HomeMy WebLinkAbout2008-341O R j C IN j Ls TO gL)�D �zl L F
C(OP)
81
Lost Lake
SUBSTITUTE
CONTRACT FOR CONSTRUCTION OF
-- --- ---- ---- -- REQUrRED SIDEWALK IMPROVEM-ENTS
NO. SD=05-08=39-CFCSUBSIDE (2003080256=53385)
THIS SUBSTITUTE CONTRACT, made and entered into this
day of October 21 , 2008, by and between Hiers Properties, L.L.C., a
Florida limited liability company, hereinafter referred to as "Successor
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, Lost Lake, LLC, a Florida limited liability company was
the original Developer that commenced proceedings to effect development of
land within Indian River County, Florida known as Lost Lake Subdivision; and
WHEREAS, a Final Plat for the development within the
unincorporated area of Indian River County was approved on July 11, 2006; and
WHEREAS, the final plat could not be approved until the Developer
had installed the required improvements or had guaranteed to the satisfaction of
the County that such improvements would be installed; and
WHEREAS, the required sidewalk improvements were to be
installed within two years after Final Plat approval, under guarantees posted with
the County; and
WHEREAS, the Developer entered into a Contract for Construction
of Required Sidewalk Improvements agreeing to complete the sidewalks by July
11, 2008; and
WHEREAS, the Developer defaulted under the terms of the
Contract for Construction of Required Sidewalk Improvements and the security
guaranteeing the sidewalk construction was called by the County; and
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
O R j C IN j Ls TO gL)�D �zl L F
C(OP)
81
Lost Lake
SUBSTITUTE
CONTRACT FOR CONSTRUCTION OF
-- --- ---- ---- -- REQUrRED SIDEWALK IMPROVEM-ENTS
NO. SD=05-08=39-CFCSUBSIDE (2003080256=53385)
THIS SUBSTITUTE CONTRACT, made and entered into this
day of October 21 , 2008, by and between Hiers Properties, L.L.C., a
Florida limited liability company, hereinafter referred to as "Successor
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, Lost Lake, LLC, a Florida limited liability company was
the original Developer that commenced proceedings to effect development of
land within Indian River County, Florida known as Lost Lake Subdivision; and
WHEREAS, a Final Plat for the development within the
unincorporated area of Indian River County was approved on July 11, 2006; and
WHEREAS, the final plat could not be approved until the Developer
had installed the required improvements or had guaranteed to the satisfaction of
the County that such improvements would be installed; and
WHEREAS, the required sidewalk improvements were to be
installed within two years after Final Plat approval, under guarantees posted with
the County; and
WHEREAS, the Developer entered into a Contract for Construction
of Required Sidewalk Improvements agreeing to complete the sidewalks by July
11, 2008; and
WHEREAS, the Developer defaulted under the terms of the
Contract for Construction of Required Sidewalk Improvements and the security
guaranteeing the sidewalk construction was called by the County; and
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
w
WHEREAS, the funds are held in escrow by the County while the
County proceeds to obtain competitive bids for constructing the required
sidewalks; and
WHEREAS, during the contract default period the Developer sold
the entire development project to Successor Developer; and
--------------------------
WHEREAS, it is the desire of Successor Developer to be
responsible for constructing the required sidewalks at the time the residences are
built on the lots to avoid any possible damage from construction traffic and thus
eliminating any unnecessary expense in repairs or tear outs; and
WHEREAS, Successor Developer has posted acceptable security
with Indian River County to guarantee construction of the required sidewalks and
requests that Indian River County extend the sidewalk construction completion
date to July 11, 2010 so that County would not have to have the sidewalks
constructed and could return the funds held in escrow to the original Developer,
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as
follows:
1. Successor Developer agrees to construct by July 11, 2010 in a
good and workmanlike manner, those improvements described as follows:
See Exhibit "A" attached hereto,
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.
2. Successor 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. Successor Developer has furnished 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, approved by the County, naming Successor
Developer as customer and Marine Bank & Trust n)z. , as the
underwriting bank, in the amount of $26,647.50, 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
2
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w
WHEREAS, the funds are held in escrow by the County while the
County proceeds to obtain competitive bids for constructing the required
sidewalks; and
WHEREAS, during the contract default period the Developer sold
the entire development project to Successor Developer; and
--------------------------
WHEREAS, it is the desire of Successor Developer to be
responsible for constructing the required sidewalks at the time the residences are
built on the lots to avoid any possible damage from construction traffic and thus
eliminating any unnecessary expense in repairs or tear outs; and
WHEREAS, Successor Developer has posted acceptable security
with Indian River County to guarantee construction of the required sidewalks and
requests that Indian River County extend the sidewalk construction completion
date to July 11, 2010 so that County would not have to have the sidewalks
constructed and could return the funds held in escrow to the original Developer,
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as
follows:
1. Successor Developer agrees to construct by July 11, 2010 in a
good and workmanlike manner, those improvements described as follows:
See Exhibit "A" attached hereto,
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.
