7/21/2017 10:08:10 AM
7/21/2017 10:07:44 AM
Official Document Type
Agenda Item Number
Escrow Agreement Guaranty Irrevocable Letter of Credit No. 30
Willos Development LLC
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The Willows — Phase 1 <br />ESCROW AGREEMENT <br />THIS ESCROW AGREEMENT is entered into this 18thday of July, 2017 by and between <br />INDIAN RIVER COUNTY ("IRC") and OCULINA BANK ("Oculina"). <br />WITNESSETH: <br />WHEREAS, Oculina issued a guaranty Irrevocable Letter of Credit No. 30 ("GLOC") <br />dated September 14, 2016 in the amount of THREE HUNDRED TWENTY ONE THOUSAND <br />FIVE HUNDRED AND 44/100 DOLLARS ($321,500.44) in favor of IRC. This GLOC related to <br />the guaranty of Phase 1 construction of required improvements for the Willows Development, LLC <br />("Willows"). This GLOC expires on December 13, 2017. The Willows construction on Phase 1 is <br />now substantially complete; and <br />WHEREAS, under section 913.10(4) IRC Code and the Contract for Construction of <br />Required Improvements No. SD -15-09-08 (2006010188-77191), warranty of required <br />improvements is required to be posted and a certificate of completion issued before the GLOC can <br />be released, as outlined below: <br />A. A warranty letter of credit ("WLOC-utilities") in the amount of ONE 1-IUNDRED <br />TWENTY FOUR THOUSAND THREE HUNDRED THIRTY THREE AND 89/100 <br />($124,333.89) as warranty under the Bill of Sale of Utilities Facilities for Willows Phase 1 project. <br />This WLOC-utilities is to expire on October 18, 2018. <br />B. A warranty letter of credit for road and drainage ("WLOC-road") in the amount of <br />NINETY TWO THOUSAND FOUR HUNDRED THIRTY TWO AND 30/100 DOLLARS <br />($92,432.30) as the warranty of road and drainage improvements under the Warranty and Guaranty <br />Agreement relating to Willows Phase 1. This WLOC-road is to expire on October 18, 2018. <br />The WLOC-utilities and WLOC-road respectively listed in paragraphs A and B above will <br />be referred to as "Warranty LOCs". <br />WHEREAS, it is anticipated that the Warranty LOCs will be issued approximately thirty <br />(30) days before the GLOC for THREE HUNDRED TWENTY ONE THOUSAND FIVE <br />HUNDRED AND 44/100 DOLLARS ($321,500.44) is released by IRC due to the fact that the <br />GLOC cannot be released until the applicable acceptable one (1) year warranty postings and <br />appropriate Warranty Agreement and Bill of Sale of Utility Facilities are in place and a certificate <br />of completion issued. With the acceptable Warranty LOCs in place, IRC will be able to issue a <br />Certificate of Completion on Phase 1 of The Willows project. <br />NOW, THEREFORE, in consideration of the mutual covenants and conditions contained <br />herein and other good and valuable consideration, the parties agree as follows. <br />1. The above "Whereas" clauses are incorporated into this Agreement. <br />1 <br />7/13/17 <br />
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