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(FOR USE WITH A <br />LETTER OF CREDIT) <br />R CONSTRUCTION OF REQUIRED <br />NO. Sn- 94-0G- 031 <br />THIS CONTRACT, made and entered into this =2-J day of <br />by and between Richard Granere and Fred J. <br />Kirk, individuals, hereinafter referred to as "Developer," and <br />INDIAN RIVER COUNTY, a political subdivision of the State of <br />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, 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 4iQ/_Gd ©o> 4fr0P-7 J- <br />�G�Iaa/l//.S .O. -J ; 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 />/S , / 7.?A , in a good and workmanlike manner, <br />those improvements described as follows: <br />1. Flue. Jo <br />2. Apply gvxs3'st fa �a s,i�r at �..rce v+�ue� a c&/- 4, -Sac <br />3. avev w*, peva !asci dtVejcpw,w f "if <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 />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, in <br />Developer as customer and w4c N 7F t & 0 sr! <br />, as the underwriting bank, in the am unt of <br />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 />MAY 2 2 1985 <br />-1- <br />BOOK 61 FACE .05 <br />