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Falcon Trace Plat Five <br /> 17 <br /> —� <br /> SECOND <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . SD -03-07 -18CFC/PL5 (2001050202 -46471 ) <br /> THIS SECOND MODIFICATION , made and entered into this 11th day of <br /> July , 2006 , by and between Indian River Associates II , LLLP , a Florida limited <br /> liability limited partnership , hereinafter referred to as " Developer" , and INDIAN <br /> RIVER COUNTY , a political subdivision of the State of Florida , by and through its <br /> Board 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 Improvements No . SD-03-07- 18-CFC/PL5 (2001050202-46471 ) <br /> guaranteeing the completion of certain required improvements by July 12 , 2006 ; <br /> and <br /> WHEREAS , the Board of County Commissioners approved a Modification <br /> to Contract for Construction of Required Improvements No . SD-03-07- 18- <br /> CFC/PL5 (2001050202-46471 ) extending the date to complete the required <br /> improvements to January 12 , 2007 so long as the required security guaranteeing <br /> the required improvements was in place by July 12 , 2006 ; and <br /> WHEREAS , some but not all required improvements are completed ; and <br /> WHEREAS , the amount required to complete the required improvements <br /> has been reduced to $421 , 344 . 76 as evidenced by an updated cost estimate , <br /> attached as Exhibit "A'; and <br /> WHEREAS , on July 7 , 2006 Developer posted a Bank of America <br /> irrevocable letter of credit in the amount of $421 , 344 . 76 to guarantee completion <br /> of those remaining required improvements , with the irrevocable letter of credit <br /> having an expiration date of April 12 , 2007 , <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br />