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OCT 12 1993 WK 90 F -VGE 749 WHEREAS, COPELAND LANDING, INC. has failed to perform its obligations under the "Contract for Construction of Required Improvements No. SD -87-05-06". 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. Developer, Copeland Landing, Inc. has been notified of the deficiencies in its performance of Contract No. SD -87-05-06. 3. 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. X500872, as amended; Issuing Bank: Chemical Bank New York, Letter of Credit No. N/383821. 4. The Public Works Director of Indian River County is hereby authorized to execute a letter to First Union National Bank of Florida to accompany the sight draft, certifying that "COPELAND 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. " 5. The Director of the Indian River County Office of Management and Budget is hereby directed to submit the Public Works Director's letter of certification and the original Letter of Credit with four Amendments by sight draft in the amount of $221,000.00 U.S. dollars marked "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. N-383821 OF CHEMICAL BANK NEW YORK/FIRST UNION NATIONAL BANK OF FLORIDA REFERENCE NO. X500872" to First Union National Bank of Florida, Letters of Credit Department (FL6042), 200 South Biscayne Boulevard, 12th Floor, Miami, Florida 33131, arriving at the counters of First Union National Bank of Florida at the close of business on or before November 8, 1993. 32 _I