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DEC 31980 aoo 45 PAGE 376 AGREEMENT This Agreement is made this r ` day of December, 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 know as Village Green Phase III; and WHEREAS, Florida Atlantic Associates desires to construct all improve- ments 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 improvements shown on the engineering plans will be constructed in accordance with applicable laws, ordinances, 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 East, 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 coact of said improvements, pursuant to the engineer's estimate of Beindorf and Associates, Inc., is $119,640.00. 2. The items of construction and their cost, as set forth above, havt' been certified by James W. Young, Professional Engineer, December 2, 1980, which certificate is attached hereto as Exhibit "B". 3. The improvements listed above will be begun no later than December 3, 19804 and shall be completed no later than March 3, 1981. 4. Florida Atlantic Associates agrees to post a cash bond in the amount of $151,626.00 to ensure completion of the improvements. County is authorized to complete the work after March 3, 1981 in the event of Florida Atlantic Associates default or failure to comply with the terms of this agreement. Upoll substantial completion (95%) of the project and certification by the engineer, Florida Atlantic Associates may request return of the cash bond less any hold back deemed necessary by County to ensure final completion. IN WITNESS WHEREOF the parties hereto have set their hands and , 'seals this fm day of December, 1980. z . Witnesses: a A 0 ' FLORIDA ATLANTIC S Cj ES By 4ttlia BOARD OF By