HomeMy WebLinkAbout2009-185 Huntington Place
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RESCISSION OF
CONTRACT FOR LOT FILL
NO . SD - 04 -06 -41 - CFCFILLL0C ( 93030071 . 56302 )
THIS RESCISSION , made and entered into this day of
2009 , by and between FOSTER I . R . C . , LLC , a California limited
liability ompany , 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 entered into a Contract for Lot Fill No . SD - 04 - 06 -
41 - CFCFILLLOC ( 93030071 - 56302 ) guaranteeing the clearing and filling of each
lot within Huntington Place to at least 75 % finish grade on or before 24 months
from the date of recordation of the plat ( by January 12 , 2009 ) , with a 120
consecutive day period following the 24 - month period to cure any default of any
owner of any lot in connection with the failure to fill a lot as required by the
governing documents of the subdivision ; and
WHEREAS , Developer posted a f= ifth Third Bank Irrevocable Letter of
Credit No . CIS405983 in the amount of $ 1 , 762 , 500 . 00 as a guaranty ;
WHEREAS , on June 23 , 2009 Developer presented to the Board of
County Commissioners dated photographs of the development immediately after
Tropical Storm Fay where the photographs revealed acceptable percolation ; and
WHEREAS , the Board voted to rescind the Contract for Lot Fill so long as
the Developer amends its Declaration of Covenants , Conditions and Restrictions
for Huntington Place that is recorded in Official Record Book 2123 at Page 1336
of the Public Records of Indian River County , Florida so the lot owners are not
required to fill 'their respective iots until the lime; of issuance of a building permit .
NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree that
the Contract for Lot Fill No . SD- 04-06 -41 - CFCFILLLOC ( 93030071 -56302 ) be
rescinded ; that the Fifth Third Bank Irrevocable Letter of Credit No . GIS405983 in
the amount of $ 1 , 762 , 500 . 00 posted as a guaranty be returned to the bank ; and
that the Developer amend its Declaration of Covenants , Conditions and
Restrictions so the loft owners are not required to fill their respective lots until the
time of issuance of a building permit .
IN WITNESS WHEREOF , the parties hereto have set their hands and
seals on the day and year first above written .
FOSTER I . R . C . , LLC , a California
Signe in he presence of : limited liability company
DEV LOPER
Sign :
Print : By :
� ) Mark Faster , � anagen
Sign : •ii�/�-"
Print : �r ` li,tL
Sign :
Print : or By :
Todd Foster , a er
Sign :
Print : ` KG . % L-
INDIAN RIVER COUNTY , FLORIDA
Zoe
BY :
Wes ey S . Davis , Chairman
ATTEST : J . K . Barton , Clerk BCC approved : June 23 , 2009
By@ (2—a�%ow
Deputy Clerk
APPIPlOVEO AS TO FORM
AND M" SUFFICIENCY
IF
WILLIAM t] . COLLINS II
COUNTY Ad TOR NEY
2