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ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Bird, the Board unanimously adopted <br />Resolution 96-102 authorizing the release of <br />escrowed funds posted by River Boat Club Associates <br />Partnership and authorizing the execution of a <br />Satisfaction of Mortgage regarding the River Boat <br />Club Subdivision. <br />SATISFACTION WILL BE RECORDED IN THE PUBLIC RECORDS <br />OF INDIAN RIVER COUNTY <br />RESOLUTION NO. 96- 102 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE RELEASE OF <br />ESCROWED FUNDS POSTED BY RIVER BOAT CLUB ASSOCIATES <br />PARTNERSHIP AND AUTHORIZING THE EBECUTION OF A <br />SATISFACTION OF MORTGAGE REGARDING THE RIVER BOAT CLUB <br />SUBDIVISION. <br />WHEREAS, on January 17, 1995 River Boat Club Associates Partnership <br />entered into a Contract for Construction of Required Improvements (Contract <br />No. SD -90-11-20-A) to construct a paving turn-off road and repair of washout <br />with The River Boat Club Subdivision and posted $1,207.50 under a Cash <br />Deposit and Escrow Agreement to guarantee the performance of those required <br />improvements; and <br />WHEREAS, an inspection of the improvements has been made by the <br />County and the County Engineer has indicated the satisfactory completion of <br />those improvements and has recommended the return of the cash bond to the <br />developers and <br />WHEREAS, on January 5, 1995 River Boat Club Associates Partnership <br />entered into a Warranty, Guaranty and Maintenance Agreement, and Bill of Sale <br />for Required Improvements to guaranty the public improvements for one year <br />and, as security for the warranty period the County is holding a first <br />mortgage on Lot 16 of The River Boat Subdivisions and <br />WHEREAS, the 1 -year warranty period has now expired and a <br />Satisfaction of Mortgage is required to release Lot 16 of The River Boat <br />Subdivision from said mortgage, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, that: <br />1. The above statements are ratified in their entirety. <br />2. The Indian River County Office of Management and Budget is <br />authorized to return the $1,207.50 cash bond previously posted, with <br />interest, to River Boat Club Associates Partnership, 9025 U.S. Highway 1, <br />Wabasso, FL 32958. <br />SEPTEMBER 3, 1996 11D0 !F . ; <br />