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Huntington Place n RESCISSION OF CONTRACT FOR LOT FILL NO . SD - 04 -06 -41 - CFCFILLL0C ( 93030071 . 56302 ) THIS RESCISSION , made and entered into this day of 2009 , by and between FOSTER I . R . C . , LLC , a California limited liability ompany , hereinafter referred to as " Developer" , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida , by and through its Board of County Commissioners , hereinafter referred to as " County " . WITNESSETH : WHEREAS , Developer entered into a Contract for Lot Fill No . SD - 04 - 06 - 41 - CFCFILLLOC ( 93030071 - 56302 ) guaranteeing the clearing and filling of each lot within Huntington Place to at least 75 % finish grade on or before 24 months from the date of recordation of the plat ( by January 12 , 2009 ) , with a 120 consecutive day period following the 24 - month period to cure any default of any owner of any lot in connection with the failure to fill a lot as required by the governing documents of the subdivision ; and WHEREAS , Developer posted a f= ifth Third Bank Irrevocable Letter of Credit No . CIS405983 in the amount of $ 1 , 762 , 500 . 00 as a guaranty ; WHEREAS , on June 23 , 2009 Developer presented to the Board of County Commissioners dated photographs of the development immediately after Tropical Storm Fay where the photographs revealed acceptable percolation ; and WHEREAS , the Board voted to rescind the Contract for Lot Fill so long as the Developer amends its Declaration of Covenants , Conditions and Restrictions for Huntington Place that is recorded in Official Record Book 2123 at Page 1336 of the Public Records of Indian River County , Florida so the lot owners are not required to fill 'their respective iots until the lime; of issuance of a building permit . NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree that the Contract for Lot Fill No . SD- 04-06 -41 - CFCFILLLOC ( 93030071 -56302 ) be rescinded ; that the Fifth Third Bank Irrevocable Letter of Credit No . GIS405983 in the amount of $ 1 , 762 , 500 . 00 posted as a guaranty be returned to the bank ; and that the Developer amend its Declaration of Covenants , Conditions and Restrictions so the loft owners are not required to fill their respective lots until the time of issuance of a building permit .