HomeMy WebLinkAbout2006-366 The ')aks of Vero - P.D., Phase 2
MODIFICATION TO V
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS
NO. PD -01 -06-15-CFC (200010008544643)
THIS MODIFICATION , made and entered into this 24th day of
October , 2006 , 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 June 20 , 2006 the Board of County Commissioners
approved the final plat of The Oaks of Vero — P . D . , Phase 2 , and the Developer,
SDG Kings , Inc. , entered into a Contract for Construction of Required
Improvements No . PD-01 -06- 15-CFC (2000100085-44643 ) guaranteeing the
completion of certain required improvements within the plat of The Oaks of Vero
— P . D . , Phase 2 and agreed to post a Seacoast National Bank letter of credit in
the amount of $ 192 , 670 . 51 as security to guarantee construction of those
improvements ; and
WHEREAS , the Developer is requesting that the Contract for
Construction of Required Improvements be modified to allow Mercedes Homes ,
Inc. , on behalf of SDG Kings , Inc. , to post a Bank of America , N . A. irrevocable
letter of credit in the like amount.
NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows :
1 . The substitution of security by Mercedes Homes , Inc. on behalf of
SDG Kings , Inc . , in the form of a Bank of America , N .A. irrevocable letter of
credit in the amount of $ 192 ,670 . 51 is approved .
2 . The first sentence of paragraph numbered 3 of the Contract for
Construction of Required Improvements No . PD-01 -06- 15-CFC (2000100085-
44643 ) is modified to read :
" 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 Mercedes
Homes , Inc. on behalf of SDG Kings , Inc. as
customer and Bank of America , N .A. , as the
underwriting bank, in the amount of $ 192 , 670 . 51 ,
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."
3 . All other terms set out in the Contract for Construction of Required
Improvements No . PD-01 -06- 15-CFC (2000100085-44643 ) , 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 .
SDG KIN IOr'
co ration DE LOPER
By:
Bret Soverel , President
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners"
Arthur R. Ne a er, Chair
BCC approved : October 24 , 2006
ATTEST : J . K. Barton ,, /Cle
rk of Court
By: ' 9l�
Deputy Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIEN Y 1
eyft
WILLIAM G . COLLINS It
COUNTY ATTORNEY
2
F:\Attorney\NancyADOCS\PLANIMODIFICATION TO K oaks of vero ph2.doc
t The loaks of Vero - P.D., Phase 2 � 7 J b' 6
MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK
IMPROVEMENTS
NO . PD-01 -06 -15-SIDECFC (20000100085 -44643)
THIS MODIFICATION , made and entered into this 24th day of
October , 2006 , 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 June 20 , 2006 the Board of County Commissioners
approved the final plat of The Oaks of Vero — P . D . , Phase 2 , and the Developer,
SDG Kings , Inc. , entered into a Contract for Construction of Required Sidewalk
Improvements No . PD-01 -06- 15-SIDECFC (20000100085-44643 ) guaranteeing
the completion of certain required sidewalk improvements within the plat of The
Oaks of Vero — P. D . , Phase 2 and agreed to post a Seacoast National Bank
letter of credit in the amount of $67 ,613 .25 as security to guarantee construction
of those improvements ; and
WHEREAS, the Developer is requesting that the Contract for Construction
of Required Sidewalk Improvements be modified to allow Mercedes Homes , Inc. ,
on behalf of SDG Kings , Inc. , to post a Bank of America , N .A. irrevocable letter
of credit in the like amount.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows:
1 . The substitution of security by Mercedes Homes , Inc. on behalf of
SDG Kings , Inc. , in the form of a Bank of America , N .A. irrevocable letter of
credit in the amount of $67 ,613 .25 is approved .
2 . The first sentence of paragraph numbered 3 of the Contract for
Construction of Required Sidewalk Improvements No . PD-01 -06- 15-SIDECFC
(20000100085-44643 ) is modified to read :
"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
r ,
form to be approved by the County, naming Mercedes
Homes , Inc. on behalf of SDG Kings , Inc. as
customer and Bank of America , N .A . , as the
underwriting bank, in the amount of $67 , 613 . 25 ,
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. "
3 . All other terms set out in the Contract for Construction of Required
Sidewalk Improvements No . PD-01 -06- 15-SIDECFC (20000100085-44643) ,
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 .
SDG KIN orlda�
cor atio DEVE P
By:
Bret S reside
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
Arthur R. Ne Berger, C it an
BCC approved : October 24 , 2006
ATTEST: J . K. Barton , Clerk of Court
By:
Deputy Clerk #J"OM As TO FORM
AND LEGAf.BM
"4--MCc1
WILLIAM O. COLLINS 6
COUNWA7TOMM
2
F:�Attomey\Nancy\DOCS\PLAN\MODIFICATION TO side K oaks of vero ph2.doc