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a RESOLUTION NO. 94- 60 <br />Florida dated November 27, 1992 to extend the date of expiry to November <br />8, 1993, and as further amended by First Union National Bank of Florida <br />Amendment dated October 14, 1993 to extend the expiration date to May 8, <br />1994; and <br />WHEREAS, COPELAND LANDING, INC. has failed to perform its <br />obligations under the "Contract for Construction of Required Improvements <br />No. SD -87-05-06". <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. Developer, Copeland Landing, Inc. has been notified of the <br />deficiencies in its performance of Contract No. SD -87-05-06. <br />3. The Chairman of the Board of County Commissioners of Indian <br />River County is hereby authorized to execute this resolution certifying <br />default along with any other necessary documents to call the Standby Letter <br />of Credit of First Union National Bank of Florida, Reference No. X500872, as <br />amended; Issuing Bank: Chemical Bank New York, Letter of Credit No. <br />N/383821. <br />4. The Public Works Director of Indian River County is hereby <br />authorized to execute a letter to First Union National Bank of Florida to <br />accompany the sight draft, certifying that "COPELAND LANDING, INC. HAS <br />DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT <br />FOR REQUIRED IMPROVEMENTS, AND THAT THE AMOUNT OF THE DRAFT <br />REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE <br />PERFORMANCE OF THE SAID CONTRACT FOR THE REQUIRED <br />IMPROVEMENTS." <br />5. The Director of the Indian River County Office of Management <br />and Budget is hereby directed to submit the Public Works Director's letter of <br />certification and the original Letter of Credit with five Amendments by sight <br />draft in the amount of $221,000.00 U.S. dollars marked "DRAWN UNDER <br />IRREVOCABLE LETTER OF CREDIT NO. N-383821 OF CHEMICAL BANK NEW <br />YORK/FIRST UNION NATIONAL BANK OF FLORIDA REFERENCE NO. <br />X500872" to First Union National Bank of Florida, Letters of Credit <br />Department (FL6042), 200 South Biscayne Boulevard, 12th Floor, Miami, <br />Florida 33131, arriving at the counters of First Union National Bank of <br />Florida at the close of business on or before May 5, 1994. <br />2 <br />