HomeMy WebLinkAboutWinter Springs Development Joint Venture Addendum to Developer Agreement
e
-
ADDENDUM TO DEVELOPER AGREEMENT
This Addendum ,to Developer Agreement is made and entered into
this ITt!:J day of S-fl-embP/ , 1993, by and between WINTER SPRINGS
DEVELOPMENT JOINT VENTURE, a Florida general partnership
(hereinafter the "Developer") and the CITY OF WINTER SPRINGS, a
Florida municipal corporation (hereinafter the "City").
WIT N E SSE T H:
WHEREAS, Developer and the City entered into that certain
Developer Agreement dated April 26, 1990 (the "Agreement") setting
forth the terms and provisions for the reservation of water and
sewer capacity for the Property owned by the Developer from the
City's central water and sewer systemsj and
WHEREAS, pursuant to the provi sions of Section 2 of the
Agreement, the Developer has the right to provide a substitute
Surety Bond (or rider to the existing Surety Bond) for an amount
required for the number of Guaranteed ERC's as determined on the
Calculation Dates of April 20, 1991, 1992, 1993 and 1994j and
WHEREAS, Developer and the City are desirous of identifying
the number of Guaranteed ERC's existing under the Agreement as of
April 20, 1993, and adjusting the amount required to be included in
the Surety Bond.
NOW, THEREFORE, Developer and the City hereby covenant and
agree as follows:
1. The terms used in this Addendum shall have the meanings
set forth originally in the Agreement.
2. The Guaranteed ERC's remaining under the Agreement as of
April 20, 1993, are 479 water ERC's and 487.5 sewer ERC's,
constituting an average of 483.25 ERC's. The Guaranteed Revenue
Amount under the terms of the Agreement as of April 20, 1993, is
the sum of $414,348.22 (483.25 ERC's x $857.42).
3. The Developer shall have the right to provide a
substitute Surety Bond in the amount of $414,348.22 or, in lieu
thereof, a rider reducing the amount of the exi sting bond to
$414,348.22. Any substituted Surety Bond must be identical to the
Surety Bond initially provided to the City under the provisions of
the Agreement. All costs of issuance and subsequent maintenance of
the Surety Bond shall be borne by the Developer. Upon delivery to
the City of an acceptable Surety Bond (or rider) in accordance with
the foregoing, the original Surety Bond provided to the City under
the Agreement shall be returned to Developer.
4. The City acknowledges that the Developer intends to
assign Guaranteed ERC' s during the term of the Agreement in
connection with sales to third parties of lots and/or parcels
included within the Property. The requirements to be complied with
e
-
in connection with such assignments are set forth in Section 10 of
the Agreement. Section 10 requires, among other things, that the
third party Assignee sign a statement acknowledging that it has had
an opportunity to review the Agreement and that it assumes all of
the Developer's duties and obligations thereunder with respec't to
the lots or parcels it purchases. These duties and obligations
include the posting of a surety bond in accordance with Section
2.2. However, if the assignment occurs after April 30, 1994, the
Assignee must instead post substitute collateral in the form of
either a cash deposit or letter of credit.
At the time the Assignee posts the surety bond or the
substitute collateral (i.e. cash or letter of credit), as the case
may be, the Developer shall immediately have the right to reduce
the amount of its Surety Bond or, if applicable, its Substitute
Collateral, as those terms are defined in the Agreement. In the
case of each assignment made by the Developer, the amount of the
reduction it is entitled to shall correspond with the amount of the
bond or cash or letter of credit, as the case may be, posted by the
Assignee. In connection herewith, the Developer shall have the
right to provide a substitute Surety Bond in a reduced amount or,
in lieu thereof, a rider reducing the amount of the existing Surety
Bond. Any substituted Surety Bond must be identical to the Surety
Bond set forth in Exhibit "B" to the Agreement in all ways except
amount. All costs of issuance and subsequent maintenance of the
Surety Bond shall be borne by the Developer.
In connection with the foregoing, the Developer shall be
deemed to be released from the duties and obligations under the
Agreement at such time that it no longer owns any of the Guaranteed
ERC's and the Assignee (s) has posted the surety bond or the
substitute collateral, as the case may be.
5. Except to the extent modified and clarified under this
Addendum, the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, Developer and the City have executed or
have caused this Agreement to be duly executed.
delivered
-W-~I'
Print Name:~Af'
WINTER SPRINGS DEVELOPMENT JOINT
VENTURE, a Florida general
partnership
;&'r::j l::>!J By: HOME CAPITAL CORPORATION, a
cal~~ corporatio~ ,
BY~C~ Iir Il{Lz-e~ ~_
Ti tIe: L/I(~ _ frr:>.y,'rbYGr
Print Name:
LIS,1 Ad. MIS/< IN IS
Dated:
>;r f
/7, jC;Cj3
,
e
.
Atteste~ to ~
~/.~
City lerk
S, FLORIDA
STATE OF FLORIDA
COUNTY OF JU-,\INoLc
)
)SS
)
"1 ft..
The foregoinQ instrument was acknowledged before me this ~'
day of Scv+eVv\ber , 1993 by LISA (\./ t\l(<;.kl(u~ as
VI (e. Prf\.f rl.eY\t of Home Capital Corporation, a California
Corporation, which corporation is a General Partner of Winter
Springs Development Joint Venture, a Florida general partnership,
on behalf of the partnership. He/She is personally known to me or
has produced as identification and did not
take an oath.
.--') 12 ~
<--{;)l"f' L ~ j'l..~t../()
Signatur' of erson Taklng
Acknowledgment
Print Name: :::roy
Notary Public
Serial No. (if any)
My Commission Expires:
Dee A: f.Z 0 Notary Public
itIdDdf Au.1dG at ~
M1Comm1ss1on Expl*;
.121, 1995
R:\REAL\052D\D-2243