HomeMy WebLinkAbout2005-401 ASSIGNMENT OF
CONTRACT FOR CONSTRUCTION OF REQUIRED
4
IMPROVEMENTS
No . PD - 04 - 0742 - CFC (200402019648349 )
WHEREAS , on September 6 , 2005 , Regent Group , LLC , a Florida limited liability
company entered into Contract for Construction of Required Improvements No . PD -04-07 - 12-
CFC (2004020196-48349) , copy attached, with Indian River County in connection with
property platted as Quail Creek PD ; and
WHEREAS , Regent Group , LLC wishes to transfer and assign its interest in the
property to SLM Investments , LLC , a Florida limited liability company, and SLM
Investments , LLC wishes to assume the obligations under said Contract for Construction of
Required Improvements ; and
WHEREAS , under paragraph 9 of said Contract for Construction of Required
Improvements, the agreement shall not be assigned without the express written approval of the
County,
NOW, THEREFORE , the parties agree to the assignment of Contract for
Construction of Required Improvements No . PD -04-07 - 12 -CFC (2004020196 -48349)
provided , however, that the Harbor Federal Savings Bank Irrevocable Letter of Credit No . 446
in the amount of $ 1 , 645 , 348 . 88 currently in place to guarantee completion of the required
improvements be replaced with a letter of credit for the same amount by SLM Investments ,
LLC .
ASSIGNOR: ASSIGNEE :
REGENT GROUP , LLC . SLM INVESTM TS ,
By: By:
Ra and E . Gent, Man ger tanley Marky
Managing M b
CONSENT TO ASSIGNMENT
INDIAN RIVER COUNTY, FLORIDA
BCC approved : December 13 , 2005 . By:
Thomas S . Lowther, Chairman
Attest : Jeffrey K. Barton
APPRMW AS TO FORM Clerk of Court
AW LgQAL &UFF1C4ENGV
�( L./ �✓L�� By
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WILLIAM (L Cdi l.iNS t Deputy Clerk
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Quail Creek PD
CONTRACT FOR CONSTRUCTION OF
REQUIRED IMPROVEMENTS
NO . PD =04 -07 -12 -CFC (2004020196 -48349 ).
THIS CONTRACT , made and entered into this 6th day of
September , 2005 by and between Regent Group , LLC , 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 , 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 Quail Creek PD ; 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 September 6 , 2006 , in
a 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
County , Florida upon the final approval of the Board of County Commissioners and
made a part hereof for all purposes .
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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
L-�-�C rb6r Pede. ral as the
underwriting bank , in the amount of $ 1 , 645 , 348 . 88 , which 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 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 unless approved in writing by the County' s Public Works Director
pursuant to Indian River County Code Section 913 . 10 . Requested reductions shall not
be unreasonably withheld by the County , but shall be subject to administrative fees as
established 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
the required improvements are satisfactorily completed .
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FAAttomey\NancyOOMPLAMquail creek k for con for loc. doc
1
Developer shall remain responsible for utility meter boxes , sewer clean
outs , and drainage culvert inverts , to be in good repair , accessible , correctly plumbed ,
and not covered with topsoil , concrete or impervious material for the 3-year
maintenance period commencing after County issuance of a Certificate of Completion .
Notice of this ongoing responsibility shall be provided by Developer to any subsequent
builder/homeowner.
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
3
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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 .
IN WITNESS WHEREOF , the parties hereto have set their hands and
seals on the day and year first above written .
REGENT GROUP , LLC , a Florida limited
liability company
WITNE SES : DEVELOPER
sign : j By
print n rn � k Oz ' ll a and E . Gent , Manager
sign : _1� 4a, WIZ,
print name : { " ai �`ar u f ,r
INDIAN RIVER COUNTY , FLORIDA
By:
seph . Baird
4ounty Administrator
Authority: Resolution No . 2005- 121
plat approved : 9 / 6 / 05
APPR VED AS TO FORM
AND G SUFFICIENCY :
arian E .
Assistant County ttorn
4
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JOSEPH W. SCHULKE, RE. SCHULKE , BITTLE 8& STODDARD , L . L . C .
10DAH B. BITTLE, P.E.
WILLIAM R STODDARD, Ph. D., RE. CIVIL & STRUCTURAL ENGINEERING • LAND PLANNING • ENVIRONMENTAL PERMITTING
Engineers Certified Cost Estimate — Quail Creek Subdivision
I, Jodah Bittle, A Florida registered engineer, License No. 57396, do hereby certify to
Indian River County that a cost estimate has been prepared under my responsible
direction for those improvements itemized in this exhibit and that the total cost estimate
for said improvements is $ 1 , 645 ,348 . 88 . This total includes a 25 % contingency amount.
