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HomeMy WebLinkAbout2011-001il9illstone Landing PD, Phase 3 A TRUE COPY CERTIFICATION ON ! 4ST PAGE JX BARTON, IIC(�PL CLERK 0R u ,)(T SECOND MODIFICATION TO AND ASSIGNMENT OF CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS No. PD-04-0844-(C)SIDEPH3 (2003100068-55786) WHEREAS, on October 9, 2007, Shelby Homes at Millstone, Inc., a Florida corporation, entered into Contract. for Construction of Required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (2003100068=55786), copy attached, with Indian River County in connection with property platted as Millstone Landing P.D., Phase 3; and WHEREAS, on October 9, 2009 said contract was modified by Modification to Contract for Construction of Required Sidewalk Improvements, copy attached, wherein Shelby Homes at Millstone, Inc. (1) requested an additional 2 -year extension to October 16, 2011 to complete the remaining required sidewalks; and (2) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and WHEREAS, SLV Millstone, L.L.C., a Delaware limited liability company has acquired the project; and WHEREAS, Sl.V Millstone, i...L.C. wishes to assume the obligations under said Conti -act fol' Construction of Required Sidewalk Improvements, as modified, and replace the security either in the form of a letter of credit or cash to guarantee the completion of the remaining sidewalks not deferred; and WHEREAS, under paragraph 10 of said Contract for Construction of Required Sidewalk Improvements, the agreement shall not be assigned without the express written approval of the County; NONNI, THEREFORE, IN CONSIDERATION OF TI[E MUTUAL COVENANTS AND PROMISES FIEREIN CONTAINED, the parties agree as follows: 1. The existing Regions Bank Lcttcr of Credit No. 55101730 shall be replaced with either a letter of credit acceptable to Iridian River County or cash in the amount of $45,168,88. 2, The assignment of Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14(C)SIDEP143 (2003100068-55786), as modified, is accepted, provided, however, that (a) substitute security either in the form of an acceptable letter of credit oil cash, be posted with Indian River County no later than 5:00 p.m. on January 7, 2011 to guarantee completion of the required sidewalk improvements not deferred, and (b) a completed Notice of Transfer and Assumption of Planned Residential Development Approvals and Obligations is submitted to Indian River County no later than 5:00 p.m. on January 7, 2011, otherwise this modification and assignment shall be deemed null and void. Millstone Landing PI), Phnse 3 &C. A TRUE COPYt? // QU CERTIFICATION Of -11 1+S PAGE J.K. BARTON, CLERK ff C7RIC-Ar 1� D(T SECOND MODIFICATION TO AND ASSIGNMENT OF CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS No. PD-04-0844-(C)SIDEPI-13 (2003100068-55786) WHEREAS, on October 9, 2007, Shelby Homes at Millstone, Inc., a Florida corporation, entered into Contract for Construction of Required Sidewalk Improvements No, PD-04-08-14(C)SIDI PH3 (2003100068-55786), copy attached, with Indian River County in connection with property platted as Millstone Landing P.D., Phase 3; and WHEREAS, on October 9, 2009 said contract was modified by Modification to Contract for Construction of Required Sidewalk Improvements, copy attached, wherein Shelby Homes at Millstone, Inc. (1) requested an additional 2 -year extension to October 16, 2011 to complete the remaining required sidewalks; and (2) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and WHEREAS, SLV Millstone, L.L.C., a Delaware limited liability company has acquired the project; and WHEREAS, SLV Millstone, I.,.IX, wishes to assume the obligations under said ConU•act for Construction of Required Sidewalk Improvements, as modified, and replace the security either in the form of a letter of credit or cash to guarantcc the completion of the remaining sidewalks not deferred; and WHEREAS, under paragraph 10 of said Contract for COnst►'lleti0n of Required Sidewalk Improvements, the agreement shall not be assigned without the express written approval of the County; NOW, THEREFORE, IN CONSIDERATION OF TI[C MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. The existing Regions Bank Letter of Credit No. 55101730 shall be replaced with either a letter of credit acceptable to Indian River County or cash in the amountf O $45,168,88. 