2. Successor 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. Successor Developer has furnished 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, approved by the County, naming Successor
Developer as customer and Marine Bank & Trust n)z. , as the
underwriting bank, in the amount of $26,647.50, 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
2
F:\Attorncy\Nancy\DOCS\PLAN\lost lake substitute side k.doc
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 without an express written modification
thereof executed by all parties. Requested reductions shall not be unreasonably
withheld by the County, but shall be subject to administrative fees as established
by the County. Successor Developer may at any time substitute guarantees,
subiect to the approval as to form and amount by the County. The County does
a substitution fee which m
4. Up to $1,000,000.00, or the limits of any applicable underlying
or excess insurance coverage carried by Successor Developer or to be obtained
during the course of the construction of the subdivision improvements, Successor
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 Successor 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. 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 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 Successor Developer is not in default of the terms of this Contract.
7. In the event the Successor 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 Successor Developer, as
principal, and the letter 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 Successor 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
3
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
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 without an express written modification
thereof executed by all parties. Requested reductions shall not be unreasonably
withheld by the County, but shall be subject to administrative fees as established
by the County. Successor Developer may at any time substitute guarantees,
subiect to the approval as to form and amount by the County. The County does
a substitution fee which m
4. Up to $1,000,000.00, or the limits of any applicable underlying
or excess insurance coverage carried by Successor Developer or to be obtained
during the course of the construction of the subdivision improvements, Successor
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 Successor 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. 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 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 Successor Developer is not in default of the terms of this Contract.
7. In the event the Successor 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 Successor Developer, as
principal, and the letter 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 Successor 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
3
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the total amount of the original obligation stated in the letter of credit, less any
approved reductions thereto.
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 Successor Developer shall fail or refuse to do so in
accordance with the terms o t is con rac . Successor Developer expressly
agrees that the County may demand and draw upon the existing letter of credit
for the final total cost of the improvements. Successor Developer shall remain
wholly liable for any resulting deficiency, should the letter 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 Successor Developer, or the letter of credit to construct the required
improvements.
9. Any letter of credit provided to the County by Successor
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,
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.
WITNESSES:
sign:
print ame:
sign:
print name:
HIERS-PROPERTIES, L.L.C., a Florida.
limited liability compant
By ;X
L,
Bobby J.Hiers; Managing Member
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
SUCCESSOR DEVELOPER
V
the total amount of the original obligation stated in the letter of credit, less any
approved reductions thereto.
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 Successor Developer shall fail or refuse to do so in
accordance with the terms o t is con rac . Successor Developer expressly
agrees that the County may demand and draw upon the existing letter of credit
for the final total cost of the improvements. Successor Developer shall remain
wholly liable for any resulting deficiency, should the letter 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 Successor Developer, or the letter of credit to construct the required
improvements.
9. Any letter of credit provided to the County by Successor
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,
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.
WITNESSES:
sign:
print ame:
sign:
print name:
HIERS-PROPERTIES, L.L.C., a Florida.
limited liability compant
By ;X
L,
Bobby J.Hiers; Managing Member
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
SUCCESSOR DEVELOPER
V
INDIAN RIVER COUNTY, FLORIDA
ra
APPROVED AS TO FORM AND
LEGAL BUFFI¢IENCY6 /1
William K. DeBraal
Deputy County Attorney
5
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
en, Chairman
lat: July 11..2006,
INDIAN RIVER COUNTY, FLORIDA
ra
APPROVED AS TO FORM AND
LEGAL BUFFI¢IENCY6 /1
William K. DeBraal
Deputy County Attorney
5
F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc
en, Chairman
lat: July 11..2006,
JOSEPH W. SCHULKE, P.E.
JODAH B. BITTLE, P.E.
WILLIAM P. STODDDARD, Ph.D.. P.E.
SCHULKE, BITTLE He STODDARD, L.L.C.
CIVIL & STRUCTURAL ENGINEERING • LAND PLANNING a ENVIRONMENTAL PERMITTING
Engineers Certified Cost Estimate — Lost Lakes Subdivision
I, Jodah B. 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 $26,647.50. This estimate has been prepared, in part, to induce
approval by the County for a Certificate of Completion for the Lost Lakes Subdivision,
and for the purpose of establishing proper surety amounts associated therewith.
_ Date; Jvhtr
Joda e, P.E.
No. 7396
EXHIBIT "AI'
1717 INDIAN RIVER BLVD., SUITE 201, VERO BEACH, FLORIDA 32960
JOSEPH W. SCHULKE, P.E.
JODAH B. BITTLE, P.E.
WILLIAM P. STODDDARD, Ph.D.. P.E.
SCHULKE, BITTLE He STODDARD, L.L.C.
