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� r i <br />Attorney Brandenburg believed Attorney Paull has reached a <br />good compromise and wished to compliment him on his handling of <br />this matter. <br />ON MOTION by Commissioner Bird, SECONDED by <br />Commissioner Scurlock, the Board unanimously <br />agreed to accept the settlement offer with <br />Mr. McCain as described, subject to receipt of <br />the executed settlement agreement and the estab- <br />lishment of the required escrow account, and <br />expressed their appreciation of Attorney Paull's <br />work in reaching this compromise. <br />(Copy of the above Agreement will be made a part of the Minu es <br />when fullyexecuted and received)..��+ �F4 <br />SUBSTITUTION OF SECURITY FOR COMPLETION OF SEAGROVE WESTf�= 1 <br />�a <br />The Board reviewed -memo of Attorney Paull, as follows: : <br />TOThe Board of County DATE:March 13, 1985 FILE: <br />Commissioners <br />Christopher J. Paull <br />Assistant County Attorney <br />FROM: <br />BACKGROUND <br />SUBJECT: SUBSTITUTION OF SECURITY <br />BY HARBOR FEDERAL SAVINGS <br />AND LOAN FOR COMPLETION OF <br />SEAGROVE WEST SUBDIVISION <br />IMPROVEMENTS <br />REFERENCES: <br />On February 21, 1985, the Board approved the assumption of a <br />Contract for Construction of Required Subdivision Improvements by <br />Harbor Federal Savings and Loan in place of the original developer, <br />Corporate Investment Company. To secure performance of the con- <br />tract, Harbor Federal had provided a Letter of Credit issued by Sun <br />Bank in the amount of $503,191.24. Mr. Donald E. Hughes, Vice - <br />President for Harbor Federal desires to substitute a different form <br />of -security at this time in order to save the fee for carrying the <br />Letter of Credit during the contract term. By the attached <br />94 <br />MAR 2 0 1985 <br />BOOK 0 PAGE ~l 9 <br />