This estimate has been prepared, in part, to induce approval by the county of the Quail
Creek Subdivision, and for the purpose of establishing proper surety amounts associated
therewith.
ZIv Date:
Jodah Bittle, .E. No . 57396
[ IIBIT " A
Page 1 of 4
1717 INDIAN RIVER BLVD. , SUITE 301, VERO BEACH , FLORIDA 32960
TEL 772 / 770-9622 FAx 772 / 770-9496 EMAILsbseng@bellsouth .net
,
Cost Estimate for
Quail Creek Subdivision
CONSTRUCTION COST ESTIMATE QUAIL CREEK SUBDIVISION FOR BON] 8/8/2005
UNIT JQUANTITYJ UNIT PRICE I TOTAL ICOWLETE AMOUNT I REMAINING
Sanitary Sewer
Sanitary Manhole EA 15 $ 23000.00 $ 309000.00 0% $0.00 $ 30,000.00 A"
8"PVC LF 3400 $ 25 .00 $ 85,000.00 0% $0.00 $ 85,000.00 l � `
Tie into existing San EA 1 $ 2,000.00 $ 22000.00 0% $0.00 $ 2,000.00 2
SING Service EA 19 $ 500.00 $ 93500.00 00/0 $0.00 $ 93500.00 '
DBL Service EA 36 $ 600.00 $ 219600.00 00/0 $0.00 $ 212600.00
Subtotal $ 1489100.00 $0.00 1 $ 148, 100.00
Water
Tie-Into Exist W.M JLF
1 $ 21000.00 $ 21000. 00 0% $0.00 $ 29000.00
8" PVC Pipe 175 $ 12.00 $ 2, 100 .00 0% $0.00 $ 2, 100.00
6"PVC 4045 $ 10.00 $ 40,450.00 0% $0.00 $ 409450.00
Fire Hydrant Assembly 6 $ 2,000.00 $ 12,000.00 0% $0.00 $ 12,000.00
8 " MJGV W Box &Conc Pad 2 $ 800.00 $ 11600.00 00/0 $0.00 $ 13600.00 j
6" MJGV W/ Box &Conc Pad EA 13 $ 700.00 $ 99100.00 0% $0.00 $ 91100.00 /y
8x8 MJ Tee EA 2 $ 600.00 $ 11200.00 00/0 $0.00 $ 1 ,200.00 y1
6x6 MJ Tee EA 8 $ 500.00 $ 4,000.00 0% $0.00 $ 4,000.00
8x6 MJ Reducer EA 1 $ 400.00 $ 400.00 0% $0.00 $ 400.00
6"22'MJ BENd EA 11 $ 300.00 $ 39300.00 0% $0.00 $ 3,300.00
6"45' MJ BEND EA 4 $ 300.00 $ 19200.00 0% $0.00 $ 1 ,200.00
6"90' MJ BEND EA 1 $ 300.00 $ 300.00 0% $0. 00 $ 300.00
MJREstrainers LS 1 $ 5,000.00 $ 5,000.00 0% $0.00 $ 55000.00
Sample Point EA 8 $ 300.00 $ 25400.00 00/0 $0.00 $ 2,400.00
Temp. Jumper Counter EA 1 $ 1 ,500.00 $ 1,500.00 00/0 $0.00 $ 12500.00
Blow-Oil EA 4 $ 400.00 $ 1 ,600.00 0% $0.00 $ 19600.00
Single Service EA 11 $ 400.00 $ 4,400.00 1 0% $0.00 1 $ 43400.00
DBL Service EA 40 $ 500.00 $ 209000.00 00/0 $0.00 $ 20,000.00
Subtotal $ 112,550.00 $0.00 $ 1129550.00
Storm Sewer
15 "ADS LF 146 $ 18 .00 $ 29628 .00 0% $0.00 $29628 .00
18 ADS LF 19500 $ 20.00 $ 309000.00 00/0 $0.00 $30,000.00
24"ADS LF 250 $ 25 .00 $ 6,250.00 00/0 $0.00 $6;250.00
3001ADS LF 186 $ 40.00 $ 7,440.00 0% $0.00 $7,440.00
2411RCP LF 289 $ 50.00 $ 14450.00 00/0 $0.00 $ 14,450.00
24" CAP LF 20 $ 40.00 $ 800.00 0% $0.00 $800.00
Mod Miami Inlet EA 18 $ 31000.00 $ 54,000.00 00/0 $0.00 $54,000.00
Type C Inlet EA 1 $ 25000.00 $ 2,000.00 0% $0.00 $25000.00
Concerte Collar EA I $ 1,400. 00 $ 19400.00 0% $0.00 $ 13400.00
Subtotal $ 118,968.00 $0.00 $ 1182968.00 "
Site Work
Mobilization LS 1 $ 10,000.00 $ 10,000.00 45% $4,500.00 $ 53500.00
Maint of Traffic LS 1 $ 55000. 00 $ 59000.00 00/0 $0.00 $ 5,000. 00
Clear & Grub AC 37 $ 1 ,500.00 $ 55,665 .00 80% $443532.00 $ 115133 .00
Rough Grade AC 40 $2,500.00 $ 99,225 .00 50% $493612.50 $ 49,612. 50
RM Exist Pipe LS 1 $ 1 ,500.00 $ 1 ,500.00 80% $ 11200.00 $ 300.00
Sod Lake Bank SY 3 ,222 $ 1 .50 $ 45833 .00 0% $0.00 $ 41833 . 00
Pollution Control / Prevention LS I $ 5,000.00 $ 55000.00 80% $45000.00 $ 12000.00
Subtotal $ 181,223 .00 $ 103 ,844. 50 $ 779378.50 .
