improvements were to have been constructed by <br />December 11, 2002; and <br />2/03RESO (LEGAL)WGC/nhm 1 <br />