HomeMy WebLinkAbout2007-398 ado -,39 �
MUTUAL TERMINATION OF
SLAB REMOVAL AGREEMENT
THIS MUTUAL TERMINATION OF SLAB REMOVAL AGREEMENT is
made this 20th day of November , 2007 by and between DIVOSTA
BUILDING , LLC , a Michigan limited liability company, successor by merger
of DIVOSTA BUILDING CORPORATION , a Florida corporation ( " DiVosta" )
and INDIAN RIVER COUNTY, a political subdivision of the State of Florida
( " County" ) .
RECITALS
WHEREAS , on May 16 , 2006 DiVosta and County entered into a Slab
Removal Agreement whereby County agreed to permit DiVosta to pour
house slabs in the subdivision known as Waterway Village , prior to the
delivery of form board tie - in surveys , subject to certain conditions set forth
in said agreement, including the posting of a replenishable cash escrow of
$ 100 ,000 . 00 to guaranty removal of any improperly poured slab not meeting
minimum finished floor elevation or minimum setback requirements of
Indian River County ; and
WHEREAS , due to present housing market conditions , DiVosta
Building Corporation is no longer doing mass production of multiple pours,
and is desirous of terminating its Slab Removal Agreement and receiving
back its cash escrow; and
WHEREAS , there are no outstanding slab pours without form board
surveys , nor are there any claims outstanding against the replenishable
cash escrow held by County.
NOW, THEREFORE , it is hereby mutually agreed by DiVosta and
County that :
1 . The Slab Removal Agreement dated May 16, 2006 with
accompanying Cash Deposit and Escrow Agreement attached as Exhibit
" A " is hereby terminated ; and
2 . The $ 100 , 000. 00 cash escrow held by County is no longer
required and is to be returned to DiVosta with interest earned during the
escrow term , less administrative expenses .
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IN WITNESS WHEREOF, DiVosta and County have agreed to this
Mutual Termination of Slab Agreement and have hereunto set their hands
and seals as first stated above .
DIVOSTA BUILDING , LLC , a Michigan
limited liability company, successor
by merger of DIVOSTA BUILDING
CORPORATION , a Florida
corporation
By : DIVOSTA HOMES , L . P. , a
Delaware limited partnership,
Manager
By : DIVOSTA HOMES HOLDINGS ,
LLC , a Delaware limited
liability company , General
Partner /�
By: �'� ,q, �,�
Roger A Gregg , Manager
" DIVOSTA "
INDIAN. RIVER COUNTY .
Sandra k, :, ; ,awden Chairman
ATTEST: Jeffrey K. Barton "COUNTY"
Clerk of Court
By . lc . ck � � P
Deputy Clerk
Appr ed to Budge ers:
By:
Jaso E. B own, OM (rector
Approved as to form and legal
Sufficiency:::
By:� W /J
William G. Collins II
County Attorney
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