N
JEXHIBI8 Aga pe It
Page 2 of 4
Cost Estimate for
Quail Creek Subdivision
Roadway
Grade 12/W LF 4,700 $ 2.50 $ 112750.00 50"/0 $52875.00 $ 51875 . 00
1 1/2" Asphalt SY 103059.00 $ 6.50 $ 657383.50 0°/" $0.00 $ 65,383 .50
6" Compact Base SY 102059.00 $ 7.00 $ 703413 .00 0% $0.00 S 70,413.00
8" Stabilized Subgrade SY 400 $ 4.00 $ 12600.00 0% $0.00 $ 1 ,600.00
61'stabilized Subgrade SY 14,622 $ 3 .00 $ 43,866.00 0% $0.00 $ 43,866. 00
Brick Paver SY 385 $ 12.00 $ 42620.00 0"/0 $0.00 $ 43620.00
Mod Miami Curb LF 9, 150 $ 9.00 $ 82,350.00 0•/" $0.00 $ 82,350.00
Type "D" Curb LF 568 $ 10.00 $ 5,680.00 00/U $0.00 S 52680.00
Type "F" Curb LF 260 $ 12.00 $ 32120.00 0% $0.00 $ 32120.00
SideWalk LF 685 $ 14.00 $ 92590.00 00/0 $0.00 $ 9,590.00
127 Turn Sign EA 3 $ 200.00 $ 600.00 0% $0.00 $ 600. 00
X-Walk EA 1 $ 150.00 $ 150.00 0% $0.00 $ 150.00
Stop Sign EA 3 $ 200.00 $ 600.00 0•/" $0.00 $ 600.00
Stop Bar EA 3 $ 100.00 $ 300.00 0% $0.00 $ 300. 00
Sod(ZO2/ IV SY 27088 $ 1 .50 $ 3, 132.00 00/0 $0.00 $ 33132.00
Misc. Conduit LS 1 $ 17500. 00 $ 1,500.00 0"/O $0.00 $ 12500. 00
Street Sign EA 3 $ 200.00 $ 600.00 00/0 $0.00 $ 600.00
Header Curb LF 60 $ 10.00 $ 600.00 1 0% 1 $0.00 $ 600.00
Entrance Gates LS 1 $ 25;000.00 $ 25,000.00 0% $0.00 $ 25,000.00
Subtotal $ 330,854.50 $5,875.00 1 $ 3245979.50 ;
Landscape/IrrigationlMisc
10' Landscape along East Property lines
Canopy Trees EA 59 $ 175.00 $ 10,325.00 0% $0.00 $ 103325 . 00
Understory Trees EA 24 $ 100. 00 $ 2,400.00 0"/U $0.00 $ 2,400. 00
Shrubs EA 236 $ 10.00 $ 22360.00 0% $0.00 $ 27360.00
Irrigation LS 1 $ 2,000.00 $ 22000.00 0% $0.00 $ 21000. 00
Subtotal $ 17,085.00 $0.00 1 $ 172085 .00
25' Landscape along South 81st Street
Canopy Trees EA 76 $ 175 .00 $ 132300.00 0"/0 $0.00 $ 132300. 00
Understory Trees EA 38 $ 100.00 $ 37800.00 0% $0.00 $ 3,800.00
Shrubs EA 303 $ 10.00 $ 37030. 00 0"/0 $0.00 $ 31030. 00 f`
Irrigation LS 1 $ 22000. 00 $ 2,000.00 0°/" $0.00 S 22000.00
Subtotal $ 22, 130.00 1 $0.00 1 $ 22, 130.00
25' Aricultural Buffer along North and West Property Line
Canopy Trees EA 149 $ 175 . 00 $ 26,075 .00 0°/" $0.00 $ 26,075 . 00
Understory Trees EA 25 $ 100.00 $ 2,500.00 0% $0.00 $ 2,500. 00
Shrubs EA 593 $ 10.00 $ 51930.00 0"/0 $0.00 $ 5,930.00
Irrigation LS 1 $ 200.00 $ 2,000.00 0"/" $0.00 $ 2,000. 00
Subtotal $ 365505 .00 1 1 $0.00 1 $ 36,505 .00
Electrical
Street Lights EA 6 $ 2,000.00 $ 12,000. 00 0°/U $0.00 $ 12,000. 00
Transformer Pad EA 23 $ 300.00 $ 6,900.00 0°/U $0.00 $ 61900. 00
Primary Conduit LF 9000 $ 3 .50 $ 319500.00 0°/" $0.00 $ 31 ,500.00
Secondary Conduit LF 4500 $ 4.50 $ 20,250.00 0% $0. 00 $ 202250. 00
Subtotal $ 70,650.00 1 1 $0.00 1 $ 70,650.00
Professional
Engineering LS 1 $ 1000.00 $ 10,000.00 10% $ 13000.00 $ 9,000.00
