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Home My WebLink About2003-188 710 0 SECOND MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . SD -00 -06 -07 -CFC (93050013 -26511 ) THIS SECOND MODIFICATION , made and entered into this 5th day of August 2003 , by and between Chase Meadows , L . L . C . , 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 May 15 , 2001 Developer entered into a Contract for Construction of Required Improvements No . SD-00-06-07-CFC (93050013- 26511 ) guaranteeing the completion of certain required improvements on or before May 8 , 2002 within the Chase Meadows Subdivision ; and WHEREAS , on April 2 , 2002 the Board of County Commissioners approved a Modification to Contract for Construction of Required Improvements No . SD -00-06-07-CFC (93050013-26511 ) extending the time for completion of the internal sidewalks , the only remaining improvement yet to be constructed . WHEREAS , the Indian River County Code allows the developer to delay construction of required sidewalk improvements along local roadways for a period of two years beyond the final plat approval date , with the ability to further extend the contract for construction and posted security beyond the initial 2 -year period at a rate of two years for every eight project lots which received final plat approval upon approval of both the Public Works Director and the Community Development Director. However at no time may a contract for construction be extended beyond ten years following final plat approval ; and WHEREAS , Developer wishes to extend the date in which to complete the required internal sidewalk improvements to May 14 , 2004 ; and WHEREAS , the Developer wishes to extend the security now in place , 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 internal sidewalk improvements as outlined in the Contract for Construction of Required Improvements No . SD-00-06-07-CFC (93050013-26511 ) and Modification is extended to May 14 , 2004 . 1 F:Wttomey\Nancy\D0CS\PLAN\2nd modification to k chase meadows.doc t 4 2 . The existing Harbor Federal Savings Bank Irrevocable Letter of Credit #282 in the amount of $ 17 , 910 . 10 expiring on August 14 , 2003 will be amended to extend the expiration date to August 14 , 2004 . 3 . All other terms set out in the Contract for Construction of Required Improvements No . SD-00-06-07-CFC (93050013-26511 ) and Modification 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 . CHASE ADOWS , L . L. . , a Florida limited l ' ty p By: { David . Chase Managing Member Developer INDIAN RIVER COUNTY, FLORIDA by and through its Board of County Commissi ners i By: enneth R . Macht, Chairman BCC approved : 08 / 05 / 2003 ATTE J . K . Barton ,,Gk3 k of Court By: Deputy Clerk AND APMLE AL AS To NCY W om 2 ivED REGE Main Office Harbor JUL 2 8 2003 100 S Second Street ' ' PO Box 249 FederalCOUN71 Y Ai IURNEYIS Fort Pierce , FL 34954 ()FFICE Telephone : (561 ) 461 -2414 Revision Date : July 22, 2003 Office of Management and Budget Jason E . Brown, Budget Manager 1840 25h Street Vero Beach, FL 32960 Amendment to Irrevocable Standby Letter of Credit #282 Chase Meadows, L.L. C. Dear Mr. Brown : Please be advised that the subject Letter of Credit #282 has been amended as follows : Maturity Date : Extended to the close of business on August 14, 2004 . All other terms and conditions of the Letter of Credit #282 shall remain unchanged and shall remain in full force and effect; the original of which is attached hereto and by reference is made a part hereof. Very truly yours, HARBOR FEDERAL SAVINGS BANK Carol M. Hughes Vice President RECEIVED JUL 2 8 2003 Y Budget Off' �_ 1. t 1 P5 tht � �: Harbor n •�� St, Lucie Plaza 7181 Fedelal Port St. Lucie , Flod(407) 878-2414 h8-224152 4414 49 1 1 Telephone : 3 Revision Date : April 19, 2002 Office of Management and Budget Jason E . Brown, Budget Manager 1840 25 " Street Vero Beach, FL 32960 Amendment to Irrevocable Standby Letter of Credit #282 Chase MV -'dows ;L:L: C. Dear Mr. Brown : Please be advised that the subject Letter of Credit #282 has been amended as follows : Aggregate Amount : Seventeen Thousand Nine Hundred Ten and10/ 10'0 Dollars . ($ 172910 . 10) Maturity Date : Extended to the close of business on August 14; 2003 . All other terms and conditions of the Letter of Credit #282 shall remain shall remain in full force and effect; the original of which is attached hereto and reference is made a part hereof, and by Very truly yours, HARBOR FEDERAL SAVINGS BANK Tina M. DeRocher Assistant Vice President Commercial Closing Manager . EQI6U. NOUSINR LENDER ° UV r .r:%A� Hai "i �1iboll Main Offlce � 100 South Second Street Federal Fort Pierce, Florida 34950 May 9, 2001 Telephone : (561 ) 461 -2414 .. Indian River County Board of County Commissioners 1840 25 h Street Vero Beach, FL 32960 RE: Irrevocable Letter of Credit #282 Gentlemen: By order of Chase Meadows, L.L . C., Harbor Federal Savings Bank hereby establishes an Irrevocable Letter of Credit #282 in your favor in the amount of $204,247.33; effective as of May 9, 2001 and iri expng at our office at the close of business on August 9, , 2002 . This Letter of Credit is provided to you as required under the Contract for Construction of Required Improvements between Chase Meadows, L. L. C. and Indian River Co to the Chase Meadows Subdivision which contract is numbered SD-00-06-07-CF County 205003 26511 ) . Harbor Federal Savings Bank shall make .fiinds available under the credit to you not exceeding the aggregate the amount of this credit against your sight draft to us mentioning the Letter of Credit #282, accompanied by a resolution of the Board of County Commissioners to the effect that Chase Meadows, L.L. C. has defaulted under the terms of the aforementioned contract for construction of required improvements, and that the amount of the draft represents the amount required by the County to fulfill the p of requited improvements . erformarice of said contract for the construction Drafts presented for payment under the credit shall be marked, "Drawn on Irrevocable Letter of Credit #282 of Harbor Federal Savings Bank. " This letter of credit sets forth in full the terms of ourundertaking. Such and not in any way by modified, anyended, or amplified by reference to any document, eerrtalang shall contract referred to herein or in which this Letter of Credit is referred t or to which this or of Credit related and any such reference shall not be deemed to incorporate herein by reference any document, instrument, or contract. Harbor Federal Savings Bank hereby agrees that your sight draft and resolution as mentioned above shall be duly honored and payment made upon due presentation to our office located 100 South Second Street, Fort Pierce, Florida 34950; on or before 2 :00 p.m. on August 9, 2002 . Sincerely, Harbor Federal Savings Bank Tina M. DeRocher, Assistant Vice President Commercial Closing Manager 1FII�JVIBFR yin` FDIC hit iawt Momc L@NDER