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RESOLUTION NO. 85- 22 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, APPROVING AN <br />ASSIGNMENT AND EXTENSION OF TIME FOR PERFORMANCE <br />OF THE CONTRACT FOR REQUIRED IMPROVEMENTS, AND <br />TRANSFER OF THE LAND DEVELOPMENT APPROVALS AND <br />PERMITS, FOR SEAGROVE WEST SUBDIVISION. <br />WHEREAS, in February, 1984, the County entered into a <br />Contract for Required Improvements with Corporate Investment Com- <br />pany for Seagrove West Subdivision, which required completion of <br />certain improvements on or before February 29, 1385, being one <br />year after final plat approval; and <br />WHEREAS, during the past year, Corporate Investment <br />Company conveyed the subject property to Harbor Federal Savings <br />and Loan Association, Ft. Pierce, Florida, in lieu of a mortgage <br />foreclosure, assigning therewith all development approvals and <br />permits issued by the County; and <br />WHEREAS, Harbor Federal has requested the County to <br />recognize it as the successor developer and obligor on the Con- <br />tract for Required Improvements, and has requested an extension of <br />time for completion of the required improvements; and <br />WHEREAS, Harbor Federal has executed the assumption pro- <br />visions contained below indicating its agreement to assume and <br />perform all those promises, covenants, commitments and conditions <br />prescribed in the Contract for Required Improvements and the <br />associated land development permits; and <br />WHEREAS, in order to guarantee its performance of the <br />assigned contract, Harbor Federal is placing new security in the <br />form of a Letter of Credit; and <br />WHEREAS, the Planning and Development Division and the <br />Public Works Department have reviewed the status of this project <br />and find there exists good cause for an extension of time and <br />recommends approval. <br />NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER. COUNTY, FLORIDA that: <br />1. The County acknowledges and approves the assignment <br />of the attached Contract for Required Improvements from Corporate <br />Investment Company to Harbor Federal Savings and Loan; <br />-1- <br />