HomeMy WebLinkAbout2004-321 The Oaks of Vero — P . D . , Phase 1 � (
SECOND MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO . PD -01 =06 =15-CFC (2000100085 -34448)
THIS SECOND MODIFICATION , made and entered into this 14th day of
December , 20049 by and between SDG Kings , 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 , on August 5 , 2003 the Board of County Commissioners
approved the final plat of The Oaks of Vero — P . D . , Phase 1 , and the Developer
entered into a Contract for Construction of Required Improvements No . PD-01 -
06- 15- CFC (2000100085-34449) guaranteeing the completion of certain required
I
mprovements within the plat of The Oaks of Vero — P . D . , Phase 1 and posted
the necessary security to guarantee construction of those improvements ; and
WHEREAS , on July 20 , 20047 at the developer' s request, the Board of
County Commissioners approved a Modification to the Contract for Construction
of Required Improvements to extend the completion date and to substitute the
existing security ; and
WHEREAS , certain of those required improvements are not completed ;
and
WHEREAS , it is staffs recommendation to extend the date in which to
complete those required improvements to March 1 , 2005 with supporting security
to remain in place until June 1 , 2005 ;
NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows .
1 . The date for completion of the remaining required improvements is
extended to March 1 , 2005 .
2 . The consideration for the extension is the posting of amendment to
the existing First National Bank and Trust Company Clean Irrevocable Letter of
Credit No . 2004 = 16 in the amount of $ 500 , 684 . 03 with an expiration date of June
1 , 2005 , guaranteeing the completion of the required improvements .
of
3 . All other terms set out to00100085f 34 49 ) , as modified , remain
Required15 CFC (220n
improvements No . PD -01 -06
in full force and effect .
IN WITNESS WHEREOF , the parties hereto have set their hands and
seats on the day and year first above written .
SDG KING , a Florida
corpQr ion DEV
By -
r 1 Presid
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
B '
Arthur R . Ne ger, Chat
BCC approved : December 14 , 004
ATTEST : J . K . Barton , Clerk of Court
By : &�
Deputy Clerk
APPROVED AS TO FORM
AND LEGAL SUFFIC1f-NCV
my
WILLIAM `1
CoUNTY ATTORNEY
2
F:1Attorney\Nancy\D0051PLANNMODIFICATION 2d TO K oaks of vero phl . doc