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RESOLUTION NO. 2005- 080 <br /> A RESOLUTION OF .THE -BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, <br /> FLORIDA, DECLARING DEFAULT BY <br /> MAINSTREET AT VERO BEACH, INC. IN ITS <br /> OBLIGATION TO PERFORM REMEDIAL WORK <br /> RELATING TO THE REPLAT OF SABAL TRACE <br /> SUBDIVISION, AND AUTHORIZING STAFF TO <br /> MAKE SIGHT DRAFT AGAINST SOUTHTRUST <br /> BANK IRREVOCABLE LETTER OF CREDIT NO. <br /> 273300 DATED MARCH 24, 2004. <br /> WHEREAS, under Warranty, Guaranty and Maintenance Agreement, and <br /> Bill of Sale for Required Improvements, Mainstreet at Vero Beach, Inc. the <br /> developer of the Replat of Sabal Trace Subdivision, guaranteed certain <br /> improvements for a 1-year period; and <br /> WHEREAS, as a guarantee, the developer provided SouthTrust Bank <br /> Irrevocable Letter of Credit No. 273300 dated March 24, 2004 in the amount of <br /> $7,089.11; and <br /> WHEREAS, remedial work is needed to be performed and Developer has <br /> not responded to Indian River County Engineering staff's request to perform <br /> same, <br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br /> COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br /> 1 . That Mainstreet at Vero Beach, Inc. has defaulted under the terms <br /> of the aforementioned Warranty, Guaranty, and Maintenance Agreement, and <br /> Bill of Sale for Required Improvements. <br /> 1 <br /> FAAttorney\Nancy\DOCS\RES\Reso calling replat of sabal trace.doc <br />