1/10/2017 4:49:30 PM
1/10/2017 4:49:29 PM
Official Document Type
Agenda Item Number
SR 60 Vero, LLC
Modification to warranty & guaranty agreement for requried improvements
Contract No. PD-14-06-04-R&D2(2)
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The Reserve At Vero Beach P.D.—Phase 2 A TRUE COPY <br /> warranty of road and drainage improvements CERTIsICiCL ON LAST PAGE <br /> (Phase 2 within platted Phase 2) J.R. SMITH, CLERK <br /> MODIFICATION TO <br /> WARRANTY AND GUARANTY AGREEMENT FOR REQUIRED <br /> IMPROVEMENTS <br /> CONTRACT NO. PD-14-06-04-R&D2(2) <br /> THIS MODIFICATION, made and entered into this otn day of January, <br /> 2017, by and between SR 60 VERO LLC, a Florida limited liability company, <br /> hereinafter referred to as "Developer", and INDIAN RIVER COUNTY, a political <br /> 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 entered into a Warranty and Guaranty Agreement <br /> for Required Improvements Contract No. PD-14-06-04-R&D2(2) to warranty the <br /> road and drainage improvements for a period of one year from December 12, <br /> 2016 to December 12, 2017, and simultaneously entered into a Cash Deposit <br /> and Escrow Agreement with $31,650.30 in cash being posted as security for the <br /> warranty in order to expedite the issuance of the certificate of completion until <br /> such time as alternate acceptable security could be substituted; and <br /> WHEREAS, the developer has now submitted an acceptable substitution <br /> of security for the warranty in the form of an M and T Bank Irrevocable Standby <br /> Letter of Credit No. SB2002530001 in the amount of $31,650.30, with an <br /> expiration date of March 12, 2018, <br /> NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as <br /> follows: <br /> 1. The substitution of security in the form of an M and T Bank <br /> Irrevocable Standby Letter of Credit No. SB2002530001 in the <br /> amount of $31,650.30, with an expiration date of March 12, 2018 is <br /> acceptable. <br /> 2. The $31,650.30 cash on deposit in escrow with the County can be <br /> returned to the entity that posted the funds in accordance with the <br /> Cash Deposit and Escrow Agreement. <br /> 3. All other terms set out in the Warranty and Guaranty Agreement for <br /> Required Improvements Contract No. PD-14-06-04-R&D2(2) <br /> remain in full force and effect. <br />
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