2. The assignment of Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14(C)SIDEPII3 (2003100068-55786), as modified, is accepted, provicled, however, that (a) substitute security either in the form of an acceptable letter of credit or cash be posted with Indian River County no later than 5:00 p.m, on .January 7, 2011 to guarantee completion of the required sidewalk improvements not deferred, and (b) a completed Notice of•rI,ransfer and Assumption of Planned Residential Development Approvals and Obligations is subrnitted to Indian River County no later than 5:00 P.M. on January 7, 2011, otherwise this modification and assignment shall be deemed null and void. 3. All other terms set out ill Improvements No, I'D-04-08-14(C)SIDEP113 in full force and effect. BCC approved: January 4, 2011 APPROVED AS TO.FORM AND LEGAL SUFFIC19MM A6819TAW COUA fi N A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK the Contract for Construction of Required (2003100068-55786), and as modified, remain ASSIGNEE: SLV MILLSTONE, L.L.C., a Delaware limited liability company By: SLV DEAL SUIS IV, LLC, a Delaware limited liability company MANAGING MEMBER By: STARWOOD LAND VENTURES, L.L.C., a Delaware limited liability company w MANAGING MEMBER By: tltic:. r � printed name: dim CONSENT TO ASSIGNMENT INDIAN RIVER COUNTY, FLORID By: Bob Solari, Chairman 9a� o, 00 °. e Attest: Jeffrey Darton L Deputy Clerk II O >SdONFR 3. All other terms set out ill Improvements No, I'D-04-08-14(C)SIDEP113 in full force and effect. BCC approved: January 4, 2011 APPROVED AS TO.FORM AND LEGAL SUFFIC19MM A6819TAW COUA fi N A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK the Contract for Construction of Required (2003100068-55786), and as modified, remain ASSIGNEE: SLV MILLSTONE, L.L.C., a Delaware limited liability company By: SLV DEAL SUIS IV, LLC, a Delaware limited liability company MANAGING MEMBER By: STARWOOD LAND VENTURES, L.L.C., a Delaware limited liability company w MANAGING MEMBER By: tltic:. r � printed name: dim CONSENT TO ASSIGNMENT INDIAN RIVER COUNTY, FLORID By: Bob Solari, Chairman 9a� o, 00 °. e Attest: Jeffrey Darton L Deputy Clerk II O >SdONFR Millstone Landing PD, Phase 3 A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO. PD-04-08-14=(C)SIDEPH3 (2003100068-55786) THIS MODIFICATION, made and entered into this q- day of (�9j, , , 2009, by and between Shelby Homes at Millstone, Inc., a Florida corporation, 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, Developer entered into a Contract for. Construction of required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (200310006& 55786) guaranteeing the completion of certain required sidewalk improvements on or before October 16, 2009 and posted $85,425.00 Regions Bank Irrevocable Standby Letter of Credit No. 55101730 as security to guarantee completion; and WHEREAS, portions of the required sidewalk improvements have been completed and portions of required sidewalks not yet constructed but meeting certain criteria have been deferred; and WHEREAS, the developer has (X) requested an additional two-year extension to October 16, 2011 to complete the remaining required sidewalk improvements, as allowed by code; () requested a substitution of security (X) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and (X) provided an updated certified cost estimate attached as Exhibit "A"; NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 14 The date for completion of the required sidewalk improvements as outlined in the Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (2003100068-55786) is extended to October 16, 2011, APPROVED AS TO AND t 9GAL SVFFIC 10 WILLIAM K. DEBRAAL DEPUTYGOUNTYATTORNEY Millstone Landing PD, Phase 3 A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO. PD-04-08-14=(C)SIDEPH3 (2003100068-55786) THIS MODIFICATION, made and entered into this q- day of (�9j, , , 2009, by and between Shelby Homes at Millstone, Inc., a Florida corporation, 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, Developer entered into a Contract for. Construction of