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17 1 <br />i <br />-(1 -r7/ <br />qq `Oqo <br />PLANlold orchid"(-Atlwcc hn ' <br />corporate, for use with <br />letter of credit <br />CONTRACT FOR CONSTRUCTION OF REQUIRED INA,PROVEEM EN'rS <br />NO. PD -98-06-12-A <br />THIS CONTRACT, made and entered into this /, day of <br />1999 by and between Kennedy Groves, Inc., a corporation existing <br />und the laws of the State of Florida, hereinafter referred to as "Developer," and <br />INDIAN RIVER COUNTY, a political subdivision of the State of 'Florida, by and through <br />its Board of County Commissioners, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer is commencing proceedings to effect a subdivision <br />of land within Indian River County, Florida; and <br />WHEREAS, a final plat of the subdivision within the unincorporated area <br />of Indian River County shall not be recorded until the Developer has installed the <br />required. improvements or has guaranteed to the satisfaction of the County that such <br />improvements will be installed; and <br />WHEREAS, Developer requests the approval and recordation of a certain <br />plat to be known as Old Orchid - Phase 1 - P.D.; and <br />WHEREAS, the required improvements are to be installed after <br />recordation of this plat under guarantees Posted with the County. <br />NOW, THEREFORE„ IN CONSIDERATION OF THE MUTUAL <br />COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to construct on or before March 16, 2004, in a <br />good and workmanlike manner, those improvements described as follows: <br />Per attached engineer's estimate for remaining subdivision improvements. <br />or otherwise required by the Indian River County Code in connection with the approval <br />of said plat. A copy of the plat shall be recorded in the Public Records of Indian River <br />County, Florida upon the final approval of the Board of County Commissioners and <br />made a part hereof for all purposes. <br />2. Developer agrees to construct said improvements strictly in <br />accordance with the land development permit, the most recent set of plans and <br />specifications for this subdivision approved by the County and on file in the Planning <br />and Development Division, and all County development regulations and standards, <br />including conditions and requirements of any applicable County right-of-way permit, all <br />of which are hereby incorporated by reference and made a part hereof. <br />3. In order to guarantee performance of this contract, Developer shall <br />simultaneously herewith furnish an irrevocable letter of credit, having an expiration date <br />of not less than ninety (90) days beyond the date set forth in Paragraph 1, provided by <br />a banking institution authorized to transact such business in this state, in a form to be <br />approved by the County, naming Developer as customer and Fidelity Federal Savings <br />