Surveying-Stake-out LS 1 $ 337660. 00 $ 33,660.00 100/0 $32366.00 $ 302294.00
Surveying-Asbuilt LS 1 $ 103000.00 $ 102000.00 0% $0.00 $ 1000. 00
Surveying PRMS & PCPS LS 1 $ 55000.00 $ 53000.00 0°/" $0.00 $ 51000.00
Subtotal $ 58,660.00 1 1 $4,366.00 1 $ 54,294.00 ' ;
Lp. IBIT " A "
Page 3 of 4
Cost Estimate for
Quail Creek Subdivision
Off-Site
Moblization LS 1 $ 5,000.00 $ 5,000.00 0% $0.00 $ 5,000.00
Maint of Traffic LS 1 $ 102000.00 $ 10,000.00 0% $0.00 $ 10,000.00
Power Pole reloc or remov EA 10 $ 2,000.00 $ 20,000.00 0°/U $0.00 $ 202000.00
Clear & Curb LS 1 $ 1000.00 $ 10,000.00 0% $0.00 $ 102000.00
Grade Right of way LF 3250 $ 5 .00 $ 16,250.00 0% $0.00 $ 16,250.00
Sidewalk LF 1300 $ 17.50 $ 22,750.00 0% $0.00 $ 222750.00
1 " Type S-3 Asphalt Roadway SY 4019 $ 5 .00 $ 203095 .00 0% $0.00 $ 202095 .00
1 1/2" Type S-1 Asphalt SY 4019 $ 6.50 $ 265123 .50 0"/0 $0.00 $ 26, 123 .50
8" Coquina Rock SY 5024 $ 9.40 $ 479225.60 0% $0.00 $ 479225 .60
12" Stab. Subgrade SY 6029 $ 6.00 $ 362174.00 0% $0.00 $ 365174.00
1 " Type S-3 Asphalt Shoulder SY 1184 $ 5 .00 $ 5,920.00 0% $0.00 $ 52920.00
6" Coquina Rock Shoulder SY 1480 $ 7.00 $ 102360.00 0% $0.00 $ 102360.00
8" Stab. Subgrade Shoulder SY 1776 $ 4.00 $ 71104.00 00/0 $0.00 $ 7, 104.00
Stabilized Dirt Road SY 1334 $ 7.00 $ 9,338.00 0"/U $0.00 $ 91338.00
8" Water Main LF 1335 $ 10.00 $ 132350.00 0°/" $0.00 $ 13,350.00
8"MJGV W/ Box &Conc. Pad EA 1 $ 700.00 $ 700.00 0% $0.00 $ 700.00
8"MJ Plug EA 1 $ 500.00 $ 500.00 0% $0.00 $ 500.00
2"Blow-off EA 1 $ 400.00 $ 400.00 0% $0.00 $ 400.00
Sample Point EA 3 $ 300.00 $ 900.00 0% $0.00 $ 900.00
MJ Restrainers LS 1 $ 22000.00 $ 25000.00 0% $0.00 $ 22000.00
Temp. Jumper EA 1 $ 12500.00 $ 1,500.00 0"/0 $0.00 $ 11500.00
Tie-into Exist Way LS 1 $ 2,500.00 $ 22500.00 0"/" $0.00 $ 22500.00
Sod R/W SY 7222 $ 1 .50 $ 10,833 .00 00/0 $0.00 $ 10,833 .00
Conc. Jacket EA 1 $ 700.00 $ 700.00 0% $0.00 $ 700.00
18"RCP LF 364 $ 39.00 $ 145196.00 0% $0.00 $ 14, 196.00
Type C inlet EA 2 $ 2,000.00 $ 4,000.00 0% $0.00 $ 4,000.00
JunctionManhole EA 1 $ 2,000.00 $ 22000.00 0% $0.00 $ 22000. 00
24" CAD LF 20 $ 46.00 $ 920.00 0"/0 $0.00 $ 920.00
30" RCP LS 120 $ 65 .00 $ 7,800.00 0% $0.00 $ 7,800.00
Striping LS I $ 25,000.00 $ 25,000.00 0% $0.00 $ 25,000.00
Subtotal $ 333,639. 10 $0.00 $ 333,639. 10 ^ . s
i
TOTAL COMPLETE REMAINING
Sanitary Sewer $ 148, 100.00 $0.00 $ 148, 100.00
Water $ 1122550.00 $0.00 $ 1125550.00
Storm Sewer $ 118,968.00 $0.00 $ 118,968.00
Site Work $ 181,223.00 $103,844.50 $ 772378.50
Roadway Onsite Paving $ 3309854.50 $52875 .00 $ 3245979.50
Landscaping $ 752720.00 $0.00 $ 75,720.00
Electrical $ 702650.00 $0.00 $ 709650.00
Professional $ 589660.00 $43366.00 $ 54,294.00
