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1 19� 6QflK FLEE 729 <br />CONTRACT FQR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />N0. <br />THIS CONTRACT, made and entered into this day of <br />December , by and between F rd <br />., a corporation existing <br />under the laws of the State of Florida, hereinafter referred to as <br />"Developer," and INDIAN RIVER COUNTY, a political subdivision of <br />the State of Florida, by and through its Board of County <br />Commissioners, hereinafter referred to as "County." <br />W I T N E S S E T H <br />WHEREAS, Developer is commencing proceedings to effect a <br />subdivision of land within Indian River County, Florida; and <br />WHEREAS, a final plat of the subdivision within the <br />unincorporated area of Indian River County shall not be recorded <br />until the Developer has installed the required improvements or has <br />guaranteed to the satisfaction of the County that such improve- <br />ments will be installed= and <br />~ WHEREAS, peveloper requests the approval and recordation <br />of a certain plat to be known as Waverly Place Subdivision <br />= and <br />WHEREAS, the required improvements are to be installed <br />after recordation of this plat under guarantees posted with the <br />County's <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br />AND PROMISES HEREIN CONTAINED; the parties agree as follows: <br />1. Developer agrees to construct on or before <br />March 30 1984 'in a good and workmanlike manner, <br />those Improvements -Fe -scribed as follows: <br />See Attachment Exhibit A <br />or otherwise required by the Code of Laws and Ordinances of Indian <br />River County in connection with the approval of said plat. A copy <br />of the plat shall be recorded in the Public Records of Indian <br />River County, Florida upon the final approval of the Board of <br />County Commissioners and made a part hereof for all purposes. <br />2. Developer agrees to construct said improvements <br />strictly -in accordance with the land development permit, the most <br />recent set of plans and specifications for this subdivision <br />approved by the County and on file in the Planning and Development <br />Division, and all County development regulations and standards, <br />all of which are hereby incorporated by reference and made a part <br />hereof. <br />3. In order to guarantee performance of this contract, <br />Developer shall simultaneously herewith furnish ,an irrevocable <br />letter -of. credit by a bank authorized to transact such <br />business in this state, in a form to be app�roved b th County, <br />with Developer as principal and First FideTi ty Savi n�s an? Loan <br />Association as the bank in the amount of <br />_ 19O743_S2 , which amount is not less than one hundred <br />and fifteen (115$) percent of the estimated total cost of improve- <br />ments remaining to be constructed, as determined in accordance <br />with the County's Subdivision and Platting ordinance. It is <br />understood that the full amount of the guarantee -shall remain <br />available to the County and shall not be reduced during the course <br />of construction without an express written modification thereof <br />executed by all parties. Requested reductions shall not be <br />unreasonably withheld by the County. Developer may at.any time <br />substitute guarantees, subject to the approval as to form and <br />amount by the County. <br />- - <br />79 <br />