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1 <br /> l <br /> Old Savannah Subdivision <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . SD -20 -020 -70081 -CFC (2002070081 ) <br /> THIS MODIFICATION , made and entered into this 2nd day of <br /> November , 2004 , by and between Rosewood Road East Development <br /> Corporation , a Florida corporation , hereinafter referred to as " Developer" , and <br /> INDIAN RIVER COUNTY , a political subdivision of the State of Florida , by and <br /> through its Board of County Commissioners , hereinafter referred to as " County" . <br /> WITNESSETH : <br /> WHEREAS , on July 22 , 2003 , the Board of County Commissioners <br /> approved a Contract for Construction of Required Improvements No . SD -20-020 - <br /> 70081 -CFC (2002070081 ) wherein Rosewood Road East Development <br /> Corporation agreed to construct certain required improvements within Old <br /> Savannah Subdivision by a time certain ; and <br /> WHEREAS , those certain required improvements were guaranteed by a <br /> letter of credit from Indian River National Bank in the original amount of <br /> $ 679 , 400 . 00 , expiring on October 15 , 2004 ; and <br /> WHEREAS , by amendment to the Indian River National Bank letter of <br /> credit , the amount was reduced to $491 , 348 . 77 ; and <br /> WHEREAS , all improvements have been completed with the exception of <br /> the items outlined on the approved cost estimate attached hereto as Exhibit "A" ; <br /> and <br /> WHEREAS , Rosewood Road East Development Corporation wishes has <br /> substituted cash in the total amount of $ 16 , 272 . 50 representing 115 % of the cost <br /> of the remaining improvements along with an executed Cash Deposit and <br /> Escrow Agreement , attached hereto as Exhibit " B " in order that the existing <br /> Indian River National Bank letter of credit be released ; and <br /> WHEREAS , Rosewood Road East Development Corporation <br /> acknowledges that the remaining improvements outlined on Exhibit "A" attached <br /> hereto , are to be completed no later than November 12 , 2004 , <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br />