HomeMy WebLinkAbout2012-185 i
Lost Lake Subdivision
A TRUE COPY
CERTIFICATION ON LAST PAGE
J . R . SMITH , CLERK C7
8 .0 .
SECOND MODIFICATION TO
SUBSTITUTE CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK
IMPROVEMENTS
NO. SD=05 -08 -39 -CFCSUBSIDE (2003080256 =53385)
7r �
THIS MODIFICATION , made and entered into this day of October,
2012 , by and between HIERS PROPERTIES , L . L. C . , a Florida limited liability
company, hereinafter referred to as "Successor 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 , Successor Developer entered into a Substitute Contract for
Construction of Required Sidewalk Improvements No . SD-05-08-39-
CFCSUBSIDE (2003080256-53385) guaranteeing the completion of certain
required sidewalk improvements within Lost Lake Subdivision on or before July
11 , 2010 and posted Marine Bank & Trust Company Irrevocable Letter of Credit
No . 2008-39 in the amount of $26 , 647 . 50 , expiring on October 11 , 2010 , as
security to guarantee completion , and
WHEREAS , by Modification to Substitute Contract for Construction of
Required Sidewalk Improvements No . SD-05-08-39-CFCSUBSIDE
(2003080256=53385) , a 2-year extension to July 11 , 2012 was granted to
complete the required sidewalks , and an acceptable amendment to the existing
letter of credit was provided , extending the expiration date to October 11 , 2012 ;
and
WHEREAS , the Successor Developer has requested an additional two-
year extension to July 11 , 2014 to complete the remaining required sidewalk
improvements ; and `
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 sidewalk improvements as
outlined in the Modification to Substitute Contract for Construction of Required
Sidewalk Improvements No . PD-05-08-39-CFCSUBSIDE (2003080256=53385) is
further extended to July 11 , 2014 so long as by 5 : 00 p . m . on October 9 , 2012. the.
i
prerequisite nonrefundable extension fee of $445 . 00 is paid , and the County
receives either. $26 , 647 . 50 cash (in the form of a certified check) or an
acceptable amendment to Marine Bank & Trust Company Irrevocable Letter of
Credit No . 2010-46 in the amount of $26 , 647 . 50 extending the expiration date to
October 11 , 2014 (which date is 90 days beyond the newly extended completion
date) , If cash is posted as an alternative to a letter of credit amendment,
Successor Developer will , simultaneously with the posting of the cash , execute a
Cash Deposit and Escrow Agreement outlining the terms and conditions of the
funds to be held in escrow.
2 * if the prerequisite extension fee is not paid and/or acceptable
security is not in place as outlined in the paragraph 1 above , this Second
Modification will be null and void , and County staff is authorized to call the
existing letter of credit prior to its expiration date .
3 . All other terms set out in the Substitute Contract for Construction of
Required Sidewalk Improvements No . SD-05-08-39-CFCSUBSIDE
(2003080256-53385) , 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 .
•°•°�ONImissi °•",4
�•�;�• • • ' 0610#e HIERS PROPERTIES, L. L.C . , a Florida
• o : ': limited liability company
°
a °
i y •
n T • • e
� - ATE OFFLORIDA o SUCCESSOR DEVELOPER
INDIAN RIVER COUNTY :•��
THIS IS TO CERTIFY THAT THIS 18 / • ' • . • s By@ e1�
A TRUE AND CORRECT COPY OF 9NRN
THE ORIGINAL ON FILE IN THIS fR CCS ,°+ Bobby iers , Managing Member
""•"" "" " „" °•°p°
OFFICE .
JE FREY R , " , CLERK
CLERK
iY D.C.
DATE II adoINDIAN RIVER COUNTY, FLORIDA
pM141lS�j0
�_. . t by and through its Board of County
4 : `* tp Commissioners
cj
R ' a
s
v
•s ti . Q s• By Gc��
Ga . Wheeler' Chairman
,49`LRNF4
CO * 0 94
BCC approved : October 91 2012
ATTEST : Jeffrey R . Smith , Clerk of
Circuit Court and Comptroller
APPROVE® FORM
By : { �,N® LE/q ooe �LBFFIC CY
DeputyNEWEENEW,Clerk BY
LAN S. PO L CH
NTY ATTORNEY
2