CIVIL & STRUCTURAL ENGINEERING • LAND PLANNING a ENVIRONMENTAL PERMITTING
Engineers Certified Cost Estimate — Lost Lakes Subdivision
I, Jodah B. 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 $26,647.50. This estimate has been prepared, in part, to induce
approval by the County for a Certificate of Completion for the Lost Lakes Subdivision,
and for the purpose of establishing proper surety amounts associated therewith.
_ Date; Jvhtr
Joda e, P.E.
No. 7396
EXHIBIT "AI'
1717 INDIAN RIVER BLVD., SUITE 201, VERO BEACH, FLORIDA 32960
4" Sidewalk (1045 If x 4' =
25%
Bond Amount
Jodah Bittle, P.E.
Fl. Reg. No. 57396
Lost Lakes Subdivision
INTERIOR SIDEWALK COST ESTIMATE
SF
0(
Page 2 of 2
$5.10 $21,31
4" Sidewalk (1045 If x 4' =
25%
Bond Amount
Jodah Bittle, P.E.
Fl. Reg. No. 57396
Lost Lakes Subdivision
INTERIOR SIDEWALK COST ESTIMATE
SF
0(
Page 2 of 2
$5.10 $21,31
Marine Bank & Trust Company
IRREVOCABLE LETTER OF CREDIT NO. 2008-39 (Revised to correct expiration date)
DATE: October 3, 2008
Indian River County
Board of County Commissioners
1801 27'h Street
Vero Beach, FL 32960
Gentlemen:
By order of the Hiers Properties, L.L.C., a Florida limited liability company, Marine Bank &
Trust Company hereby establishes an Irrevocable Letter of Credit No. 2008-39, in your favor in the
amount of $26.647.50 effective as of October 3, 2008, and expiring at our office at the close of business
on October 11, 2010.
This Letter of Credit is provided to you as required under the Substitute Contract for Construction
of Required Sidewalk Improvements between Hiers Properties, L.L.C. a Florida limited liability company
and Indian River County relating to Lost Lake, which substitute contract is numbered SD-05-08-39-
CFCSUBSIDE (2003080256-53385).
Marine Bank & Trust Company shall make funds available under this credit to you not exceeding
in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit
No. 2008-39, 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 Management and Budget
or his designee, stating that Hiers Properties, L.L.C. has defaulted under the terms of the aforementioned
substitute contract for construction of required sidewalk improvements, and that the amount of the draft
represents the amount required by the County to fulfill the performance of said substitute contract for the
construction of the required sidewalk improvements. Drafts presented for payment under the credit shall
be marked, "Drawn on Irrevocable Letter of Credit No. 2008-39 of Marine Bank & 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 which 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.
Marine Bank & 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 571 Beachland
Boulevard, Vero Beach, Florida, on or before October 11, 2010.
Attest:
F
Sincerely,
B ✓ /i
y
P
571 Beachland Boulevard • Vero Beach, Florida 32963 • Tel 772-231-6611 • Fax 772-234-2700 . Toll Free 1-888-231-6621
1450 U.S. Highway 1 • Vero Beach, Florida 32960 • Tel 772-778-6713 • Fax 772-569-4559
www.marinebankandtrust.com 9 email@marinebankandtrust.com
Marine Bank & Trust Company
IRREVOCABLE LETTER OF CREDIT NO. 2008-39 (Revised to correct expiration date)
DATE: October 3, 2008
Indian River County
Board of County Commissioners
1801 27'h Street
Vero Beach, FL 32960
Gentlemen:
By order of the Hiers Properties, L.L.C., a Florida limited liability company, Marine Bank &
Trust Company hereby establishes an Irrevocable Letter of Credit No. 2008-39, in your favor in the
amount of $26.647.50 effective as of October 3, 2008, and expiring at our office at the close of business
on October 11, 2010.
This Letter of Credit is provided to you as required under the Substitute Contract for Construction
of Required Sidewalk Improvements between Hiers Properties, L.L.C. a Florida limited liability company
and Indian River County relating to Lost Lake, which substitute contract is numbered SD-05-08-39-
CFCSUBSIDE (2003080256-53385).
Marine Bank & Trust Company shall make funds available under this credit to you not exceeding
in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit
No. 2008-39, 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 Management and Budget
or his designee, stating that Hiers Properties, L.L.C. has defaulted under the terms of the aforementioned
substitute contract for construction of required sidewalk improvements, and that the amount of the draft
represents the amount required by the County to fulfill the performance of said substitute contract for the
construction of the required sidewalk improvements. Drafts presented for payment under the credit shall
be marked, "Drawn on Irrevocable Letter of Credit No. 2008-39 of Marine Bank & 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 which 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.
Marine Bank & 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 571 Beachland
Boulevard, Vero Beach, Florida, on or before October 11, 2010.
