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Lily's Cay at Vero Beach <br />CONTRACT FOR CONSTRUCTION <br />FOR FINAL LIFT OF ASPHALT <br />CONTRACT NO. SD -15 -05 -07 -FLA (2006030269-74273) <br />THIS CONTRACT, made and entered into this 12th day of <br />January , 2016, by and between Diamond Court West FL, LLC, a <br />Virginia limited liability company authorized to do business in the State of <br />Florida, hereinafter referred to as "Developer," and INDIAN RIVER COUNTY, a <br />political subdivision of the State of Florida, by and through its Board of County <br />Commissioners, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer has commenced proceedings to effect a <br />subdivision of land within Indian River County, Florida; and <br />WHEREAS, a certificate of completion for the subdivision shall not be <br />issued until the Developer has installed the required improvements (with the exception <br />of a final asphalt lift) and entered into a warranty agreement to warranty paving and <br />drainage improvements for a 1 -year period; and <br />WHEREAS, Developer has installed a 1 -inch asphalt lift, but does not <br />wish to install the final lift• until such time as a majority of the homes have been <br />constructed so as to make the subdivision more aesthetically pleasing; and <br />WHEREAS, Developer has guaranteed to the satisfaction of the County <br />that such final lift of asphalt will be installed by posting either cash or a letter of credit <br />with the County in an amount of 125% of the estimated cost as certified by Developer's <br />engineer and approved by the County Engineer. <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL <br />COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to install in a good and workmanlike manner, the <br />improvements described in Exhibit "A" attached hereto the earlier of 2 years from the <br />project's Certificate of Completion; 60 days prior to turnover to homeowner association; <br />or prior to certificate of occupancy for last residence in subdivision (or a separately <br />platted phase of a subdivision). <br />2. Developer agrees to construct said improvements strictly in <br />accordance with the land development permit, the most recent set of plans and <br />specifications for this subdivision approved by the County and on file in the Planning <br />and Development Division, and all County development regulations and standards, <br />including conditions and requirements of any applicable County right-of-way permit, all <br />ATTACHMENT 5 140 <br />