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(FOR USE WITH A <br />LETTER OF CREDIT) <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />NO.3186-421; 3187-422; 3188-423 <br />THIS CONTRACT, made and entered into this 7th day of March, 1988, <br />by and between GRAND HARBOR, INC., a corporation existing under the laws of the <br />State of Florida, hereinafter referred to as the "Developer", and INDIAN RIVER <br />COUNTY, FLORIDA, by and through its Board of County Commissioners, hereinafter <br />referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer has received a Development Order (D.O.) and various <br />site plan and other approvals for the development of GRAND HARBOR; and <br />WHEREAS, Developer is required, as a condition of the D.O., to construct <br />a proposed estuarine waterway system; and <br />WHEREAS, County Resolution 86-89, amending the D.O., requires completion <br />of the proposed estuarine waterway system prior to the issuance of certificates <br />of occupancy for any structure; and <br />WHEREAS, Developer has requested modification of the D.O. to allow <br />issuance of not more than 600 certificates of occupancy prior to completion <br />of the proposed estuarine waterway system; and <br />WHEREAS, Developer is willing to provide assurance to the County that <br />the proposed estuarine waterway system will be completed prior to September 30, <br />1988. <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES <br />HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to construct on or before 30 September,1988, in <br />a good and workmanlike manner, those improvements described as follows: <br />Proposed estuarine waterway system as <br />specified in County Resolution 86-89. <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 project approved by the County and on file in the <br />Planning and Development Division, and all County development. regulations <br />and standards, including conditions and requirements of any applicable County <br />right-of-way permit, all of which are hereby incorporated by reference and <br />made a part hereof. <br />3. In order to guarantee performance of this contract, Developer <br />shall simultaneously herewith furnish three irrevocable letters of credit, <br />having expiration dates of not less than ninety (90) days beyond the date <br />set forth in Paragraph 1, provided by a banking institution authorized to <br />transact such business in this state, in a form to be approved by the County, <br />naming Developer as customer CITY FEDERAL SAVINGS BANK <br />, as the underwriting bank, in the amount <br />of $300,000.00 each, which cumulative amount is not less than one hundred <br />and fifteen percent (115%) of the estimated total cost of improvements <br />remaining to be constructed. It is understood that the full amount of the <br />letters of credit shall remain available to the County and shall not be <br />reduced during the course of construction without express written modification <br />thereof executed, by all parties pursuant to Paragraph 4, below. <br />16 <br />iliAR 2 2 1988 <br />BOOK .71 PAGE 314 <br />