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O Falcon Trace Plat Five <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK <br /> IMPROVEMENTS <br /> NO . SD-03 -07 -18SIDE/PL5 (2001050202-46471 ) <br /> THIS MODIFICATION , made and entered into this 11th day of July , 2006 , <br /> by and between Indian River Associates II , LLLP , a Florida limited liability <br /> limited partnership , hereinafter referred to as " Developer" , and INDIAN RIVER <br /> COUNTY, a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> WHEREAS , the final plat for Falcon Trace Plat Five was approved by the <br /> Board of County Commissioners of Indian River County on July 12 , 2005 ; and <br /> WHEREAS , Developer entered into a Contract for Construction of <br /> Required Sidewalk Improvements No . SD-03-07- 18-SIDE/PL5 (2001050202- <br /> 46471 ) guaranteeing the completion of required sidewalk improvements by July <br /> 12 , 2007 ; and <br /> WHEREAS , the plat has not yet been recorded because no security <br /> guaranteeing completion of the improvement is in place ; and <br /> WHEREAS , on June 20 , 2006 the Board of County Commissioners <br /> approved a 6-month extension for completion of required improvements (other <br /> than sidewalks ) conditioned on all bonding being in place by July 12 , 2006 ; and <br /> WHEREAS , the amount required to complete the sidewalk improvements <br /> has been increased (due to a rise in materials) as evidenced by an updated cost <br /> estimate , attached as Exhibit "A" , <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br /> 1 . The amount required to guarantee the completion of the sidewalk <br /> improvements is increased to $ 53 , 868 . 75. <br /> 2 . The security (a Bank of America , N .A. Irrevocable Standby Letter of <br /> Credit) in the amount of $53 , 868 . 75 has been in place since July 7 , 2006 and <br /> has an expiration date of October 12 , 2007 . <br /> 3 . All other terms set out in the Contract for Construction of Required <br /> Sidewalk Improvements No. SD-03-07- 18-SIDE/PL5 (2001050202-46471 ) <br /> remain in full force and effect. <br />