Off Site $ 333,639. 10 $0.00 $ 333,639. 10
TOTAL $ 1,4302364.60 $ 114,085 .50 $ 12316,279. 10
CONTINGENCY 25% $329,069.78
TO B ND AMOUNT $ 1 ,645,348.88 L? f /1 L' '
•J / `4
0 LI
Date:
V �v
Jodah B " e, P.E . No. 5739
EXHMIT
Page 4 of 4
BB&T Branch Banking & Trust Co .
Real Estate Lending
IRREVOCABLE LETTER OF CREDIT 6550 N . Federal Hwy. , 5th Floor
NO . 9661066978-00002 Ft, Lauderdale, FL 33308
Indian River County Date : 11 / 18/05
Board of County Commissioners
1840 25b Street
Vero Beach, FL . 32960
Gentlemen:
By order of SLM Investments, LLC, a Florida limited liability company, Branch Banking and Trust
Company hereby establishes an Irrevocable Letter of Credit No . 9661066978 -00002 in your favor in the
amount of $ 1 ,645,348 .88 effective as of September 6, 2005 and expiring at our office at the close of
business on December 6, 2006.
This Letter of Credit is provided to you as required under the Assignment of Contract for Construction of
Required Improvements between SLM Investments, LLC, a Florida limited liability company and
Indian River County, relating to Quail Creek PD which contract is numbered PD-04-0742-CFC
(2004020196-48349) .
Branch Banking and Trust Company shall make funds available under this credit to you not exceeding in
the aggregate amount of this credit against your sight draft to us mentioning this Letter of Credit No .
r 9661066978 -00002 , accompanied by a letter from the County Administrator or his designee, with
approval signatures of the County Attorney or his designee, and the Director of Office of Budget and
Management or his designee, stating the SLM Investments, LLC 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 performance of said contract for
the
construction of required improvements . Drafts presented for payment under the letter of credit shall be
marked, "Drawn on Irrevocable Letter of Credit No . 9661066978-00002 of Branch Banking and Trust
Company" .
This Letter of Credit sets forth in full the terms of our undertaking. Such undertaking shall not in any
way be modified, amended, or amplified by reference to any document, instrument, or contract referred to
herein or in whiA this Letter of Credit is referred to or to which this Letter of Credit relates and any such
reference shall not be deemed to incorporate herein by reference any document, instrument, or contract.
Branch Banking and Trust Company hereby agrees that your sight draft and letter as mentioned above
shall be duly honored and payment made upon due presentation to our office located at 6550 North
Federal Highway, Suite 500 , Fort Lauderdale, FL . 33308 , on or before December 6 , 2006 ,
Sincerely,
I fl,
Attest: ` By : t, � � - 1�.
at es Nugen Carmen de Essaye _
Title : Senior Vice President