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CONSTRUCTION OF RE UI <br />NO. <br />BOOK rArF71 <br />(FOR USE WITH A <br />LETTER OF CREDIT) <br />EM ENTS <br />THIS CONTRACT, made and entered into this a644 day of <br />F"rL494/ 1985 , by and between Associates Management GrouD. <br />Inc., 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, Developer requests the approval and recordation <br />of a certain plat to be known as Sander -1-= 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. <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 />�bmiary 1 -' 106 , in a good and wor)manlike manner, <br />those improvements described as follows: <br />ThOSe improvements approved by the land development permit. IM07 dated 2-b-85 <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 Hoard 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 />including conditions and requirements of any applicable County <br />right-of-way permit, all of which are hereby incorporated by <br />reference and made a part hereof. <br />3. In order to guarantee performance of this contract, <br />Developer shall simultaneously herewith furnish an irrevocable <br />letter of credit, having an expiration date of not less than <br />ninety (90) days beyond the date set forth in Paragraph 1, pro- <br />vided by a banking institution authorized to transact such busi- <br />ness in this state, in a form to be approved by the County, naming <br />Developer as customer and Barnett Bank of Central Florida. <br />as the underwriting bank, in the amount o <br />$_70.000.00 , which amount is not less <br />than one hundred and fifteen (115%) percent of the estimated total <br />cost of improvements remaining to be constructed, as determined in <br />accordance with the County's Subdivision and Platting Ordinance. <br />It is understood that the full amount of the letter of credit <br />-1- Rev. 3/1/84 <br />