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BOOK 59 ff�GF 52 <br />-NOV 28 1984 <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />NO. <br />THIS CONTRACT, made and entered into this 28th day of <br />November , 1984 by and between NORTH BEACH ASSOCIATES, LTD., <br />existing under the laws of the State of Florida, hereinafter referred to <br />as "Developer" and INDIAN RIVER COUNTY, a political subdivision of the <br />State of Florida, by and through its Board of County Commissioners, <br />hereinafter referred to as "County". <br />W I T N E S S E T H: <br />WHEREAS, the Board of County Commissioners of Indian River <br />County has agreed to the abandonment of a right-of-way, as more <br />particularly described in County Commission #84-34 adopted on May 23, <br />1984; and <br />WHEREAS, as a condition of said Resolution, Developer agreed <br />to simultaneously with the execution of this Contract, convey to the <br />County for road right-of-way purposes, a sixty (601) foot right-of-way, <br />more particularly described in said Deed; and <br />WHEREAS, as a further condition to the abandonment as set <br />forth in the Resolution #84-34, the Developer agreed to construct within <br />three (3) years from the date thereof, or by May 23, 1987, a paved <br />twenty-four (241) foot wide public road in accordance with County road <br />construction standards; and <br />NOW THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND <br />PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to construct on or before May 23, 1987, <br />in a good and workmanlike manner, the public road described above. <br />2. In order to guarantee performance of this contract, <br />Developer shall simultaneously herewith furnish a performance bond <br />- underwritten by a surety insurer authorized to transact such business in <br />this state, in a form to be approved by the County, with Developer as <br />principal and Fireman's Fund Insurance Coupany- <br />as the surety, in the amount of $ 50,000-00, <br />- which amount is not less than one hundred and fifteen (115%) percent of <br />the estimated total cost of the improvements to be constructed. It is <br />understood that the full amount of the guaranty shall remain available <br />to the County and shall not be reduced during the course of construction <br />without an express written modification thereof executed by all parties. <br />Requested reductions shall not be unreasonably withheld by the County. <br />Developer may at any time substitute guarantees, subject to the approval <br />as to form and amount by the County. <br />-1- <br />