required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (200310006& 55786) guaranteeing the completion of certain required sidewalk improvements on or before October 16, 2009 and posted $85,425.00 Regions Bank Irrevocable Standby Letter of Credit No. 55101730 as security to guarantee completion; and WHEREAS, portions of the required sidewalk improvements have been completed and portions of required sidewalks not yet constructed but meeting certain criteria have been deferred; and WHEREAS, the developer has (X) requested an additional two-year extension to October 16, 2011 to complete the remaining required sidewalk improvements, as allowed by code; () requested a substitution of security (X) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and (X) provided an updated certified cost estimate attached as Exhibit "A"; NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 14 The date for completion of the required sidewalk improvements as outlined in the Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (2003100068-55786) is extended to October 16, 2011, APPROVED AS TO AND t 9GAL SVFFIC 10 WILLIAM K. DEBRAAL DEPUTYGOUNTYATTORNEY A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK 2. The $85,425.00 Regions Bank Irrevocable Standby Letter of Credit No. 55101730 on deposit for sidewalks is to be reduced to $45,168.88 which amount represents 125% of the remaining (not deferred) sidewalk improvements to be completed as evidenced by developer's engineer's certified cost estimate as approved by County engineering, attached as Exhibit "A"; and the letter of credit guarantying the completion is to be extended to January 16, 2012 which is 90 days beyend the newly extended datei 3. All other terms set out in the Contract for Construction of Required Sidewalk Improvements No. PD-04-08=14-(C)SIDEPH3 (2003100068-55786) 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. SHELBY HOMES AT MILLSTONE, INC., a Florida corporation Signed in the presence of: DEVELOPER Sign. t: --� By: ober#' She e , Sign: _ Print & bI�i&.rW ICU INDIAN RIVER COUNTY, FLORIDA by and through its Board of County Commissioners By: christopher R. Mora, P.E. Public Works Director By: Robert M. Keating, AICA Community Developme t D Authority: §913.09(5)(b)2.c, IRC Code 2 I' A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK 2. The $85,425.00 Regions Bank Irrevocable Standby Letter of Credit No. 55101730 on deposit for sidewalks is to be reduced to $45,168.88 which amount represents 125% of the remaining (not deferred) sidewalk improvements to be completed as evidenced by developer's engineer's certified cost estimate as approved by County engineering, attached as Exhibit "A"; and the letter of credit guarantying the completion is to be extended to January 16, 2012 which is 90 days beyend the newly extended datei 3. All other terms set out in the Contract for Construction of Required Sidewalk Improvements No. PD-04-08=14-(C)SIDEPH3 (2003100068-55786) 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. SHELBY HOMES AT MILLSTONE, INC., a Florida corporation Signed in the presence of: DEVELOPER Sign. t: --� By: ober#' She e , Sign: _ Print & bI�i&.rW ICU INDIAN RIVER COUNTY, FLORIDA by and through its Board of County Commissioners By: christopher R. Mora, P.E. Public Works Director By: Robert M. Keating, AICA Community Developme t D Authority: §913.09(5)(b)2.c, IRC Code 2 I' O O N N N M N n a) M va a M t0fj N O O r O r 000 (ND O O M F-• d OD O to O r �O a N M H 0 o o 0 0 fLo I0f1 N O O O O O � arm � � � am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ fLo I0f1 N O O V N O' N O O O co co O O a Lo � C6 M �C For am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ V c!J O N O O a Lo O �C 691 64 69 69 64 am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ O O N N N M N n a) M va a M t0fj N O O r O r 000 (ND O O M F-• d OD O to O r �O a N M H 0 o o 0 0 fLo I0f1 N O O O O O � arm � � � am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ fLo I0f1 N O O V N O' N O O O co co O O a Lo � C6 M �C For am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ V c!J O N O O a Lo O �C 691 64 69 69 64 am = I LL Ui J J J Co M m low co U _O F- n lz N Z O U J F O Islas zii ATRUE COPY CERTIFICATION ON LAST PAGE