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Home My WebLink About2003-155 dual obligee d / for use with performance bond J Eagle Trace Subdivision CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO . SD =00 =04 -02 -CFCSIDE (99070209 =32099 ) THIS CONTRACT , made and entered into this 1st day of July , 20039 by and between National Residential Properties , Inc . , a Nevada corporation authorized to do business in the State of Florida , 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 Eagle Trace Subdivision ; and WHEREAS , the required sidewalk 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 by June 30 , 2005 , a date being within two years of approval of Final Plat , in a good and workmanlike manner, those improvements described as follows : See Exhibit "A" attached or otherwise required by the Code of Laws and Ordinances of Indian River County in connection with the approved Preliminary Plat and Land Development Permit , which are incorporated by reference into this contract . I FAAttorney\Nancy\DOCS\PLAN\side k w perf bond dual obligee eagle trac .doc r ' r � 2 . Developer agrees to construct said improvements strictly in accordance with County policies for sidewalk construction as those policies relate to location , method and type of construction , 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 a performance bond underwritten by a surety insurer authorized to transact such business in this state , which shall remain in full force and effect until at least ninety (90 ) days beyond the date set forth in paragraph 1 , or until the covenants of this contract have been fully complied with and satisfactorily completed as determined by the County pursuant to paragraph 5 below , in a form to be approved by the County , with National : Residential Properties as Principal with the Developer and County as Dual Obligees , and Developers Surety & Tdemni ty rom = any as surety , in the amount of $ 58 , 1359 20 , 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 guaranty shall remain available to the County and shall not be reduced during the course of construction without an express written authorization from County. Requested reductions, shall not be unreasonable 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 and hold harmless 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 sidewalk improvements , including all those improvements to be constructed on existing publicly dedicated or County owned property . 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 Development Regulations and Ordinances and upon execution hereof. However, nothing herein shall be construed as creating an obligation upon the County to perform any act or construction or maintenance until such time as the required improvements are satisfactorily completed , Satisfactory completion in accordance with the land development permit , plans , specifications , and ordinance requirements of Indian 2 F :\Attorney\Nancy\DOCS\PLAN\side k w perf bond dual obligee eagle trac .doc 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 . The County agrees to issue building permits and Certificates of Occupancy prior to the installation of required sidewalk improvements so long as Developer is not in default of the terms of this Contract . 7 , In the event the Developer shall fail or neglect to fulfill its obligations under this contract and as required by the Code of Laws and Ordinances of Indian River County , Florida , the Developer, as principal , and the guarantor or surety 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 . 8 . 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 guaranty or surety for the final total cost of the improvements . Developer shall remain wholly liable for any resulting deficiency , should the guaranty or surety 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, the guarantor, or surety, to construct the required improvements . 9 . Any guaranty or surety 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 . 10 . 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 , 3 FAAttorney\Nancy\DOCS\PLAN\side k w perf bond dual obligee eagle trac .doc 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 . NATIONAL RESIDENTIAL PROPERTIES , INC . , a Nevada corporation uthorized to do busines n th S to Florida , DEV OPE By Fri Astro , President IN;n , etK IVER LORIDA B . Macht, hairman Board of County Commissioners COUNTY BCC Approved : July 1 , 2003 ATTEST : Jeffrey K . Barton , Clerk By : 6At (seal ) Deputy Clerk APPROVED AS TO FORM AND LEGAL SU f FIIC/ IENCY William G . Collins II County Attorney 4 FAAttomey\Nancy\DOCS\PLAN\side k w perf bond dual obligee eagle trac .doc EXHINT A Deeor"on of Work Construction of sidewalks/ 4 feet width/ both sides of internal roadways . Sidewalks 5486 LF $10.80 = $59 248,00