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^ ate West North Village Phase V PDr A TRUE COPY A 0 0 CERTIFICATION ON LAST PAGE J . K . BARTON , CLERK MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK AND BUFFER IMPROVEMENTS NO . PD =99 = 10 = 15 (V) SIDE/BUFFER ( 99070081 = 55883 ) THIS MODIFICATION , made and entered into this 1, day of May , 2009 , by and between Pointe West of Vero Beach , Ltd . , a Florida limited partnership , hereinafter referred to as " Developer" , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida , by and through its Board of County Commissioners , hereinafter referred to as " County" . WITNESSETH : WHEREAS , Developer entered into a Contract for Construction of required Sidewalk and Buffer Improvements No . PD - 99 - 10 - 15 ( V) SIDE/ BUFFER ( 99070081 - 55883 ) guaranteeing the completion of certain required sidewalk and buffer improvements on or before February 26 , 2009 and posted Wachovia Bank Irrevocable Standby Letter of Credit Number SM224515W in the amount of $ 105 , 937 . 50 as security to guarantee completion ; and WHEREAS , the buffer improvements and a portion of sidewalk improvements have been completed ; and WHEREAS , the developer has ( X ) requested an additional two-year extension to February 26 , 2011 to complete the remaining required sidewalk improvements ; ( X ) requested a substitution of security (X ) requested a reduction in the amount of security necessary to complete the remaining sidewalks ; and ( X ) provided an updated cost estimate attached as Exhibit "A" ; NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . The date for completion of the required sidewalk improvements as outlined in the Contract for Construction of Required Sidewalk and Buffer Improvements No . PD - 99- 10 - 15 ( V ) SIDE/BUFFER ( 99070081 - 55883 ) is extended to February 26 , 2011 .