10/12/1993 - Laserfiche WebLink

Home Browse Search

WHEREAS, the contract was secured by a First Union National Bank of Florida Standby Letter of Credit Reference No. X510105 (Issuing Bank: Chemical Bank New York, Letter of Credit No. N-392164) in the amount of $71,000.00 with effective date of September 20, 1992, naming Indian River County Board of County Commissioners as beneficiary with Chemical Bank New York, 55 Water Street, New York, New York 10041 as issuing bank, as amended by First Union National Bank of Florida Amendments dated October 26, 1992 and November 25, 1992, extending the expiration date to November 5, 1993; and WHEREAS, COPELAND LANDING, INC. has failed to perform its obligations under the "Contract for Construction of Required Improvements No. PRD -90-10-0911. NOW, THEREFORE, BE IT .RESOLVED by the Board of County Commissioners of Indian River County, Florida that: 1. The above statements are ratified in their entirety. 2. WE HEREBY CERTIFY THAT "COPELAND'S LANDING, INC. HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF THE SAID CONTRACT FOR THE REQUIRED IMPROVEMENTS." 3. Developer, Copeland Landing, Inc. has been notified of the deficiencies in its performance of Contract No. PRD -90-10-09. 4. The Chairman of the Board of County Commissioners of Indian River County is hereby authorized to execute this resolution certifying default along with any other necessary documents to call the Standby Letter of Credit of First Union National Bank of Florida Reference No. X510105, as amended (Issuing Bank: Chemical Bank New York, Letter of Credit No. N-392164, 55 Water Street, New York, New York 10041) . 5. This draft is drawn under Irrevocable Letter of Credit No. N-390814 of Chemical Bank New York - First Union National Bank of Florida Reference No. X510105 with effective date of September 20, 1992, confirmed 29 L -C CT 1 2 199. BOOK 90 P -V- c 746