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OCT 81980 Boa 44 'PAcE,900 AGREEMENT This Agreement is made this day of October, 1980, between Florida Atlantic Associates and the Board of County Commissioners of Indian River County, a governmental agency. WHEREAS, Florida Atlantic Associates is the owner of certain property in Indian River County more particularly described in Exhibit "A" attached hereto; and WHEREAS, Florida Atlantic Associates desires to construct improvements on said property described in Exhibit "A" into a residential mobile home park to be }mown as Village Green Phase III; and WHEREAS,Florida Atlantic Associates desires to construct all improvements within said park in accordance with all laws, ordinances, rules and regulations of Indian River County, and further desires to provide assurance to Indian River County that said park will, in fact, be so constructed; and WHEREAS, the Board of County Commissioners of Indian River County, as a prerequisite to approval of building and zoning permits desires to have assurances that construction of improve- ments shown on the engineering plans will be constructed in accordance with applicable laws, crdinances, rules and regulations; NOW, THEREFORE, in consideration of the mutual promises and undertakings set forth herein, the parties hereto agree as follows: 1. In connection with the construction of improvements on the property described in Exhibit "A" attached hereto, which is proposed to be Village Green Phase III West, Florida Atlantic Associates will construct the following improvements as set forth in Exhibit "B" in accordance with applicable laws, ordinances, rules and regulations of Indian River County. The cost of said improvements, pursuant to the engineer's estimate of Beindorf and Associates, Inc., is $152,940.00. 2. The items of construction and their cost, as set forth above, have been certified by James W. Young, Professional Engineer, dated September 3, 1980, which certificate is attached hereto as Exhibit "B". 3. The improvements listed above will be begun no later than September 29, 1980, and shall be cor.,Pleted no later than January 1, 1381.. 4. Florida Atlantic Associates agrees to post a cash bond in the amount of $166,842.00 to ensure completion of the improvements. County is authorized to complete the wort: after January 1, 1981 in the event of Florida Atlantic Associates default or failure to comply with the terms of this agreement. Upon substantial completion (957) of tho project and certi.ficatinn by the engineer, Florida Atlantic Associates may request return of the cash bond less any held back deerntcd necessary ley Count), to ensure final completion. - M M