Attest:
F
Sincerely,
B ✓ /i
y
P
571 Beachland Boulevard • Vero Beach, Florida 32963 • Tel 772-231-6611 • Fax 772-234-2700 . Toll Free 1-888-231-6621
1450 U.S. Highway 1 • Vero Beach, Florida 32960 • Tel 772-778-6713 • Fax 772-569-4559
www.marinebankandtrust.com 9 email@marinebankandtrust.com
4
ASSIGNMENT OF
WARRANTY AND GUARANTY AGREEMENT, AND BILL OF
SALE FOR REQUIRED IMPROVEMENTS
NO, SD-05-08=39-W&G (2003080256-53385)
WHEREAS, on January 15, 2007, Lost Lake LLC, a Florida limited liability
company, entered into Warranty and Guaranty Agreement, and Bill of Sale for Required
Improvements-No._SD_0.5-08-39_W_&_C-(290.3Q802Sf�53 M).,-.copy_awhe_d, in connection
with property platted as Lost Lake; and
WHEREAS, Lost Lake LLC wishes to transfer and assign its interest in the property
to Hiers Properties, L.L.C., a Florida limited liability company, and Hiers Properties,
L.L.C. wishes to assume the obligations under said Warranty and Guaranty Agreement, and
Bill of Sale for Required Improvements; and
NOW, THEREFORE, the parties agree to the assignment of Warranty and Guaranty
Agreement, and Bill of Sale for Required Improvements No. SD-05-08-39-W&G
(2003080256-53385) provided, however, that the security in the amount of $58,096.95
currently in place to warranty road and drainage improvements be replaced with security in
the like amount acceptable to the County Attorney.
ASSIGNOR:
LOST LAKE LLC, a Florida
limited liability company
By:
Prix
ing Member
APPROVED AS TO FO
"" WILLIAM K. DEBRML
DEPUTY COUNTY ATTORNEY
ASSIGNEE:
HIERS PROPERTIES, L.L.C., a Florida
limited liability company
By:
�
obby J. i rs, anagirig Member
ACKNOWLEDGEMENT TO
ASSIGNMENT
INDIAN RIVER
owden,
Attest: Jeffrey K. B
Clerk oMoC
By:
on
RIDA
4
ASSIGNMENT OF
WARRANTY AND GUARANTY AGREEMENT, AND BILL OF
SALE FOR REQUIRED IMPROVEMENTS
NO, SD-05-08=39-W&G (2003080256-53385)
WHEREAS, on January 15, 2007, Lost Lake LLC, a Florida limited liability
company, entered into Warranty and Guaranty Agreement, and Bill of Sale for Required
Improvements-No._SD_0.5-08-39_W_&_C-(290.3Q802Sf�53 M).,-.copy_awhe_d, in connection
with property platted as Lost Lake; and
WHEREAS, Lost Lake LLC wishes to transfer and assign its interest in the property
to Hiers Properties, L.L.C., a Florida limited liability company, and Hiers Properties,
L.L.C. wishes to assume the obligations under said Warranty and Guaranty Agreement, and
Bill of Sale for Required Improvements; and
NOW, THEREFORE, the parties agree to the assignment of Warranty and Guaranty
Agreement, and Bill of Sale for Required Improvements No. SD-05-08-39-W&G
(2003080256-53385) provided, however, that the security in the amount of $58,096.95
currently in place to warranty road and drainage improvements be replaced with security in
the like amount acceptable to the County Attorney.
ASSIGNOR:
LOST LAKE LLC, a Florida
limited liability company
By:
Prix
ing Member
APPROVED AS TO FO
"" WILLIAM K. DEBRML
DEPUTY COUNTY ATTORNEY
ASSIGNEE:
HIERS PROPERTIES, L.L.C., a Florida
limited liability company
By:
�
obby J. i rs, anagirig Member
ACKNOWLEDGEMENT TO
ASSIGNMENT
INDIAN RIVER
owden,
Attest: Jeffrey K. B
Clerk oMoC
By:
on
RIDA
Lost lake warranty road and drainage
WARRANTY AND GUARANTY AGREEMENT,
AND BILL OF SALE FOR REQUIRED IMPROVEMENTS
CONTRACT NO. SD-05-08-39-W&G (2003080256-53385)
WHEREAS, the undersigned Developer has obtained approval by the
---Board -of-G ou nty-Go mmission er-s-for-the-recon-dation-of-the_final.s-budiMisi n plat for a
project known as Lost Lake, pursuant to the Indian River County Subdivision and
Platting Ordinance; and
WHEREAS, Developer has constructed certain required improvements as
defined by, and in accordance with 'the requirements of said ordinance, all as described
and evidenced in the various drawings and plans supporting the issuance of the Land
Development Permit, together with the as built plans, test results, and certificate Of
completion of the Developer's engineer; and
WHEREAS, Developer desires to transfer all its right, title. and interest to
the County in and to all those improvements constructed within publicly dedicated lands
of said project, free and clear of encumbrances, together with the assignment of all
existing warranties and Developer's agreement to cause to be repaired defects in
workmanship and materials in both public and private road and drainage
improvements, as required by ordinance, and as stated herein below.
