HomeMy WebLinkAbout2007-265 Quail Creek PD
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SECOND MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO . PD -04-07-12-CFC (2004020196-48349)
THIS SECOND MODIFICATION , made and entered into this 4th day of
September , 2007 , by and between SLM Investments , LLC , 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 , on September 6 , 2005 Regent Group , LLC entered into a
Contract for Construction of Required Improvements No . PD-04-07- 12-CFC
(2004020196-48349 ) guaranteeing the completion of certain required
improvements within Quail Creek PD on or before September 6 , 2006 ; and
WHEREAS , on December 13 , 2005 the Board of County Commissioners
consented to the assignment of Contract for Construction of Required
Improvements No . PD-04-07- 12-CFC (2004020196-48349 ) by Regent Group ,
LLC to SLM Investments , LLC ; and SLM Investments , LLC provided substitute
security to guarantee the completion of the required improvements ; and
WHEREAS , at the request of the Developer, the Board of County
Commissioners on September 5 , 2006 modified said Contract for Construction of
Required Improvements to extend the time to perform ; and
WHEREAS , due to the Developer encountering delays caused by various
unforeseen change orders , including a re-design of a portion of 81St Street to
avoid the relocation of power poles as well as the construction of an eastbound
left turn lane on 81St Street at 58th Avenue to aid in traffic circulation , SLM
Investments , LLC has requested a 6-month extension (to March 6 , 2008 ) to
complete the remaining required improvements ; and
WHEREAS , the Indian River County Code Section 913 . 10 ( 1 ) ( E ) states
that for good cause shown , the Board of County Commissioners may in its
discretion grant one or more extensions of time for performance of any contract
for required improvements , provided the surety supporting such contract remains
valid for the required 90-day period following the newly extended time for
performance ; and
WHEREAS , staff has no objection to extending the date in which to
complete those required improvements to March 6 , 2008 so long as the letter of
credit supporting such contract extension is extended to June 6 , 20081
Y /
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 as outlined in
the Modification to Contract for Construction of Required Improvements No . PD-
04-07- 12-CFC (2004020196-48349) is extended to March 6 , 2008 .
2 . The consideration for this extension is that the Branch Banking and
Trust Company Irrevocable Letter of Credit be amended to extend the expiration
date to June 6 , 2008 , otherwise this modification shall be null and void .
3 . All other terms set out in the Contract for Construction of Required
Improvements No . PD-04-07- 12-CFC (2004020196-48349) , as modified , 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 .
SLM INVESTMENTS , LLC , a
Signed in the presence of: Florida limited liability company
/ DEVELOPER
Sign`-
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Print: �4�cw, 6,- By:
" I 1r rk ASCI Erman
Sign : In I anaging Member
Print: 1 ,c*r ;
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
By: ' if z
Gary healer, Chairman
ATTEST: J . K. Barton , Clerk of Court
BCC approved : 09 / 04 / 07
By :
Deputy Clerk
APPROVED AS TO FORM
AND LSU XL
BY
ILLIAM DEB
2
2F:IAttorneylNancyIDOC&PLAM2d MODIFICATION TO K for cons quail creek.doc