HomeMy WebLinkAbout2008-168Quail Creek PD
THIRD MODIFICATION TO JOS?
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO. PD -04 -07 -12 -CFC (200402019648349)
THIS THIRD MODIFICATION, made and entered into this 3rd day of
June, 2008, 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, on September 4, 2007 the Board of County Commissioners
granted a second modification to the contract; and
WHEREAS,
the
Developer
has encountered delays with regard to
unforeseen disputes
with
its general
contractor; and
WHEREAS, due to these difficulties, SLM Investments, LLC has
requested an additional extension (to September 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 September 6, 2008 so long as the
letter of credit supporting such contract extension is extended to December 6,
2008,
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 Second Modification to Contract for Construction of Required Improvements
No. PD -04 -07 -12 -CFC (2004020196-48349) is extended 60 days from June 3,
2008 (to August 4, 2008).
2. The consideration for this extension is that the Branch Banking and
Trust Company Irrevocable Letter of Credit in the aggregate amount of
$620,597.10 was amended to extend the expiration date to December 6, 2008.
3. The Certificate of Completion for the project must be issued no later
than August 4, 2008 or the letter of credit guaranteeing completion of the
required improvements will be called, and those funds will be used to finish the
project and provide the necessary warranty bond(s) per Indian River County
Code.
4. 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.
Sianed in the presence of:
S
P
S
P
ATTEST: J. K. Barton, Clerk of Court
By:� D 0
Deputy Clerk
SLM INVESTMENTS, LLC, a
Florida limited liability company
A
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
B :3W -
San ra L. Bowden, Chairman
BCC approved: June 3, 2008
2
FAA torney\NancyIDOCSSPLAM3d MODIFICATION TO K for cons quail creek.doc
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
BY
WILLIAM G. COLLINS II
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