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ATRUECOPY <br /> CERTIFICATION ON LAST PAGE <br /> 2�0 ) 1 I I `I JX BARTON , CLERK <br /> THIRD MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO. SD -04-05 -17-CFC (2003110240-46697) <br /> THIS THIRD MODIFICATION , made and entered into this day of <br /> ,, ,_.,THIS <br /> ` 1 2007 , by and between Stoneybrook Farms Group, L. L.C . , a <br /> Florida limited liability company, 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 , the final plat for Stoney Brook Farm was approved by the <br /> Board of County Commissioners on July 12 , 2005 , and the Developer entered <br /> into a Contract for Construction of Required Improvements No . SD-04-05- 17- <br /> CFC (2003110240-46697) guaranteeing the completion of required <br /> improvements on or before July 12 , 2006 , and posted an AmSouth Bank <br /> Irrevocable Letter of Credit #79531596 as security with an expiration date of <br /> October 12 , 2006 ; and <br /> WHEREAS , on June 20 , 2006 the Developer requested a 1 -year <br /> extension to complete the required improvements , but because there were <br /> numerous houses under construction in the subdivision , the Board of County <br /> Commissioners only granted a 2-month extension so long as the security <br /> supporting the contract was extended an additional 90-days beyond the newly <br /> extended 2-month period for performance; and <br /> WHEREAS , the security supporting the contract was never extended , <br /> resulting in the June 20 , 2006 contract modification becoming null and void ; and <br /> WHEREAS , on October 3 , 2006 Mr. Mark Brackett , on behalf of the <br /> Developer, appeared before the County Commission and was granted another <br /> extension for 30 days conditioned on the AmSouth Bank Irrevocable Letter of <br /> Credit #79531596 being extended until April 12 , 2007 with only 30 certificates of <br /> occupancy to be issued for residences within Stoney Brook Farm until the 8th <br /> Street turn lane is constructed , inspected to the satisfaction of the County, and a <br /> 3-year maintenance bond for the turn lane improvements in place with the <br /> County before the issuance of the 31st certificate of occupancy; and <br /> WHEREAS, the AmSouth Bank Irrevocable Letter of Credit #79531596 <br /> was amended by Amendment No. 2 dated November 24 , 2006 to extend the <br /> expiration date to April 12 , 2007 and reduce the amount to $ 521 ,429 . 77 ; and <br /> WHEREAS , the AmSouth Bank Irrevocable Letter of Credit #79531596 is <br /> due to expire on April 12 , 2007 , the 8th Street turn lane is not constructed , and <br /> the Developer is requesting a further extension to August 27 , 2007 to complete <br /> the 8th Street turn lane improvements and has submitted its engineer's updated <br /> certified cost estimate for those improvements attached as Exhibit "A'; and <br />