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2000-142
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2000-142
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Last modified
4/2/2024 3:15:53 PM
Creation date
4/2/2024 3:15:37 PM
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Official Documents
Official Document Type
Contract
Approved Date
05/09/2000
Control Number
2000-142
Entity Name
Pointe West of Vero Beach Ltd
Subject
Contract for Construction of Required Improvements
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f <br />40 <br />0 <br />representative, after receipt of a signed and sealed Certificate of Completion from the <br />project engineer of record. <br />6. In the event the Developer shall fail or neglect to fulfill its <br />obligations under this contract and as required by the Indian River County Code, the <br />Developer, as principal, and the letter(s) of credit shall be jointly and severally liable to <br />pay for the cost of construction and installment of the required improvements to the final <br />total cost, including but not limited to engineering, construction, legal and contingent <br />costs, including reasonable attorney's fees incurred by the County, together with any <br />damages, either direct or consequential, which the County may sustain as a result of <br />the failure of Developer to carry out and execute ali provisions of this contract and <br />applicable ordinances of the County. In no event, however shall the liability of the <br />underwriting bank under this paragraph exceed the total amount of the original <br />obligation stated in the letter(s) of credit, less any approved reductions thereto. <br />7. The parties agree that the County at its option shall have the right, <br />but not the obligation, to construct and install or, pursuant to receipt of competitive bids, <br />cause to be constructed and installed the required improvements in the event <br />Developer shall fail or refuse to do so in accordance with the terms of this contract. <br />Developer expressly agrees that the County may demand and draw upon the existing <br />letter(s) of credit for the final total cost of the improvements. Developer shall remain <br />wholly liable for any resulting deficiency, should the tetter(s) of credit be exhausted prior <br />to completion of the required improvements. In no event shall the County be obl.,gated <br />to expend public funds, or any funds other than those provided by the Developer, or the <br />underwriting bank to construct the required improvements. <br />8. Any letter(s) of credit provided to the County by Developer with <br />respect to this contract shall exist solely for the use and benefit of the County and shall <br />not be construed or intended in any way, expressly or impliedly, to benefit or secure <br />payment to any subcontractor, laborer, materialman or other party providing labor, <br />material, supplies, or services for construction of the required improvements, or to <br />benefit any lot purchaser(s), unless the County shall agree otherwise in writing. <br />9. This agreement is the full and complete understanding of the <br />parties and shall not be construed or amplified by reference to any other agreement, <br />discussion, or understanding, whether written or oral, except as specifically mentioned <br />herein. This agreement shali not be assigned without the express written approval of <br />the County. Any amendment, deletion, <br />modification, extension, or revision hereof or hereto shall be in writing, executed by <br />authorized representatives of both parties. <br />IN WITNESS WHEREOF, the parties hereto have set their hands and <br />seats on the day and year first above written. <br />
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