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2010-149 (5)
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2010-149 (5)
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Last modified
5/10/2022 2:06:19 PM
Creation date
10/5/2015 9:02:24 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Settlement Agreement
Approved Date
06/15/2010
Control Number
2010-149
Agenda Item Number
12.A.1.
Entity Name
Grove Isle at Vero Beach Condominium
River Shores
Subject
Release from Covenant to Maintain Canal
Supplemental fields
SmeadsoftID
8634
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SETTLEMENT AGREEMENT <br />THIS AGREEMENT is entered into as of the 291h day of April, 2010, as follows: <br />1. Parties/DeBnitions. <br />"Grove Isle" shall mean Grove Isle at Vero Beach Condominium <br />Association, Inc., a Florida non-profit corporation. <br />"River Shores" shall mean the owners of Lots 1 through 16, River <br />Shores, Unit 3, Plat Book 7, Page 55, Public Records of Indian <br />River County, Florida. <br />"County" shall mean Indian River County, a political subdivision <br />of the State of Florida. <br />"Canal" shall mean that certain canal which is adjacent to and <br />southerly of River Shores, and is adjacent to and northerly of <br />Grove Isle, in Indian River County, Florida. <br />2. Background. The Canal is located adjacent to and in between River Shores and <br />Grove Isle. In 1989, Grove Isle agreed to a covenant to maintain the Canal, which covenant is <br />recorded at Official Records Book 830, Page 2954, Public Records of Indian River County, <br />Florida ("Covenant"). Prior to the date of this Agreement, River Shores undertook certain <br />dredging of the Canal at an approximate cost of $215,000. Grove Isle is willing to pay a portion <br />of such costs. River Shores agrees with the County to release and terminate the Covenant. <br />3. Agreement. <br />(i) Grove Isle shall pay to River Shores the sum of $75,000, in a check made <br />payable to "Mike Bentley." Payment shall be made within thirty (30) days from the date hereof; <br />provided, however, that if the conditions set forth in paragraph 5 below have not been satisfied <br />within such thirty (30) day period, the check shall be delivered to Indian River County Attorney, <br />Alan S. Polackwich, Sr., to be held in escrow and delivered to River Shores upon satisfaction of <br />the conditions set forth in paragraph 5 below. Each owner of River Shores agrees that the check <br />from Grove Isle may be payable to and delivered to Mike Bentley for distribution to River <br />Shores owners; <br />(ii) River Shores agrees to maintain the Canal in the future to standards <br />acceptable to River Shores. Grove Isle shall have no responsibility for maintenance of the Canal <br />in the future. Grove Isle shall be permitted to use the Canal; <br />(iii) River Shores and Grove Isle acknowledge and agree that the County shall <br />have no responsibility for maintenance of the Canal, in the past or in the future. Any dispute in <br />the future relating to maintenance of the Canal shall be considered a private contractual matter <br />between River Shores and Grove Isle; <br />
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