89-EEE101689-2
3205P
RESOLUTION NO. 89-~_~
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF BOYNTON BEACH, FLORIDA, APPROVING THE
RELEASE OF RESERVED FUNDS; APPROVING RELEASE,
CANCELLATION AND RETURN OF GUARANTEES;
APPROVING THE RELEASE OF OBLIGATIONS UNDER THE
SURETY AGREEMENT; PROVIDING AN EFFECTIVE DATE;
AND FOR OTHER PURPOSES.
WHEREAS, Quantum Park at Boynton Beach (hereinafter referred
to as the "Subdivision") is a subdivision lying within the City of
Boynton Beach; and,
WHEREAS, the Subdivision has been platted (in accordance with
the Subdivision and Platting Regulations of the City of Boynton
Beach, Florida) by Quantum Associates, a Florida general
partnership, pursuant to the following described plats
(hereinafter collectively referred to as the "Plats"):
1. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 180 and 181;
2. Quantum Park at Boynton Beach,
recorded in Plat Book 57, Pages 182 and 183;
3. Quantum Park at Boynton Beach,
recorded in Plat Book 57, Pages 184 and 185;
4. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 60, Pages 29 through 31;
5. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 186 through 188;
6. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 189 and 190;
7. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 191 through 193;
8. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 194 and 195;
9. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 57, Pages 196 and 197;
10. Quantum Park at Boynton Beach, P.I.D.
recorded in Plat Book 60, Pages 32 and 33;
Plat No. i-A,
P.I.D. Plat No. 1,
P.I.D. Plat No. 2,
Plat No. 3,
Plat No. 4,
Plat No. 5,
Plat No. 6,
Plat No. 7,
Plat No. 8,
Plat No. 9,
11. Quantum Park at Boynton Beach, P.I.D. Plat No. 10,
recorded in Plat Book 60, Pages 34 through 36;
12. Quantum Park at Boynton Beach, P.I.D. Plat No. 11,
recorded in Plat Book 60, Page 37;
13. The Plat of P.C.D. Center, recorded in Plat Book 60,
Pages 106 and 107; and,
WHEREAS, as a condition to
recording of the aforementioned
Agreement was entered into the 30th day of June, 1987, by and
among Quantum Associates ("Quantum"), Chase Manhattan Bank, N.A.
("Chase"), and the City of Boynton Beach (hereinafter referred to
as the "Surety Agreement"); and,
WHEREAS, Quantum reserved funds with Chase in accordance with
the terms of the Surety Agreement (hereinafter referred to as the
"Reserved Funds"); and,
WHEREAS, Quantum provided the City with original, executed
Guarantees from its general partners in accordance with the terms
of the Surety Agreement (hereinafter referred to as the
"Guarantees"); and,
WHEREAS, the development work to be secured under the Surety
Agreement has been completed and approved by the City; and,
WHEREAS, under the terms of the Surety Agreement, the balance
of the Reserve Funds is to be released to Quantum upon completion
of the development work referenced therein.
the City's approval of the
respective plats, a Surety
NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, THAT:
SectiOn 1: The City hereby approves the release to Quantum
of the balance of the Reserved Funds.
~ection 2:
The GUarantees are hereby deemed to be released
and ~cancelled, and the City Attorney is hereby directed to
return the original, executed Guarantees to Quantum, marked aS
"null, void and cancelled"
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Section 3: The obligations to be secured by the Surety
Agreement have been fully accomplished and satisfied, and
Quantum and Chase are hereby released from any further
obligations under the Surety Agreement.
Section 4:
upon passage.
This Resolution shall take effect immediately
PASSED AND ADOPTED THIS ~ DAY OF ~O~k}l_~ , 1989.
~/~z~ Vice Mayor -- ~ \
CITY f~ERK
z~C~5~i°ner~ ~ / ~
(SEAL)
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