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ATRUECOPY <br /> CERTIFICATION ON LAST PAGE <br /> J . K. BARTON , CLERK <br /> SECOND MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> N0. SD-04-05-17-CFC (200311024046697) <br /> THIS MODIFICATION , made and entered into this 24th day of <br /> October 2006, 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-0405- 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 to request another <br /> extension for 30 days. <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 required improvements is extended <br /> for 30 days. <br /> 2. Indian River County is to receive no later than 12 : 00 noon on <br /> October 9, 2006 . an amendment to AmSouth Bank Irrevocable Letter of Credit <br /> #79531596 extending the expiration date 180 days beyond the October 12, 2006 <br /> expiration date (April 12 , 2007), otherwise this modification shall be null and void <br /> and staff will proceed to call the AmSouth Bank Irrevocable Letter of Credit <br /> #79531596 on October 10 , 2006 . <br /> EE: H I I T rr mr <br />