WITNESSETH:
That for and in consideration of the sum of ONE DOLLAR ($1.00) and
other good and valuable consideration, the receipt of which is hereby acknowledged,
Developer, on behalf of itself and all successors and assigns, does hereby:
1. Represent unto Indian River County, a political subdivision of the
State of Florida, that the required improvements in said project have been constructed
and installed as required by the ordinance, in the manner described above; and
specifically consist of:
See Exhibit "A' attached hereto
2. Agree that, should the required improvements fail or otherwise
become defective during a period of three years from the date of Certificate of
Completion of said required improvements, due to defective materials or workmanship,
the Developer shall upon each occasion, be responsible in all respects for such failure
or defect. Developer shall immediately, within 20 days of written notice by the County,
cause correction of such failure or defect to begin at Developer's sole cost and expense
and bring them into compliance with the requirements of the applicable ordinance(s),
and
FAAttorney\Naney\DOCS\PLANVost lakes maintenance.doc
APPROVED AS TO F RM
- - - ------AND-LE UFFI NC
1
BY To
WILLIAM K. D BR
ASSISTANT COUNTY ATTORNEY
r
Lost lake warranty road and drainage
WARRANTY AND GUARANTY AGREEMENT,
AND BILL OF SALE FOR REQUIRED IMPROVEMENTS
CONTRACT NO. SD-05-08-39-W&G (2003080256-53385)
WHEREAS, the undersigned Developer has obtained approval by the
---Board -of-G ou nty-Go mmission er-s-for-the-recon-dation-of-the_final.s-budiMisi n plat for a
project known as Lost Lake, pursuant to the Indian River County Subdivision and
Platting Ordinance; and
WHEREAS, Developer has constructed certain required improvements as
defined by, and in accordance with 'the requirements of said ordinance, all as described
and evidenced in the various drawings and plans supporting the issuance of the Land
Development Permit, together with the as built plans, test results, and certificate Of
completion of the Developer's engineer; and
WHEREAS, Developer desires to transfer all its right, title. and interest to
the County in and to all those improvements constructed within publicly dedicated lands
of said project, free and clear of encumbrances, together with the assignment of all
existing warranties and Developer's agreement to cause to be repaired defects in
workmanship and materials in both public and private road and drainage
improvements, as required by ordinance, and as stated herein below.
WITNESSETH:
That for and in consideration of the sum of ONE DOLLAR ($1.00) and
other good and valuable consideration, the receipt of which is hereby acknowledged,
Developer, on behalf of itself and all successors and assigns, does hereby:
1. Represent unto Indian River County, a political subdivision of the
State of Florida, that the required improvements in said project have been constructed
and installed as required by the ordinance, in the manner described above; and
specifically consist of:
See Exhibit "A' attached hereto
2. Agree that, should the required improvements fail or otherwise
become defective during a period of three years from the date of Certificate of
Completion of said required improvements, due to defective materials or workmanship,
the Developer shall upon each occasion, be responsible in all respects for such failure
or defect. Developer shall immediately, within 20 days of written notice by the County,
cause correction of such failure or defect to begin at Developer's sole cost and expense
and bring them into compliance with the requirements of the applicable ordinance(s),
and
FAAttorney\Naney\DOCS\PLANVost lakes maintenance.doc
APPROVED AS TO F RM
- - - ------AND-LE UFFI NC
1
BY To
WILLIAM K. D BR
ASSISTANT COUNTY ATTORNEY
r
3. Acknowledge that, in the event Developer fails to begin or cause
repair of the defective required improvements within 20 days, or to complete such
repairs within a reasonable time thereafter, the County shall have the right to make
such needed repairs and Developer shall be liable to the County for the actual cost
expended by the County for such repairs and any cost incident to the collection of such
- -- ---sums,.—including-but-not limited-to—reasonable-attor-ney's fees -and -costs -of -litigation -
including any appeals; and
4. Provide herewith, or has provided heretofore in a manner satisfactory
to the County, security to guaranty Developer's performance of. this agreement, being
either a cash escrow deposit, irrevocable letter of credit presentable in Florida or bond
issued by a.company licensed to do business in the State of Florida with an A.M. Best
rating of A+ XI. In the event Developer has not undertaken the repairs contemplated by
this Agreement following a request by the County, the proceeds of any such security
may be drawn upon by the County to the final total cost of Developer's obligations
hereunder, not to exceed however, the applicable limits of the security.
5. Grant and convey unto Indian River County all its right, title and
interest in and to all public improvements, lying within the areas dedicated to the
County, and Developer hereby warrants to the County that it has free and
unencumbered title thereto, that all persons or entities which have supplied labor or
materials with respect to such improvements have been paid in full, that none of them
has any claim whatsoever with respect thereto, and that Developer shall hereafter
forever warrant and defend the County's title thereto.
IN WITNESS WHEREOF,
this .,FY day of , 2007.
