HomeMy WebLinkAbout2006-367 SECOND MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO . SD-04-05-17-CFC (2003110240 -46697)
THIS MODIFICATION , made and entered into this 24th day of
October , 2006 , by and between Stoneybrook Farms Group, L . L. C . , a
Florida limited liability company, 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 , the final plat for Stoney Brook Farm was approved by the
Board of County Commissioners on July 12 , 2005 , and the Developer entered
into a Contract for Construction of Required Improvements No . SD-04-05- 17-
CFC (2003110240-46697) guaranteeing the completion of required
improvements on or before July 12 , 2006 , and posted an AmSouth Bank
Irrevocable Letter of Credit #79531596 as security with an expiration date of
October 12 , 2006 ; and
WHEREAS , on June 20 , 2006 the Developer requested a 1 -year
extension to complete the required improvements , but because there were
numerous houses under construction in the subdivision , the Board of County
Commissioners only granted a 2-month extension so long as the security
supporting the contract was extended an additional 90-days beyond the newly
extended 2-month period for performance; and
WHEREAS , the security supporting the contract was never extended ,
resulting in the June 20 , 2006 contract modification becoming null and void ; and
WHEREAS, on October 3 , 2006 Mr. Mark Brackett, on behalf of the
Developer, appeared before the County Commission to request another
extension for 30 days .
NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows :
1 . The date for completion of the required improvements is extended
for 30 days .
2 . Indian River County is to receive no later than 12 : 00 noon on
October 9 , 2006 an amendment to AmSouth Bank Irrevocable Letter of Credit
#79531596 extending the expiration date 180 days beyond the October 12 , 2006
expiration date (April 12 , 2007) , otherwise this modification shall be null and void
and staff will proceed to call the AmSouth Bank Irrevocable Letter of Credit
#79531596 on October 10 , 2006 .
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3 . The 8th Street turn lane security is part of the AmSouth Bank
Irrevocable Letter of Credit #79531596 , and is listed as a required improvement
in Contract for Construction of Required Improvements No . SD-04-05- 17-CFC
(2003110240-46697). It is recognized that this turn lane will not be complete
within the 30-day extension period , but that only 30 certificates of occupancy will
be issued for residences within Stoney Brook Farm until the 8th Street turn lane
has been constructed and inspected to the satisfaction of the County. A 3-year
maintenance bond for the turn lane improvements must be in place with the
County before the 31St certificate of occupancy will be issued .
4 . All other terms set out in the Contract for Construction of Required
Improvements No . SD-04-05- 17-CFC (2003110240-46697) , copy attached ,
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 .
STONEYBROOK FARMS GROUP ,
L . L. C. , a Florida limited liability
Signed ' he presence of: company
DEVELOPER
• n .
Prin : : ! ' By:
? Chad Kelly, M a er
Sign : 41
Pri CLLsI& < ,l
Sign : }
Prih . r N a m ' By:
Uikd J .' Kevin Bynum , lanager
Sign
Prin : c
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
eLBy
Arthur R. Ne e r, Ch ' m n
ATTEST: J . K. Barton , Clerk of Court BCC ratified : October 24 , 2006
B y: 0� �d� Atifl Ri4A4�li/�
Deputy Clerk
2 WILLIAM COWN6
COUNTY A'i7OW"
F:\Attomey\Nancy\DOCS\PLAN\MODIFICATION 2d TO K for cons stoneybrook farms.doc
Yf,..,W . , , ® International Deppaartment
315 Deaderick Street, 7th Floor
Nashvillejennessee 37237-0701
DATE : OCTOBER 04 , 2006
BENEFICIARY : L/ C NUMBER : 79531596
INDIAN RIVER COUNTY AMENDMENT NUMBER : 1
BOARD OF COUNTY COMMISSIONERS
1840 25TH STREET
VERO BEACH , FL 32960
OPENER :
STONEYBROOK FARMS GROUP , L . L . C .
1974 14TH AVENUE
VERO BEACH , FL 32961
WE HAVE AMENDED THE CAPTIONED LETTER OF CREDIT AT THE REQUEST OF THE
OPENER .
AMENDED TERMS AND CONDITIONS :
AMOUNT DECREASED BY : USD $ 541 , 866 . 68
NEW BALANCE : USD $ 1 , 963 , 757 . 95
EXPIRATION DATE AMENDED TO : APRIL 12 , 2007 .
THIS AMENDMENT MUST BE ATTACHED TO AND BECOME AN INTEGRAL PART OF THE
ORIGINAL CREDIT . ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED .
"ZESIGNA"
I L4
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