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� _ d/l1OCRP:Bt)i nolralnnd)1.. e:tlAt.<WCC/nhm3 <br />Qmoaqulto ImPowrdtnarrU <br />6 <br />} <br />RESOLUTION NO. 94- 58 <br />A RESOLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />CERTIFYING THE DEFAULT OF COPELAND LANDING, <br />INC. UNDER THE TERMS OF CONTRACT NO. <br />PRD -90-10-09 AND AUTHORIZING DRAFT ON <br />NATIONSBANK INTERNATIONAL MIAMI LETTER OF <br />CREDIT NO. EM29888092 DATED JULY 29, 1992 WITH <br />AMENDMENT NO. 1 DATED DECEMBER 1, 1992 AND <br />AMENDMENT NO. 2 DATED OCTOBER 14, 1993 (ISSUING <br />BANK - CAISSE CENTRALE DES JARDINS, MONTREAL, <br />REF.: LCS 4788/185; DATED JULY 15, 1992). <br />WHEREAS, County Development Regulations require development <br />plat improvements to be in place before a plat is recorded; and <br />WHEREAS, a plat may be recorded prior to construction of <br />required improvements if the developer contracts with the County to complete <br />those required improvements within one year of final plat approval and posts <br />adequate security to guaranty that contractual agreement; and <br />WHEREAS, COPELAND LANDING, INC., a Florida corporation, <br />entered into a contract on behalf of the development known as Copelands <br />Landing Riverside, P.R.D. which contract was numbered PRD -90-10-09; and <br />WHEREAS, the contract was secured by a NationsBank <br />International Miami Irrevocable Letter of Credit No. EM29888092 (Issuing <br />Bank Ref.: LCS 4788/189) in the amount of $55,000.00 with issue date of <br />July 29, 1992 with Amendment No. 1 dated December 1, 1992, lowering the <br />amount to $49,500.00 and extending the expiration date to November 8, 1993, <br />and with Amendment No. 2 extending the expiration date to May 8, 1994 and <br />changing the Issuing Bank's Reference Number to "LCS 4788/18511, naming <br />Indian River County Board of County Commissioners as beneficiary with <br />Caisse Centrale Des Jardins, Montreal, Canada as issuing bank (Irrevocable <br />Letter of Credit No. LCS 4788/189 now LCS 4788/185); and <br />WHEREAS, COPELAND LANDING, INC. has failed to perform its <br />obligations under the "Contract for Construction of Required Improvements <br />No. PRD -90-10-09". <br />NOW, THEREFORE, BE IT RESOLVED by the Board of County <br />Commissioners of Indian River County, Florida that: <br />1. The above statements are ratified in their entirety. <br />2. WE HEREBY CERTIFY THAT COPELAND LANDING, INC. HAS <br />DEFAULTED UNDER THE TERMS OF THE COPELANDS LANDING RIVERSIDE, <br />P.R.D. CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />NO. PRD -90-10-09 BETWEEN COPELAND LANDING, INC. AND INDIAN RIVER <br />1 <br />