J- K. BARTON, CLERK } m D W 0' Q IL Lu a c '_ O m) QJ V M Man t0410 4 0 m N w O c'- G O a�1 � a c E d LLJ. a _ Millstone Landing P.D. Phase 3 A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO. PD-04=08-14-(C)SIDEPH3 (2003100068-55786) THIS CONTRACT, made and entered into this 9th day of October , 20077 by and between Shelby Homes at Millstone, Inc., a Florida corporation, 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, Developer is commencing proceedings to effect development of land within Indian River County, Florida; and WHEREAS, a Final Plat for the development within the unincorporated area of Indian River County shall not be approved until the Developer has installed the required improvements or has guaranteed to the satisfaction of the County that such improvements will be installed; and WHEREAS, the required sidewalk improvements are to be installed after Final Plat approval, under guarantees posted with the County. NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. Developer agrees to construct by October 16, 2009, a date being within two years of approval of Final Plat, in a good and workmanlike manner, those improvements described as follows; See Exhibit "A" attached hereto. or otherwise required by the Code of Laws and Ordinances of Indian River County in connection with the approved Preliminary Plat and Land Development Permit, which are incorporated by reference into this contract. 2. Developer agrees to construct said improvements strictly in accordance with County policies for sidewalk construction as those policies relate to location, method and type of construction, and all County development I F:\Attomey\Nancy\DOCS\PLAN\iiiillstone phi side k.doc Millstone Landing P.D. Phase 3 A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO. PD-04=08-14-(C)SIDEPH3 (2003100068-55786) THIS CONTRACT, made and entered into this 9th day of October , 20077 by and between Shelby Homes at Millstone, Inc., a Florida corporation, 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, Developer is commencing proceedings to effect development of land within Indian River County, Florida; and WHEREAS, a Final Plat for the development within the unincorporated area of Indian River County shall not be approved until the Developer has installed the required improvements or has guaranteed to the satisfaction of the County that such improvements will be installed; and WHEREAS, the required sidewalk improvements are to be installed after Final Plat approval, under guarantees posted with the County. NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. Developer agrees to construct by October 16, 2009, a date being within two years of approval of Final Plat, in a good and workmanlike manner, those improvements described as follows; See Exhibit "A" attached hereto. or otherwise required by the Code of Laws and Ordinances of Indian River County in connection with the approved Preliminary Plat and Land Development Permit, which are incorporated by reference into this contract. 2. Developer agrees to construct said improvements strictly in accordance with County policies for sidewalk construction as those policies relate to location, method and type of construction, and all County development I F:\Attomey\Nancy\DOCS\PLAN\iiiillstone phi side k.doc A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK regulations and standards, including conditions and requirements of any applicable County ri jht-of way permit; all of which are hereby incorporated by reference .and made a part hereof. ,.. in order to :guarantee pe+rforrrzance ;of this :contract, Deve Ober shall simul"taneousiy :herewith furnish an irrevocable letterof credit, having ;an expiration :date of not less 'than i*ety (90) days beyond the date set, forth in Paragraph 1, provided. by :a banking institution ,authorized to transact :such .business in this:.state; in a form .tv be :approved :by the County, .naming Developer as customer and Region's, Banti, as. the.. underwriting bank, in the .amount .of $8`5AM*00, Whiche amount is not less than one hundred twenty-five percent {125%} of the .estimated total cost of improvements, remaining to be constructed, as determined in acccirdanze :with the C:ountft Subdivision and Platting Ordinance.. It is understood .that the full a riount. d tietter of_credit -shall:s.remain available to: the :County and shall not` be red ted during, the iw rse :cf zoristructiori Without ori eXpress written madificatlor thereof executed by all parties Requested ceductlons:shai1 not be:::unreas©nobly withheld by the Oounty, but shall be subject tn.. ,adm1nistMtive fes as eestablished icy. .the -County;: Developer ;may:at anytime substitute guarantees, su jecfito the approval as. -to form and afr€:ount. b.y the County.. 