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1. That Brackett Family Limited Partnership has defaulted under the <br />terms of the aforementioned Contract for Construction of Required <br />Improvements. <br />2. Draft in the amount of $851,536.13 represents the amount required <br />by the County to fulfill the performance of said Contract for Construction of <br />Required Improvements. <br />3. Office of Management and Budget is directed to present this <br />Resolution together with a sight draft marked "DRAWN ON IRREVOCABLE <br />LETTER OF CREDIT NO. 01-0092 OF INDIAN RIVER NATIONAL BANK" to the <br />office of Indian River National Bank located at 958 20th Place, Vero Beach, <br />Florida, on or before March 31, 2002. <br />The resolution was moved for adoption by Commissioner Ginn , and <br />the motion was seconded by Commissioner Adams , and, upon being put to <br />a vote, the vote was as follows: <br />Chairman Ruth M Stanbridge <br />Vice Chairman John W. Tippin <br />Commissioner Fran B. Adams <br />Commissioner Caroline D. Ginn <br />Commissioner Kenneth R. Macht <br />Aye <br />Aye <br />Aye <br />AyP <br />Aye <br />The Chairman thereupon declared the resolution duly passed and <br />adopted this 19thday of March, 2002. <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA <br />Jeffrey K.:: - , Clerk <br />Deputy Clerk <br />B y aaZ <br />Ruth M Stanbridge, Ch firman <br />APPROVED AS TO FORM <br />Ah;D LEG .L SUFFICIENCY <br />BY 4S <br />WILLIAM G. COLLINS II <br />DEPUTY COUNTY ATTORNEY <br />COPIES OF MODIFICATION TO CONTRACT AND CASH DEPOSIT & ESCROW AGREEMENT <br />ARF ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br />March 19, 2002 <br />28 <br />