Signed in the presence of:
Developer has hereunto set its hand and seal
sign: nc,�-e-�--, mei^-w--,
print name:
2
FAAttomey\Nancy\DOCSVLANVost lakes maintenance.doc
LOST LAKE LLC, a Florida limited
liability company
Developer
By:
alcetta, Manager
3. Acknowledge that, in the event Developer fails to begin or cause
repair of the defective required improvements within 20 days, or to complete such
repairs within a reasonable time thereafter, the County shall have the right to make
such needed repairs and Developer shall be liable to the County for the actual cost
expended by the County for such repairs and any cost incident to the collection of such
- -- ---sums,.—including-but-not limited-to—reasonable-attor-ney's fees -and -costs -of -litigation -
including any appeals; and
4. Provide herewith, or has provided heretofore in a manner satisfactory
to the County, security to guaranty Developer's performance of. this agreement, being
either a cash escrow deposit, irrevocable letter of credit presentable in Florida or bond
issued by a.company licensed to do business in the State of Florida with an A.M. Best
rating of A+ XI. In the event Developer has not undertaken the repairs contemplated by
this Agreement following a request by the County, the proceeds of any such security
may be drawn upon by the County to the final total cost of Developer's obligations
hereunder, not to exceed however, the applicable limits of the security.
5. Grant and convey unto Indian River County all its right, title and
interest in and to all public improvements, lying within the areas dedicated to the
County, and Developer hereby warrants to the County that it has free and
unencumbered title thereto, that all persons or entities which have supplied labor or
materials with respect to such improvements have been paid in full, that none of them
has any claim whatsoever with respect thereto, and that Developer shall hereafter
forever warrant and defend the County's title thereto.
IN WITNESS WHEREOF,
this .,FY day of , 2007.
Signed in the presence of:
Developer has hereunto set its hand and seal
sign: nc,�-e-�--, mei^-w--,
print name:
2
FAAttomey\Nancy\DOCSVLANVost lakes maintenance.doc
LOST LAKE LLC, a Florida limited
liability company
Developer
By:
alcetta, Manager
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
The foregoing instrument was acknowledged before me this �� day of
2007 by Jeffrey L. Falcetta, the Manager of LOST LAKE LLC, a
Florida limit d liability company, on behalf of the Developer entity. He/she is
personally known to me -
SEAL:
3
F:Wttomey\Nancy\DOCS\PLAN\Iost lakes maintenance.doo
NOTARY PUBLIC:`
�V
printed name:
Commission No.:
Commission Expiration:
1
STATE OF FLORIDA
COUNTY OF INDIAN RIVER
The foregoing instrument was acknowledged before me this �� day of
2007 by Jeffrey L. Falcetta, the Manager of LOST LAKE LLC, a
Florida limit d liability company, on behalf of the Developer entity. He/she is
personally known to me -
SEAL:
3
F:Wttomey\Nancy\DOCS\PLAN\Iost lakes maintenance.doo
NOTARY PUBLIC:`
�V
printed name:
Commission No.:
Commission Expiration:
1
OF
DATE;
TO:
FROM:
REFERENCE:
SUBJECT:
INDIAN RIVER COUNTY
MEMORANDUM
January 10, 2007
William G. Collins, II, County Attorney
Christopher J. Kafer, Jr., P.E., County Eng
Lost Lakes 25% 3 Year Maintenance and
Bonds
L.D.P. No. 2003080256-38778// SD -04-01-04
Sidewalk
The enclosed engineer's certified cost estimate and quantities dated December
6, 2006 have been reviewed for bonding of 25% 3 Year Maintenance Bond, and
are found to be satisfactory. The total amount of the bond is $58,096.95 (25% of
$2329387.80).
The date of the Certification of Completion to be issued is set for January 18,
2007.
If you have any questions please call me at extension 1451
CJK/cjk
cc: Jason E. Brown, Budget Manager
D. E. Howard, Jr., Manager Construction Coordination
Mark Zans, Senior Planner/GIS
Kenneth W. Jones, Schulke, Bittle & Stoddard, LLC
. 01ralls
Page 1 of 3
FAEnglneeringlLand Development PermltslLost LakelLost Lake 25% maintenance bond & Sidewalk bond -Will Collins-cjk
wbe 1-3-07-.doc
OF
DATE;
TO:
FROM:
REFERENCE:
SUBJECT:
INDIAN RIVER COUNTY
MEMORANDUM
January 10, 2007
William G. Collins, II, County Attorney
Christopher J. Kafer, Jr., P.E., County Eng
Lost Lakes 25% 3 Year Maintenance and
Bonds
L.D.P. No. 2003080256-38778// SD -04-01-04
Sidewalk
The enclosed engineer's certified cost estimate and quantities dated December
6, 2006 have been reviewed for bonding of 25% 3 Year Maintenance Bond, and
are found to be satisfactory. The total amount of the bond is $58,096.95 (25% of
$2329387.80).
