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Sep 04 03 04 : 50p Indian River County 772 - 770 - 5095 p . 5 <br /> 7 � <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO. PD -01 -06-15-CFC (2000100085 -34449) <br /> T IS MODIFICATION , made and entered into this day of <br /> _ , 2003 , by and between SDG KINGS , INC . , a Florida corporation , <br /> herei a er referred to as "Developer", and INDIAN RIVER COUNTY, a political <br /> subdivision of the State of Florida , by and through its Board of County <br /> Commissioners , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> WHEREAS , on August 5 , 2003 the Board of County Commissioners of <br /> Indian River County approved a Contract for Construction of Required <br /> Improvements No . PD-01 -06- 15-CFC (2000100085-34449 ) between SDG Kings , <br /> Inc. , a Florida corporation ( Developer) and Indian River County, guaranteeing the <br /> completion of certain required improvements within The Oaks of Vero — P . D . , <br /> Phase 1 on or before January 1 , 2004 ; and <br /> WHEREAS, the Contract states that the Developer shall furnish an <br /> irrevocable letter of credit in the amount of $ 589 ,045 . 15 to guarantee <br /> performance of the Contract; and <br /> WHEREAS , the irrevocable letter of credit was provided by Developer <br /> with Citrus Bank, N .A. as the underwriting bank in the amount of $ 500 , 684 . 03 ; <br /> and <br /> WHEREAS , the Developer has posted additional security in the form of <br /> cash in the amount of $88 ,361 A 2 to make up the shortfall ; and <br /> WHEREAS , simultaneously with the posting of cash , Developer executed <br /> a Cash Deposit and Escrow Agreement; and <br /> WHEREAS , Developer has requested that when a reduction in security is <br /> warranted , that any reduction first be applied against the cash deposit until <br /> exhausted and thereafter against the irrevocable letter of credit, <br /> NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br /> 1 . The Citrus Bank Irrevocable Standby Letter of Credit No . 2323454 <br /> in the amount of $500 , 684 . 03 and the $88 , 361 . 12 cash represents the total <br /> security to be posted under the Contract for Construction of Required <br /> Improvements No . PD-01 -06- 1 &CFC (2000100085-34449 ) ; and <br />