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40 <br />(FORMS%side3)LEGAL(WGC/nhm) (,or Final Plat) 9 1—t) Y'r <br />CONTRACT FOR CONSTRUCTION OF <br />REQUIRED SIDEWALK IMPROVEMENTS <br />NO. PD -96-06-12-E <br />THIS, CONTRACT, made and entered into this (, - day of <br />' 1999, by and between Kennedy Groves, Inc., a Florida <br />torpor 'on, hereinafter referred to as "Developer", and INDIAN RIVER <br />COUNTY, a political subdivision of the State of Florida, by and through its Board <br />of County Commissioners, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer is commencing proceedings to effect <br />development of land within Indian River County, Florida; and <br />WHEREAS, a Final Plat for the development within the <br />unincorporated area of Indian River County shall not be approved until the <br />Developer has installed the required improvements or has guaranteed to the <br />satisfaction of the County that such improvements will be installed; and <br />WHEREAS, Developer requests the approval of the Final Plat for <br />Old Orchid - Phase 1 - P.D.; and <br />WHEREAS, the required sidewalk improvements are to be installed <br />after Final Plat approval, under guarantees posted with the County. <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL <br />COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as <br />follows: <br />1. Developer agrees to construct by February 28, 2001, a date <br />being within two years of approval of Final Plat, in a good and workmanlike <br />manner, those improvements described as follows: <br />Internal sidewalks per engineer's cost estimate, attached. <br />or otherwise required by the Code of Laws and Ordinances of Indian River <br />County in connection with the approved Preliminary Plat and Land Development <br />Permit, which are incorporated by reference into this contract. <br />2. Developer agrees to construct said improvements strictly in <br />accordance with County policies for sidewalk construction as those policies <br />relate to location, method and type of construction, and all County development <br />regulations and standards, including conditions and requirements of any <br />applicable County right-of-way permit, all of which are hereby incorporated by <br />reference and made a part hereof. <br />3. In order to guarantee performance of this contract, Developer <br />shall simultaneously herewith furnish an irrevocable letter of credit, having an <br />expiration date of not less than ninety (90) days beyond the date set forth in <br />Paragraph 1, provided by a banking institution authorized to transact such <br />business in this state, in a form to be approved by the County, naming Developer <br />