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t 08/ 09/ 2006 10 : 56 7725694317 COATTY PAGE 02 <br /> Seasons , P . D. <br /> �4 • uu <br /> THIRD <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO. PD •01 -08-18-CFC (99110063-26994) <br /> THIS MODIFICATION , made and entered into this 22nd day of <br /> August 2006 , by and between M-R Homes, Ltd. , a Florida limited <br /> partnership , hereinafter referred to as "Developer" , and INDIAN RIVER <br /> COUNTY, a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners, hereinafter referred to as "County' . <br /> WITNESSETH : <br /> WHEREAS , Developer entered into a Contract for Construction of <br /> Required Improvements No . PD-01 -08- 18-CFC (99110063-26994 ) <br /> guaranteeing the completion of certain required improvements within the plat of <br /> Seasons , P. D . on or before February 12 , 2003; and <br /> WHEREAS , the completion date for the improvements under the Contract <br /> for Construction of Required Improvements was extended to February 12 , 2004 <br /> by Modification to Contract for Construction of Required Improvements ; and <br /> WHEREAS , on May 4 , 2004 the Board of County Commissioners <br /> approved a Second Modification to Contract for Construction of Required <br /> Improvements No . PD-01 -08- 18-CFC (99110063-26994 ) to further extend the <br /> time to complete the remaining required improvements; and <br /> WHEREAS , the developer is further requesting an extension to <br /> September 30 , 2006 to complete the required sidewalks for Lots 53 , 82-8 , 87-897 <br /> and 91 ; and <br /> WHEREAS , the surety supporting the completion of the sidewalks is a <br /> Bank of America Irrevocable Standby letter of Credit No . 3063088 which has <br /> been amended to ( 1 ) reduce the amount necessary to complete the remainder of <br /> the required sidewalks per an approved certified cost estimate attached hereto , <br /> and (2 ) extend for the required 90-day period following the newly extended time <br /> for performance, <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br /> 1 . The date for completion of the " remaining required sidewalk <br /> improvements is extended to September 30 , 2006 . <br />