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BOOK 60 P,,, 53 <br />4. Provides herewith, or has provided heretofore in a <br />manner satisfactory to the County, a surety instrument to guaranty <br />Developer's performance of this maintenance agreement, being <br />either a Performance Bond, cash escrow deposit, or irrevocable <br />letter of credit. In the event Developer has not undertaken the <br />repairs contemplated by this Agreement following a request by the <br />County, the proceeds of any such surety instrument may be drawn <br />upon by the County to the final total cost of Developer's <br />obligations hereunder not to exceed, however, the applicable <br />limits of a given surety instrument. <br />5. Grant and convey unto Indian River County all its <br />right, title and interest in and to all such improvements, other <br />than land dedicated by plat or separate easement, which lies <br />within the areas dedicated to the County, and Developer hereby <br />warrants to the County that it has free and unencumbered title <br />thereto, that all persons or entities which have supplied labor or <br />materials with respect to such improvements have been paid in <br />full, that none of them has any claim whatsoever with respect <br />thereto, and that that Developer shall hereafter forever warrant <br />and defend the County's title thereto. <br />IN WITNESS WHERE9,F Developer has hereunto set its hand <br />and seal this IP' day of1985, with the understanding <br />that the agreement date for the pu 'poses of reference to the <br />Letter of Credit supplied herewith shall be considered January 25, <br />1985. Notwithstanding this reference, the one-year warranty and <br />maintenance period shall begin running upon the date of formal <br />acceptance of the improvements by Indian River County. <br />Z. <br />S4 <br />71 <br />WESTSIDE PARTNERSHIP <br />DEVELOPER, A Partnership under <br />the laws of the State of Florida <br />Earl T. Spytek / (Title) <br />r <br />By: <br />A4d Tu'rp (Title) <br />FLORIDA NATIONAL BANK <br />o� DATE- Vermian 13� 1995 <br />Miami, Fl. 33131 <br />23WOCABLE STANDBY LEITER of CREDIT No.SB: M-1147 <br />To Indian Diver County Board of County C missioners <br />1840 25th Street <br />Vero'Beach, Fl. 32960 <br />WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE ACCOUNT <br />OF Westside Partnershin_ P_O_ RM 2558_ Vf m PA-Pnh_ ri _ ".am <br />IN THE AMOUNT OF $ i a 74s 87 WHICH IS AVAILABLE AGAINST YOUR DRAFT DRAWN AT <br />SIGHT ON FLORIDA NATIONAL BANK, BEARING THE' <br />CLAUSE 'DRAWN UNDER FLORIDA NATIONAULLBARK STANDBY LETTER OF CREDIT NO. w_i l47 AS <br />DATED ABOVE ACCOMPANIED BY: <br />1. A resolution,purporting to be that of the -Indian River County Board of <br />County Cami.ssioneM, certifying that Westside Partnership has defaulted - <br />under that certain Agreement•entitled "Warranty, Maintenance Agreement, <br />and Bill of Sale for Required Improvements" between-Vestside Partnership <br />and Indian River County, relating to the Courtside;'vhich agreamt is <br />dated January 25, 1985. This resolution must also certify that the <br />amount of the draft represents the amount required by t>ie.;.Sbunty to fulfill <br />the performance of the obligations stated in said stxci<;. <br />2. The original of this letter of.ared t <br />DRAFTS) DRAWN UNDER THIS CREDIT MUST BE NEGOTIATED AT THE OFFICE OF THE ISSUING'BANK . <br />NO LATER THAN May 13, 1986 AND THE AMOUNT ENDORSED ON THE REVERSE OFTHLS <br />ORIGINAL LETTER OF CREDIT. _ <br />WE HEREBY ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS <br />AND CONDITIONS OF THIS CREDIT WILL BE DULY HONORED UPON PRESENTATION: <br />FaU1MUlp <br />12 0,tU(7A <br />AUU109Md 51 azure <br />I <br />