HomeMy WebLinkAbout2003-241B. Sep 04 03 04 : 50p Indian River County 772 - 770 - 5095 p . 5
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MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO. PD -01 -06-15-CFC (2000100085 -34449)
T IS MODIFICATION , made and entered into this day of
_ , 2003 , by and between SDG KINGS , INC . , a Florida corporation ,
herei a er 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 , on August 5 , 2003 the Board of County Commissioners of
Indian River County approved a Contract for Construction of Required
Improvements No . PD-01 -06- 15-CFC (2000100085-34449 ) between SDG Kings ,
Inc. , a Florida corporation ( Developer) and Indian River County, guaranteeing the
completion of certain required improvements within The Oaks of Vero — P . D . ,
Phase 1 on or before January 1 , 2004 ; and
WHEREAS, the Contract states that the Developer shall furnish an
irrevocable letter of credit in the amount of $ 589 ,045 . 15 to guarantee
performance of the Contract; and
WHEREAS , the irrevocable letter of credit was provided by Developer
with Citrus Bank, N .A. as the underwriting bank in the amount of $ 500 , 684 . 03 ;
and
WHEREAS , the Developer has posted additional security in the form of
cash in the amount of $88 ,361 A 2 to make up the shortfall ; and
WHEREAS , simultaneously with the posting of cash , Developer executed
a Cash Deposit and Escrow Agreement; and
WHEREAS , Developer has requested that when a reduction in security is
warranted , that any reduction first be applied against the cash deposit until
exhausted and thereafter against the irrevocable letter of credit,
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows :
1 . The Citrus Bank Irrevocable Standby Letter of Credit No . 2323454
in the amount of $500 , 684 . 03 and the $88 , 361 . 12 cash represents the total
security to be posted under the Contract for Construction of Required
Improvements No . PD-01 -06- 1 &CFC (2000100085-34449 ) ; and
Sep 04 03 04051P Indian River County 772 - 770 - 5095
p . 6
2 . The Cash Deposit and Escrow Agreement is approved ; and
3 . Any reduction in security shall first be applied against the cash
deposit until exhausted and thereafter against the irrevocable letter of credit.
4 . All other terms set out in the Contract for Construction of Required
Improvements No . PD-01 -06- 15-CFC (2000100085=34449 ) remain in full force
and effect .
IN WITNESS WHEREOF , the parties hereto have set their hands and
seals on the day and year first above written .
SDG KINGS, INC . , a Florida
corporation
D ELO R
By:
Brett Sove el , PrdikleM
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
BAenneth
R. Macht, Chairman
BCC Approved : September 16 , 2003
ATTEST: J . K. Barton , Clerk of Court
By:
Deputy Clerk
APPROVED AS To FORM
AND LEGAL SUFFICIENCY
BYk-
WILLIAM Q. COLLINS t!
COUNTY ATTORNEY
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