4. Up toll ,000;000.00, or :tire limits of any applicable: ufider ying or excess: insurance. overage carried by.Developer or -to tae obtained during the course.of .the construction of the subdivislon improvements, Developer agrees to inderrinlfy hold 'harmless, and .defend. the, County .against :any and all :claims, damages; losses, and expenses, iftluding° attorney's acs, fcr property damage; personal. .or bodily injuryy or 'loss of life:, arising fr the negligent ,acts or omissions of the Developer its officers%% 'employees, agents; or contractors; subcontractors;. laborers, or:suppliers, relafang :to the' construction of the required sidewalk im"Vr ove gents, .inclu.din ai'I .those improvements to, be constructed <on existing publicly dedicatedor County:owned property. 5. The. County,agra6s to approve the Final Plat, upon a finding as to compliance with all applicable provisions of .the County's Development RegWatibhs and:, rbihances, 'an 4 ,dpon e�ecufipn hereof: Hbwever, pothiriy herein shall be construed as _creating anobligation upon tae. Cauritl� to perform ah.y :a. t. or construction or :mairitenarlce until, such tirrie as `the :required improvements are."satisfactorily: complefed. Satisfactory completion. in accordance with the land development permit; plans, specifications, and ordinance reouiremerits of iridian River Cour;ty shall b' .determined. by the County and shall be indicated by. specific written approval of the Public Works Director or his designated representative, after receipt of :a signed and sealed Certificate of Completion from the project engineer of record.. .2 F:1AttonieylNaiic3r'DOCST.LANiniillstoiie phi side k.doc A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK regulations and standards, including conditions and requirements of any applicable County ri jht-of way permit; all of which are hereby incorporated by reference .and made a part hereof. ,.. in order to :guarantee pe+rforrrzance ;of this :contract, Deve Ober shall simul"taneousiy :herewith furnish an irrevocable letterof credit, having ;an expiration :date of not less 'than i*ety (90) days beyond the date set, forth in Paragraph 1, provided. by :a banking institution ,authorized to transact :such .business in this:.state; in a form .tv be :approved :by the County, .naming Developer as customer and Region's, Banti, as. the.. underwriting bank, in the .amount .of $8`5AM*00, Whiche amount is not less than one hundred twenty-five percent {125%} of the .estimated total cost of improvements, remaining to be constructed, as determined in acccirdanze :with the C:ountft Subdivision and Platting Ordinance.. It is understood .that the full a riount. d tietter of_credit -shall:s.remain available to: the :County and shall not` be red ted during, the iw rse :cf zoristructiori Without ori eXpress written madificatlor thereof executed by all parties Requested ceductlons:shai1 not be:::unreas©nobly withheld by the Oounty, but shall be subject tn.. ,adm1nistMtive fes as eestablished icy. .the -County;: Developer ;may:at anytime substitute guarantees, su jecfito the approval as. -to form and afr€:ount. b.y the County.. 4. Up toll ,000;000.00, or :tire limits of any applicable: ufider ying or excess: insurance. overage carried by.Developer or -to tae obtained during the course.of .the construction of the subdivislon improvements, Developer agrees to inderrinlfy hold 'harmless, and .defend. the, County .against :any and all :claims, damages; losses, and expenses, iftluding° attorney's acs, fcr property damage; personal. .or bodily injuryy or 'loss of life:, arising fr the negligent ,acts or omissions of the Developer its officers%% 'employees, agents; or contractors; subcontractors;. laborers, or:suppliers, relafang :to the' construction of the required sidewalk im"Vr ove gents, .inclu.din ai'I .those improvements to, be constructed <on existing publicly dedicatedor County:owned property. 