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WHEREAS, COPELAND LANDING, INC., a Florida corporation, <br />entered into a contract on behalf of the development known as <br />Copeland's Landing which contract was numbered SD -87-05-06; and <br />WHEREAS, the contract was secured by an Irrevocable <br />Standby Letter of Credit No. 007 -LC -073960 in the amount of <br />$72,000 .00, with issue date of December 6, 1990 naming Indian River <br />County Board of County Commissioners as beneficiary and Richard <br />Hebert and/or Copeland's Landing as the applicant, <br />WHEREAS, COPELAND LANDING, INC. provided Indian River <br />County with a 1 -month extension of the letter of credit securing <br />Copeland Landing, Inc.'s obligation to construct required subdivision <br />improvements in consideration of the County's allowance of one <br />additional month to complete construction of those required <br />improvements; and <br />WHEREAS, COPELAND LANDING, INC. has failed to perform <br />its obligations under the extended "Contract for Construction of <br />Required Improvements". <br />NOW, THEREFORE, BE IT RESOLVED by the Board of County <br />Commissioners of Indian River County, Florida that: <br />1. The above statements are ratified in their entirety. <br />2. WE HEREBY CERTIFY THAT COPELAND'S LANDING HAS <br />DEFAULTED UNDER THE TERMS OF THE COPELAND'S LANDING <br />SUBDIVISION PHASE I CONTRACT SD -87-05-06 FOR IMPROVEMENTS <br />BETWEEN COPELAND'S LANDING AND INDIAN RIVER COUNTY. THE <br />AMOUNT OF THIS DRAWING, $72,000.00, REPRESENTS THE AMOUNT <br />REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID <br />CONTRACT FOR THE REQUIRED IMPROVEMENTS. <br />3. Developer, Copelands Landing, Inc. has been notified of <br />the deficiencies in his performance of Contract SD -87-05-06. <br />4. The Chairman of the Board of County Commissioners of <br />Indian River County is hereby authorized to execute this resolution <br />certifying default along with any other necessary documents to call the <br />Irrevocable Standby Letter of Credit of Barnett Bank of Central <br />Florida, N.A. No. 007 -LC -073960, as amended. <br />��M <br />161 <br />I -,.,, I <br />BOOK bJ fA'Uc IcjI <br />