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RES.OLUTION OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, <br />r , CERTIFYING THE DEFAULT OF COPELAND LANDING, <br />INC. UNDER THE TERMS OF CONTRACT NO. <br />SD -8745-06 AND AUTHORIZING DRAFT ON FIRST <br />UNIONNATIONAL BANK OF FLORIDA STANDBY <br />LETTER OF CREDIT REFERENCE NO. X500872 (ISSUING <br />BANK: CHEMICAL BANK NEW YORK, LETTER OF <br />CREDIT NO. N/383821) DATED MARCH 17, 1992 WITH <br />AMENDMENTS DATED MARCH 30, 1992, AUGUST 1, <br />1992, OCTOBER 15, 1992 AND NOVEMBER 27, 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 development improvements if the developer contracts with the <br />County to complete those required development improvements within one year <br />of final plat approval and posts adequate security to guaranty that <br />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 Subdivision, Phase II which contract was numbered SD -87-05-06; <br />and <br />WHEREAS, the contract was secured by a Southeast Bank N.A. <br />Standby Letter of Credit No. N/383821, Advice No. 32807 dated March 17, <br />1992 in the amount of $292,000.00 with date of expiry of February 11, 1993, <br />naming Indian River County Board of County Commissioners as beneficiary <br />with Chemical Bank New York, 55 Water Street, New York, New York 10041 <br />as issuing bank; and subsequently amended by Amendment No. 001 dated <br />March 30, 1992 to change date of expiry to July 15, 1993; and further <br />amended by First Union National Bank of Florida d/b/a Southeast Bank, <br />N.A. Amendment dated August 1, 1992 changing the name and address of <br />presentment as well as changing the Letter of Credit Number from 32807 to <br />X500872; and further amended by First Union National Bank of Florida <br />_Amendment dated October 15, 1992 to decrease the amount of the Letter of <br />Credit by $71,000.00; and further amended by First Union National Bank of <br />1 <br />