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40 <br />i <br />LA <br />corporate. for use W1 III <br />} 1 <br />letter oferedit <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS —10 <br />NO. SP-MA-98.41-04-LR(97040154-003) <br />THIS CONTRACT, made and entered into this day of hUaUst , 2000 <br />T, <br />by and between FIRST CHURCH OF GOD OF VERO BEAINC., a nonprofit corporation <br />existing under the laws of the State of Florida, hereinafter referred to as "Developer," and INDIAN <br />RIVER COUNTY. a political subdivision of the State of Florida, by and through its Board of County <br />Commissioners, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer is commencing construction consistent with an approved site <br />plan within Indian River County, Florida; and <br />WHEREAS, a certificate of occupancy shall not issued untii the Developer has <br />installed the required improvements or has guaranteed to the satisfaction of the County that such <br />improvements will be installed; and <br />WHEREAS, Developer requests the issuance of a certificate of occupancy for a <br />project to be known as First Church of God; and <br />WHEREAS, the required improvements are to be installed after issuance of a <br />certificate of occupancy under guarantees posted with the County. <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND <br />PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to construct in a good and workmanlike manner, those <br />landscaping improvements along the project's King's Highway frontage as described on the opinion <br />of probable cost attached hereto as Exhibit "A" within ninety (90) days after notification from County <br />of County's completion of Phase 11 of the 58th Avenue improvement project. <br />2. Developer agrees to construct said improvements strictly in accordance with <br />the land development permit, the most recent set of pians and specifications for this project <br />approved by the County and on file in the Planning and Development Division, and all County <br />development regulations and standards, including conditions and requirements of any applicable <br />County right-of-way permit, all of which are hereby incorporated by reference and made a part <br />hereof. <br />3. In order to guarantee performance of this contract, Developer shall <br />simultaneously herewith furnish an irrevocable letter of credit, provided by a banking institution <br />authorized to transact such business in this state, in a form to be approved by the County, naming <br />Developer as customer and [gra rho r F d al ;av; ng aankas the underwriting bank, in <br />the emount of $53,402.31, which amount is not less than one hundred fifteen percent (115%) of the <br />estimated total cost of landscape improvements remaining to be constructed. It is understood that <br />the full amount of the letter of credit shall remain available to the County and shall not be reduced <br />1 <br />