5. The. County,agra6s to approve the Final Plat, upon a finding as to compliance with all applicable provisions of .the County's Development RegWatibhs and:, rbihances, 'an 4 ,dpon e�ecufipn hereof: Hbwever, pothiriy herein shall be construed as _creating anobligation upon tae. Cauritl� to perform ah.y :a. t. or construction or :mairitenarlce until, such tirrie as `the :required improvements are."satisfactorily: complefed. Satisfactory completion. in accordance with the land development permit; plans, specifications, and ordinance reouiremerits of iridian River Cour;ty shall b' .determined. by the County and shall be indicated by. specific written approval of the Public Works Director or his designated representative, after receipt of :a signed and sealed Certificate of Completion from the project engineer of record.. .2 F:1AttonieylNaiic3r'DOCST.LANiniillstoiie phi side k.doc A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK & The County .agrees;.to issue building permits and -Certificates of Occupancy prior to: tl ie lnsta'llati n of roqutre . sid1.ewalk improve dents. so .long as Developer is not in default-bf the4wnis of this lcontrant. T. Ip the event the Developer shall fall .pr neglect to fulfill. its obligations under this contract and as: required by the Code of Laws and Ordinances of ln'd a'ih River Oauntjr, Floritls;.'thie Developer, ;as principal,.:and th:e. ietteT of credit shall be .jointly and severally- liable to 'pay for the cost of construction and. installment of the requiredimprovements Io thefinal total cost, including but not .limited .to engirieerirlg, dons�trudtion, :legal and zontirigent costs,. including reasonable- attorney's feeso incurred by the County, together with any darriages., .eitiaer tluect .or ccii seq Brit ai, ul ich the Col�rity may sustain as. a result of the failure of :Developer to -.c -airy out acrd execute i 11 provisions sof this contract and applicable ordi.aances::of the Couniy lin no even ;. however, shall the liability of the un:derwritrrg batik under this paregra:ph i;xceed the total am.mount of the original obligationstated in the letter of.:credit less any approved :reductions :thereto: 8. Theparties agree County at its option shall have the right, but not 'th$ obligation; t'o. construct ,and r►stal.l or, pursuant :to ree�ipt Of competitive bids, cause to ;be constructed and °installed the required lniprovemepts in ,the event Developer sha{l fal! or refuse to do, so Irl:. accordance with the terms of 3s flntract . i]eveloper expressly agrees hat the Couniy rn'ay demand and draw upon the exlsfirmg leiter t�f credit fior the final total cos# of the improveinehts. D.evelpper S all rem ain vit ally liable far any resulting di?l~i iency, should the:. letter of credit be exhausted prior :to Completion of the required improvor ents;. In n©'evghl s'bal( ihe`C.dunity' be obligated to ex.P., ;.publi;c:funds, or any funds tither thanthose .pravioed by the Developer, or the letter of credit to construct the required improvements. 9. Any letter of credit provided. to .fihe County by ;Developer with respect tt this cgttraet shall ears# solely for fhie:;use afid beti.el~rt ©f the County a:nd. shall mf be .construed or intended iii any :way; expressly `'or impliiedly,, to . benefit or secure payment ta: tany sub -contractor, jaborer, rrtaterialrnan or .other party provicift labor, rriat&ial, su:ppl�es, or services for oonstruction of 'the require improvements, :,or to -,benefit any lot: p.urchaser(s), unless the County shall agree otherwise.ln v�rritirag;. 