The date of the Certification of Completion to be issued is set for January 18,
2007.
If you have any questions please call me at extension 1451
CJK/cjk
cc: Jason E. Brown, Budget Manager
D. E. Howard, Jr., Manager Construction Coordination
Mark Zans, Senior Planner/GIS
Kenneth W. Jones, Schulke, Bittle & Stoddard, LLC
. 01ralls
Page 1 of 3
FAEnglneeringlLand Development PermltslLost LakelLost Lake 25% maintenance bond & Sidewalk bond -Will Collins-cjk
wbe 1-3-07-.doc
JOSEPH W. SCHULKE, P.E.
JODAH B. BITTLE, P.E.
WILLIAM P. STODDDARD, Ph.D., P.E.
SCHULKE, BITTLE & STODDARD, L.L.C.
CIVIL & STRUCTURAL ENGINEERING • LAND PLANNING • ENVIRONMENTAL PERMITTING
Lost Lakes -Subdivision --
I, Jodah Bittle, P.E., 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 cost estimate for
said improvements that are constructed is $58,096.95, which represents the bond amount
for the three year 25% surety for this project. This estimate and percentage has been
prepared, in part, to induce approval by the county of the bond amount for the Lost Lakes
Subdivision Certificate of Completion, and for the purpose of establishing proper surety
amounts associated therewith.
Jodah
0
No. 57396
Page 2 of 3
1717 INDIAN RIVER BLVD,$ SUITE 201, VERO BEACH, FLORIDA 32960
TEL 772 / 770-9622 FAx 772 J 770.9496 EMAILinfo@sbsengineers.com
JOSEPH W. SCHULKE, P.E.
JODAH B. BITTLE, P.E.
WILLIAM P. STODDDARD, Ph.D., P.E.
SCHULKE, BITTLE & STODDARD, L.L.C.
CIVIL & STRUCTURAL ENGINEERING • LAND PLANNING • ENVIRONMENTAL PERMITTING
Lost Lakes -Subdivision --
I, Jodah Bittle, P.E., 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 cost estimate for
said improvements that are constructed is $58,096.95, which represents the bond amount
for the three year 25% surety for this project. This estimate and percentage has been
prepared, in part, to induce approval by the county of the bond amount for the Lost Lakes
Subdivision Certificate of Completion, and for the purpose of establishing proper surety
amounts associated therewith.
Jodah
0
No. 57396
Page 2 of 3
1717 INDIAN RIVER BLVD,$ SUITE 201, VERO BEACH, FLORIDA 32960
TEL 772 / 770-9622 FAx 772 J 770.9496 EMAILinfo@sbsengineers.com
25% Surety Bond Estimate for the Lost Lakes Subdivision
Storm Sewer
Control Structure
Junction Manhole
Modified Miami Inlet
15" ADS
18' ADS
24"ADS
12" BCCMP
12" CAP
54" RCP
8" Stabilized Si
6" Road Base
EPR -I Prime
Pavement (1.5"
2' Miami Curb
Type F Curb
Type D Curb
UNIT
EA
EA
EA
LF
LF
LF
F
EA
LF
EA
SY
SY
SY
SY
LF
LF
LF
1
2
6
0
140
552
26
0
120
2
10
3
7,750
2,544
246
253
UNIT PRICE
$ 21500.00 $
$ 2,500.00 $
$ 21500.00 $
$ 13.90 $
$ 17.I0 $
$ 24.00 $
$ 17.30 $
$ 18.80 $
$ 250.00 $
$ 10,000.00 $
Subtotal $
$ 3.00 $
$ 7.00 $
$ 0.50 $
$ 8.50 $
$ 10.00 $
$ 12.00 $
$ 12.00 $
Subtotal $
TOTAL
11
556.00
7,011.00
13*248.00
449.80
940.00
94,704.80
13,530900
25,060.00
1,790.00
65,875.00
25,440.00
2,952.00
3,03 6.00
1379683*00
�d�h. : Bittle, P,E;:• : •
Date: G"O�
No. 57396
Page 3 of 3
25% Surety Bond Estimate for the Lost Lakes Subdivision
Storm Sewer
Control Structure
Junction Manhole
Modified Miami Inlet
15" ADS
18' ADS
24"ADS
12" BCCMP
12" CAP
54" RCP
8" Stabilized Si
6" Road Base
EPR -I Prime
Pavement (1.5"
2' Miami Curb
Type F Curb
Type D Curb
UNIT
EA
EA
EA
LF
LF
LF
F
EA
LF
EA
SY
SY
SY
SY
LF
LF
LF
1
2
6
0
140
552
26
0
120
2
10
3
7,750
2,544
246
253
UNIT PRICE
$ 21500.00 $
$ 2,500.00 $
$ 21500.00 $
$ 13.90 $
$ 17.I0 $
$ 24.00 $
$ 17.30 $
$ 18.80 $
$ 250.00 $
$ 10,000.00 $
Subtotal $
$ 3.00 $
$ 7.00 $
$ 0.50 $
$ 8.50 $
$ 10.00 $
$ 12.00 $
$ 12.00 $
Subtotal $
TOTAL
11
556.00
7,011.00
13*248.00
449.80
940.00
94,704.80
13,530900
25,060.00
1,790.00
65,875.00
25,440.00
2,952.00
3,03 6.00
1379683*00
�d�h. : Bittle, P,E;:• : •
Date: G"O�
No. 57396
Page 3 of 3
Marine Bank & Trust Company
IRREVOCABLE LETTER OF CREDIT NO. 2008-38 (Revised to correct expiration date)
DATE: October 3, 2008
Indian River County
Board of County Commissioners
1801 27"' Street
Vero Beach, FL 32960
Gentlemen:
By order of the Hiers Properties, L.L.C., a Florida limited liability company, Marine Bank &
Trust Company hereby establishes an Irrevocable Letter of Credit No. 2008-38, in your favor in the
amount of $58,096.95 effective as of October 3, 2008, and expiring at our office at the close of business
on April 30, 2010.
