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Pointe West South Village , Phase I P . D . Off' ► G l )N A (. -5 TC) AP� NI 7v u) ri *l c 13 . A , 0f C (OP oto 39 "9 THIRD MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO . PD -04 - 04 -06 -CFCSIDE ( 99070081 ) THIS MODIFICATION , made and entered into this 18th day of November , 2008 , 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 Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) guaranteeing the completion of certain required sidewalk improvements and posted as security to guarantee completion , a Wachovia Bank Irrevocable Standby Letter of Credit Number SM217549 in the amount of $ 105 , 184 . 98 , expiring on November 12 , 2006 ; and WHEREAS , on November 7 , 2006 a Modification to Contract for Construction of Required Sidewalk Improvements was approved , granting a 2 - year extension to August 17 , 2008 for the Developer to complete the remaining sidewalk improvements and approving a reduction in the amount of security necessary to complete the remaining to $ 25 , 576 . 50 ; and WHEREAS , on July ' 28 , 2008 Developer paid the prerequisite extension request fee and requested a 2 -year extension to August 17 , 2010 to complete the remaining sidewalk improvements . A Second Modification to Contract for Construction of Required Sidewalk Improvements was prepared with the provision that an amendment extending the letter of credit expiration date to November 17 , 2010 be received by the County no later than October 1 , 2008 otherwise the Second Modification would be null and void . No amendment was ever received , thus the Second Modification was deemed null and void ; and WHEREAS , because the Developer was in default under its Contract for Construction of Required Sidewalk Improvements No . PD - 04 - 04 - 06 - CFCSIDE ( 99070081 ) , as modified , the Office of Management and Budget was preparing the necessary sight draft for calling the letter of credit prior to its November 17 , 2008 expiration date ; and WHEREAS , on November 4 , 2008 the Developer presented a check in the amount of $ 25 , 576 . 50 as substitute security to avoid the Office of Management and Budget from calling the letter of credit . Additionally , the Developer paid the prerequisite fee for substitution of security/extension ; and