10.. This agreement is the full and complete understanding of `the parties and .shall not. be construed. or amplified by reference to any other agreement, discussion, or .understanding, whether written or ora(, except as specifically mentioned. herein. This agreement'shail not.be assigned withbut the express written .approval .of the County.. Any amendment, deletion,,modification, extension, or revision hereof or hereto shall be in writing, executed by authorized representatives of both -parties. F %Attorney\Nancy\DOCSU-ILAN\millstone ph3 side k.doc A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK & The County .agrees;.to issue building permits and -Certificates of Occupancy prior to: tl ie lnsta'llati n of roqutre . sid1.ewalk improve dents. so .long as Developer is not in default-bf the4wnis of this lcontrant. T. Ip the event the Developer shall fall .pr neglect to fulfill. its obligations under this contract and as: required by the Code of Laws and Ordinances of ln'd a'ih River Oauntjr, Floritls;.'thie Developer, ;as principal,.:and th:e. ietteT of credit shall be .jointly and severally- liable to 'pay for the cost of construction and. installment of the requiredimprovements Io thefinal total cost, including but not .limited .to engirieerirlg, dons�trudtion, :legal and zontirigent costs,. including reasonable- attorney's feeso incurred by the County, together with any darriages., .eitiaer tluect .or ccii seq Brit ai, ul ich the Col�rity may sustain as. a result of the failure of :Developer to -.c -airy out acrd execute i 11 provisions sof this contract and applicable ordi.aances::of the Couniy lin no even ;. however, shall the liability of the un:derwritrrg batik under this paregra:ph i;xceed the total am.mount of the original obligationstated in the letter of.:credit less any approved :reductions :thereto: 8. Theparties agree County at its option shall have the right, but not 'th$ obligation; t'o. construct ,and r►stal.l or, pursuant :to ree�ipt Of competitive bids, cause to ;be constructed and °installed the required lniprovemepts in ,the event Developer sha{l fal! or refuse to do, so Irl:. accordance with the terms of 3s flntract . i]eveloper expressly agrees hat the Couniy rn'ay demand and draw upon the exlsfirmg leiter t�f credit fior the final total cos# of the improveinehts. D.evelpper S all rem ain vit ally liable far any resulting di?l~i iency, should the:. letter of credit be exhausted prior :to Completion of the required improvor ents;. In n©'evghl s'bal( ihe`C.dunity' be obligated to ex.P., ;.publi;c:funds, or any funds tither thanthose .pravioed by the Developer, or the letter of credit to construct the required improvements. 9. Any letter of credit provided. to .fihe County by ;Developer with respect tt this cgttraet shall ears# solely for fhie:;use afid beti.el~rt ©f the County a:nd. shall mf be .construed or intended iii any :way; expressly `'or impliiedly,, to . benefit or secure payment ta: tany sub -contractor, jaborer, rrtaterialrnan or .other party provicift labor, rriat&ial, su:ppl�es, or services for oonstruction of 'the require improvements, :,or to -,benefit any lot: p.urchaser(s), unless the County shall agree otherwise.ln v�rritirag;. 10.. This agreement is the full and complete understanding of `the parties and .shall not. be construed. or amplified by reference to any other agreement, discussion, or .understanding, whether written or ora(, except as specifically mentioned. herein. This agreement'shail not.be assigned withbut the express written .approval .of the County.. Any amendment, deletion,,modification, extension, or revision hereof or hereto shall be in writing, executed by authorized representatives of both -parties. F %Attorney\Nancy\DOCSU-ILAN\millstone ph3 side k.doc A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK {N WITNESS WHEREOF; the parties ..hereto .have s'et their .hands and seals on the day and y. ear first above. WT', tten APPROVED AS TO FORM AND LEGAL $UFFIC;IEN.:cY:.. George"Glen`t : ,Assistant County Attorney SHELBY 40MES AT MILLSTONE, f G,,,a Fiaric a . orporat on 4 F:�Atiorric)`. lanevlDO.CS`tP:LA \nniilistone liO side k,doc DEVELOPER RIVER COUNTY., Resolution 2005A21 COUNTY A TRUE COPY CERTIFICATION ON LAST PAGE J.K. BARTON, CLERK {N WITNESS WHEREOF; the parties ..hereto .have s'et their .hands and seals on the day and y. ear first above. WT', tten APPROVED AS TO FORM AND LEGAL $UFFIC;IEN.:cY:.. George"Glen`t : ,Assistant County Attorney SHELBY 40MES AT MILLSTONE, f G,,,a Fiaric a . orporat on 4 F:�Atiorric)`. lanevlDO.CS`tP:LA \nniilistone liO side k,doc DEVELOPER RIVER COUNTY., Resolution 2005A21 COUNTY Millstone Landing Phase III On -Site Sidewalks = Located on Lots Performance Bond Exhibit August 20, 2007 UNIT TOTAL Item DESCRIPTION QUANTITY! UNIT PRICE TOTAL TO COMPLETE 1 4" Thick Concrete Sidewalk 13,400 SF 5.10 $ 68,340.00: $ 68,340.00 TOTAL CONSTRUCTION COST $ 68,340.00 $ 68,340.00 Total Completed $ - 0% Total Percentage to be Completed ` 100% Balance to Complete $ 68,340.00 Performance Bond @ 125% of Balance $ 851425.00 PREP RED BY_NIASTELLE.R & N, IOLER, INC. AUG 2 1 7. 