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no <br />J11 <br />� RE'CEj R1P s� <br />t V fD <br />Pth• <br />e moo "'Vs <br />Mr. Jack G, Jennings July 11, 1978 <br />County Administrator <br />Indian River County. <br />Indian River County Courthouse <br />Vero Beach, Florida 32960 <br />Dear Mr. Jennings: <br />This letter constitutes the understanding and agreement of the <br />Moorings Development Company, a Florida corporation, that, for <br />the purpose of assuring payment and completion of improvements <br />to the Moorings, Plat 5, ' The Anchor, as called for by the Subdivi- <br />sion Resolution of Indian River County, Florida, that Indian River <br />County shall have all of the rights of the owner and contractor under <br />that certain construction loan agreement with Indian River Federal <br />Savings and Loan Association, copy enclosed. Because the said <br />construction loan agreement calls for substantial improvements to <br />the area to be platted over and above those required by the Subdivision L <br />Resolution, this letter is limited to so much of the improvements as may <br />be so required. <br />This letter also constitutes our authorization and agreement'that <br />i construction draws payable according to the terms of the attached <br />construction loan agreement insofar as the same relate to improve- <br />ments required by the Subdivision Resolution of Indian River County <br />shall be payable jointly to the Moorings Development Company and <br />to Indian River County. <br />Furthermore, we understand and agree that the retainage called for <br />by the construction loan agreement in the amount of 10% shall not <br />be released or disbursed to the Moorings Development Company <br />until all improvements required by the Subdivision Resolution have <br />been completed, and said improvements are approved by Indian River <br />County. <br />Y urs siticerely, <br />Richar S Allen <br />Vice President <br />RSA/db <br />Enclosure <br />3M SOIMI OCEAN DRIVE • P.O. BOX 3160, BEACH STATION, VERO BEACH, FLORIDA 3''2%0 a 305-567.5131 <br />ATTORNEY O'HAIRE NOTED THAT THE PROPOSED LOAN IS FOR <br />$1,500,000, OF WHICH $411,000 WOULD BE FOR THE IMPROVEMENTS REQUIRED <br />BY THE COUNTY. HE PROPOSED THAT THIS BE ACCEPTED IN LIEU OF A <br />PERFORMANCE BOND. <br />14 <br />JUL 19 197 <br />a <br />