3/10/2016 10:00:29 AM
10/1/2015 3:40:58 AM
Official Document Type
Agenda Item Number
Foster I.R.C. LLC
Rescission of Contrat Lot Fill
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Huntington Place <br /> n <br /> RESCISSION OF <br /> CONTRACT FOR LOT FILL <br /> NO . SD - 04 -06 -41 - CFCFILLL0C ( 93030071 . 56302 ) <br /> THIS RESCISSION , made and entered into this day of <br /> 2009 , by and between FOSTER I . R . C . , LLC , a California limited <br /> liability ompany , hereinafter referred to as " Developer" , and INDIAN RIVER <br /> COUNTY , a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners , hereinafter referred to as " County " . <br /> WITNESSETH : <br /> WHEREAS , Developer entered into a Contract for Lot Fill No . SD - 04 - 06 - <br /> 41 - CFCFILLLOC ( 93030071 - 56302 ) guaranteeing the clearing and filling of each <br /> lot within Huntington Place to at least 75 % finish grade on or before 24 months <br /> from the date of recordation of the plat ( by January 12 , 2009 ) , with a 120 <br /> consecutive day period following the 24 - month period to cure any default of any <br /> owner of any lot in connection with the failure to fill a lot as required by the <br /> governing documents of the subdivision ; and <br /> WHEREAS , Developer posted a f= ifth Third Bank Irrevocable Letter of <br /> Credit No . CIS405983 in the amount of $ 1 , 762 , 500 . 00 as a guaranty ; <br /> WHEREAS , on June 23 , 2009 Developer presented to the Board of <br /> County Commissioners dated photographs of the development immediately after <br /> Tropical Storm Fay where the photographs revealed acceptable percolation ; and <br /> WHEREAS , the Board voted to rescind the Contract for Lot Fill so long as <br /> the Developer amends its Declaration of Covenants , Conditions and Restrictions <br /> for Huntington Place that is recorded in Official Record Book 2123 at Page 1336 <br /> of the Public Records of Indian River County , Florida so the lot owners are not <br /> required to fill 'their respective iots until the lime; of issuance of a building permit . <br /> NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree that <br /> the Contract for Lot Fill No . SD- 04-06 -41 - CFCFILLLOC ( 93030071 -56302 ) be <br /> rescinded ; that the Fifth Third Bank Irrevocable Letter of Credit No . GIS405983 in <br /> the amount of $ 1 , 762 , 500 . 00 posted as a guaranty be returned to the bank ; and <br /> that the Developer amend its Declaration of Covenants , Conditions and <br /> Restrictions so the loft owners are not required to fill their respective lots until the <br /> time of issuance of a building permit . <br />
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