7 Stephen.E: Moler, P;E:.FL#33193 VICEPRESIDENT. 4�gpN44"O" SSIONF STATE OF FLORIDA ,�4 •RS "•.• INDIAN RIVER COUNTY ��.>,�.' �c'•, THIS IS TO CERTIFY THATTHIS IS .'+Z►: A TRUE AND CORRECT COPY OF •? '; THE ORIGINAL ON FILE IN THIS OFFICE JEFFREY K. BARTON, CLERK BY Page 1 of 1 Public\Projects\D345\Admin\Bond Exhibits (Phase 3 Maintenance Bond_072606.xls / Internal Sidewalk Bond ONLY) Page 1 of 1 Millstone Landing Phase III On -Site Sidewalks = Located on Lots Performance Bond Exhibit August 20, 2007 UNIT TOTAL Item DESCRIPTION QUANTITY! UNIT PRICE TOTAL TO COMPLETE 1 4" Thick Concrete Sidewalk 13,400 SF 5.10 $ 68,340.00: $ 68,340.00 TOTAL CONSTRUCTION COST $ 68,340.00 $ 68,340.00 Total Completed $ - 0% Total Percentage to be Completed ` 100% Balance to Complete $ 68,340.00 Performance Bond @ 125% of Balance $ 851425.00 PREP RED BY_NIASTELLE.R & N, IOLER, INC. AUG 2 1 7. 7 Stephen.E: Moler, P;E:.FL#33193 VICEPRESIDENT. 4�gpN44"O" SSIONF STATE OF FLORIDA ,�4 •RS "•.• INDIAN RIVER COUNTY ��.>,�.' �c'•, THIS IS TO CERTIFY THATTHIS IS .'+Z►: A TRUE AND CORRECT COPY OF •? '; THE ORIGINAL ON FILE IN THIS OFFICE JEFFREY K. BARTON, CLERK BY Page 1 of 1 Public\Projects\D345\Admin\Bond Exhibits (Phase 3 Maintenance Bond_072606.xls / Internal Sidewalk Bond ONLY) Page 1 of 1 Millstone Landing PI), Phnse 3 &C. A TRUE COPYt? // QU CERTIFICATION Of -11 1+S PAGE J.K. BARTON, CLERK ff C7RIC-Ar 1� D(T SECOND MODIFICATION TO AND ASSIGNMENT OF CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS No. PD-04-0844-(C)SIDEPI-13 (2003100068-55786) WHEREAS, on October 9, 2007, Shelby Homes at Millstone, Inc., a Florida corporation, entered into Contract for Construction of Required Sidewalk Improvements No, PD-04-08-14(C)SIDI PH3 (2003100068-55786), copy attached, with Indian River County in connection with property platted as Millstone Landing P.D., Phase 3; and WHEREAS, on October 9, 2009 said contract was modified by Modification to Contract for Construction of Required Sidewalk Improvements, copy attached, wherein Shelby Homes at Millstone, Inc. (1) requested an additional 2 -year extension to October 16, 2011 to complete the remaining required sidewalks; and (2) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and WHEREAS, SLV Millstone, L.L.C., a Delaware limited liability company has acquired the project; and WHEREAS, SLV Millstone, I.,.IX, wishes to assume the obligations under said ConU•act for Construction of Required Sidewalk Improvements, as modified, and replace the security either in the form of a letter of credit or cash to guarantcc the completion of the remaining sidewalks not deferred; and WHEREAS, under paragraph 10 of said Contract for COnst►'lleti0n of Required Sidewalk Improvements, the agreement shall not be assigned without the express written approval of the County; NOW, THEREFORE, IN CONSIDERATION OF TI[C MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. The existing Regions Bank Letter of Credit No. 55101730 shall be replaced with either a letter of credit acceptable to Indian River County or cash in the amountf O $45,168,88. 2. The assignment of Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14(C)SIDEPII3 (2003100068-55786), as modified, is accepted, provicled, however, that (a) substitute security either in the form of an acceptable letter of credit or cash be posted with Indian River County no later than 5:00 p.m, on .January 7, 2011 to guarantee completion of the required sidewalk improvements not deferred, and (b) a completed Notice of•rI,ransfer and Assumption of Planned Residential Development Approvals and Obligations is subrnitted to Indian River County no later than 5:00 P.M. on January 7, 2011, otherwise this modification and assignment shall be deemed null and void.