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Home My WebLink About2003-173 Old Savannah Subdivision FORMSfagree^EGAUWGC/nto) ) corporate, for use with 03 l �� letter of credit CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . SD-20 -020 =70081 -CFC ( 2002070081 ) THIS CONTRACT , made and entered into this - Ak day of 2003 by and between Rosewood Road East Development Corporation , 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 a subdivision of land within Indian River County , Florida ; and WHEREAS , a final plat of the subdivision within the unincorporated area of Indian River County shall not be recorded 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 , Developer requests the approval and recordation of a certain plat to be known as Old Savannah Subdivision ; and WHEREAS , the required improvements are to be installed after recordation of this plat 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 on or before ii IW, � ida good and workmanlike manner , those improvements described as follows : See Exhibit "A" attached hereto or otherwise required by the Indian River County Code in connection with the approval of said plat . A copy of the plat shall be recorded in the Public Records of Indian River 1 F : \Attorney\Nancy \DOCS \ PLAN \ k for con w loc old savannati . doc County , Florida upon the final approval of the Board of County Commissioners and made a part hereof for all purposes . 2 . Developer agrees to construct said improvements strictly in accordance with the land development permit , the most recent set of plans and specifications for this subdivision approved by the County and on file in the Planning and Development Division , and all County development regulations and standards , including conditions and requirements of any applicable County right-of-way permit , all of which are hereby incorporated by reference and made a part hereof. 3. In order to guarantee performance of this contract , Developer shall simultaneously herewith furnish an irrevocable letter of credit, having an expiration date of not less than ninety ( 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 to be approved by the County , naming Developer as customer and , as the underwriting bank , in the amount of $ T- - i which amount is not less than one hundred fifteen percent ( 115 % ) of the estimated total cost of improvements remaining to be constructed , as determined in accordance with the County's Subdivision and Platting Ordinance . It is understood that the full amount of the letter of credit shall remain available to the County and shall not be reduced` during the course of construction without an express written modification thereof executed by all parties . Requested reductions shall not be unreasonably withheld by the County . Developer may at any time substitute guarantees , subject to the approval as to form and amount by the County. 4. Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements , Developer agrees to indemnify , hold harmless , and defend the County against any and all claims , damages , losses , and expenses , including attorney's fees , for property damage , personal or bodily injury , or loss of life , arising from the negligent acts or omissions of the Developer, its officers , employees , agents , or contractors , subcontractors , laborers , or suppliers , relating to the construction of the required improvements , including all those improvements to be constructed on existing publicly dedicated or County-owned property , such as street , sidewalk , bikepath , lighting , signalization , traffic control , drainage , water , or sewer improvements . 5. The County agrees to approve the plat for recordation in the Public Records of Indian River County , Florida upon a finding as to compliance with all applicable provisions of the County's Subdivision and Platting Ordinance and upon execution hereof. The County shall accept those areas specifically dedicated to the County for the purposes indicated on the plat at the time of plat recordation . However, nothing herein shall be construed as creating an obligation upon the County to perform any act of construction or maintenance within such dedicated areas until such time as 2 F : \Attorney\ Nancy \ DOCS \ PLAN \ k for con w loc old savannah . doc the required improvements are satisfactorily completed . Satisfactory completion in accordance with the land development permit, plans , specifications , and ordinance requirements of Indian River County shall be 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 . 6. In the event the Developer shall fail or neglect to fulfill its obligations under this contract and as required by the Indian River County Code , the Developer, as principal , and the letter(s ) of credit shall be jointly and severally liable to pay for the cost of construction and installment of the required improvements to the final total cost , including but not limited to engineering , construction , legal and contingent costs , including reasonable attorney' s fees incurred by the County , together with any damages , either direct or consequential , which the County may sustain as a result of the failure of Developer to carry out and execute all provisions of this contract and applicable ordinances of the County . In no event , however shall the liability of the underwriting bank under this paragraph exceed the total amount of the original obligation stated in the letter(s) of credit, less any approved reductions thereto . 7. The parties agree that the County at its option shall have the right, but not the obligation , to construct and install or, pursuant to receipt of competitive bids , cause to be constructed and installed the required improvements in the event Developer shall fail or refuse to do so in accordance with the terms of this contract . Developer expressly agrees that the County may demand and draw upon the existing letter(s ) of credit for the final total cost of the improvements . Developer shall remain wholly liable for any resulting deficiency, should the letter(s) of credit be exhausted prior to completion of the required improvements . In no event shall the County be obligated to expend public funds , or any funds other than those provided by the Developer, or the underwriting bank to ' construct the required improvements . 8. Any letter( s ) of credit provided to the County by Developer with respect to this contract shall exist solely for the use and benefit of the County and shall not be construed or intended in any way , expressly or impliedly , to benefit or secure payment to any subcontractor, laborer, materialman or other party providing labor , material , supplies , or services for construction of the required improvements , or to benefit any lot purchaser(s ) , unless the County shall agree otherwise in writing . 9. 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 oral , except as specifically mentioned herein . This agreement shall not be assigned without 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 . 3 F : \Attorney\Nancy\DOCS \PLAN\k for con w loc old savannali . doc IN WITNESS WHEREOF , the parties hereto have set their hands and i seals on the day and year first above written . Rosewood Road Development Corporation , a Florida corporation , DEVELOPER lei By: Mark A. Brackett, President (affix corporate seal ) INDIAN RIVER COUNTY, FLORIDA Nernneth R . Macht, Chairman Board of County Commissioners ATTEST: Jeffrey K. Barton , Clerk BCC Approved : July 22 , 2003 By: Deputy Clerk APPROVED AS TO FORM AND LEGAL SUFFICIENCY: By: 4f / William G . Collins II County Attorney