This Letter of Credit is provided to you as required under the Warranty and Guaranty Agreement,
and Bill of Sale for Required Improvements between Lost Lake LLC and Indian River County which was
subsequently assigned to Hiers Properties, L.L.C. by Assignment of Warranty and Guaranty Agreement,
and Bill of Sale for Required Improvements No. Sd-05-08-39-W&G (2003080256-53385) relating to Lost
Lake Subdivision.
Marine Bank & Trust Company shall make funds available under this credit to you not exceeding
in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit
No. 2008-38, 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 Management and Budget
or his designee, stating that Hiers Properties, L.L.C. has defaulted under the terms of the aforementioned
Agreement, and that the amount of the draft represents the amount required by the County to fulfill the
performance of said Agreement. Drafts presented for payment under the credit shall be marked, "Drawn
on Irrevocable Letter of Credit No. 2008-3 8 of Marine Bank & 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 which 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.
Partial drawings are not permissible.
Marine Bank & Trust Company hereby agrees that your sight draft and accompanying letter as
mentioned above shall be duly honored and payment made upon due presentation to our office located at
571 Beachland Boulevard, Vero Beach, Florida, on or before April 30, 2010.
Sincerely,
By:
t Ilam ., eye
VP
Attest:
571 Beachla d Boulevard • Vero Beach, Florida 32963 • Tel 772-231-6611 • Fax 772-234-2700 • Toll Free 1-888-231-6621
1450 U.S. Highway 1 • Vero Beach, Florida 32960 • Tel 772-778-6713 • Fax 772-569-4559
www.marinebankandtrust.com 9 email@marinebankandtrust.com
Marine Bank & Trust Company
IRREVOCABLE LETTER OF CREDIT NO. 2008-38 (Revised to correct expiration date)
DATE: October 3, 2008
Indian River County
Board of County Commissioners
1801 27"' Street
Vero Beach, FL 32960
Gentlemen:
By order of the Hiers Properties, L.L.C., a Florida limited liability company, Marine Bank &
Trust Company hereby establishes an Irrevocable Letter of Credit No. 2008-38, in your favor in the
amount of $58,096.95 effective as of October 3, 2008, and expiring at our office at the close of business
on April 30, 2010.
This Letter of Credit is provided to you as required under the Warranty and Guaranty Agreement,
and Bill of Sale for Required Improvements between Lost Lake LLC and Indian River County which was
subsequently assigned to Hiers Properties, L.L.C. by Assignment of Warranty and Guaranty Agreement,
and Bill of Sale for Required Improvements No. Sd-05-08-39-W&G (2003080256-53385) relating to Lost
Lake Subdivision.
Marine Bank & Trust Company shall make funds available under this credit to you not exceeding
in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit
No. 2008-38, 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 Management and Budget
or his designee, stating that Hiers Properties, L.L.C. has defaulted under the terms of the aforementioned
Agreement, and that the amount of the draft represents the amount required by the County to fulfill the
performance of said Agreement. Drafts presented for payment under the credit shall be marked, "Drawn
on Irrevocable Letter of Credit No. 2008-3 8 of Marine Bank & 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 which 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.
Partial drawings are not permissible.
Marine Bank & Trust Company hereby agrees that your sight draft and accompanying letter as
mentioned above shall be duly honored and payment made upon due presentation to our office located at
571 Beachland Boulevard, Vero Beach, Florida, on or before April 30, 2010.
Sincerely,
By:
t Ilam ., eye
VP
Attest:
571 Beachla d Boulevard • Vero Beach, Florida 32963 • Tel 772-231-6611 • Fax 772-234-2700 • Toll Free 1-888-231-6621
1450 U.S. Highway 1 • Vero Beach, Florida 32960 • Tel 772-778-6713 • Fax 772-569-4559
www.marinebankandtrust.com 9 email@marinebankandtrust.com