5/4/2017 10:10:45 AM
5/4/2017 10:10:42 AM
Official Document Type
Agenda Item Number
Florida East Coast Railroad
Construction of Utility Improvements
Subgrade water and forced main crossings
69th St./ Old Dixie
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A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> J.R. SMITH, CLERK <br /> WHEREAS, upon completion of the Improvements by Developer and upon <br /> approval of same by the County Utility Director, seventy-five percent (Z§%} of the security will <br /> be released by County with the remaining twenty-five percent (25%) to be held as warranty <br /> security for one(1) year from the date of approval by the County Utilities Director. Additionally, <br /> if security is posted in the form of a letter of credit, that letter of credit must remain valid for 90 <br /> days beyond the 1-year warranty period; and <br /> WHEREAS, at the completion of the Improvements, Developer agrees to execute <br /> a Warranty and Guaranty Agreement and Bill of Sale to warranty the Improvements for a period <br /> of one year against defects due to faulty field engineering, workmanship, or materials, secured <br /> with the remainder twenty-five percent ( 25% security mentioned above; and <br /> WHEREAS, nearing the end of the 1-year warranty period, or sooner if the need <br /> arises, County will cause inspections to be performed to determine if the Improvements remain <br /> free from defects due to faulty field engineering, workmanship, or materials. If the <br /> Improvements are determined to be acceptable, then the remaining twenty-five percent (25%) <br /> security will be released by the County Utilities Director at the end of the warranty period. In the <br /> alternative, if the Improvements are found to be defective, County will notify Developer of such <br /> defect(s) and Developer must immediately cure the defect(s). Failure to cure any defects will <br /> result in the Developer, as principal, and the escrowed cash or letter of credit being jointly and <br /> severally liable to pay for the repairs; and <br /> WHEREAS, failure by Developer to construct the Improvements within the 12- <br /> month period from the start of construction MI cause Developer to be in default under this <br /> Contract, and Developer and the underlying security shall be jointly and severally liable to pay for <br /> the cost of construction and installment or removal of the Improvements to the final total cost; <br /> NOW,THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND <br /> PROMISES HEREIN CONTAINED, the parties agree as follows: <br /> 1. Developer agrees to construct on or before one year after the Effective <br /> Date herein described, in a good and workmanlike manner, the Improvements, which are <br /> described as follows: <br /> See Exhibit "A!' attached hereto <br /> 2. Developer agrees to construct said Improvements strictly in accordance <br /> with the conditions of project approval and requirements of any applicable Florida East Coast <br /> Railway, LLC requirements, all of which are hereby incorporated by reference and made a part <br /> hereof, <br /> 3. In order to guarantee performance of this Contract, Developer shall <br /> simultaneously herewith furnish either cash or an irrevocable letter of credit, having an <br /> expiration date of not less than 27 months from the Effective Date of this Contract, provided by <br /> a banking institution acceptable to the County, in a form to be approved by the County, naming <br /> Developer or Developers contractor as customer and the underwriting bank, in the amount of <br /> Four Hundred Seventy Thousand Four Hundred Fourteen and 50/100 Dollars ($470,414.60), <br /> which amount is not less than one hundred fifteen percent (115%) of the estimated total cost of <br /> Improvements to be constructed. It is understood that the full amount of the letter of credit shall <br /> 2 <br />
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