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SECOND MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . SD-04-05-17-CFC (2003110240 -46697) THIS MODIFICATION , made and entered into this 24th day of October , 2006 , by and between Stoneybrook Farms Group, L . L. C . , a Florida limited liability company, 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 , the final plat for Stoney Brook Farm was approved by the Board of County Commissioners on July 12 , 2005 , and the Developer entered into a Contract for Construction of Required Improvements No . SD-04-05- 17- CFC (2003110240-46697) guaranteeing the completion of required improvements on or before July 12 , 2006 , and posted an AmSouth Bank Irrevocable Letter of Credit #79531596 as security with an expiration date of October 12 , 2006 ; and WHEREAS , on June 20 , 2006 the Developer requested a 1 -year extension to complete the required improvements , but because there were numerous houses under construction in the subdivision , the Board of County Commissioners only granted a 2-month extension so long as the security supporting the contract was extended an additional 90-days beyond the newly extended 2-month period for performance; and WHEREAS , the security supporting the contract was never extended , resulting in the June 20 , 2006 contract modification becoming null and void ; and WHEREAS, on October 3 , 2006 Mr. Mark Brackett, on behalf of the Developer, appeared before the County Commission to request another extension for 30 days . 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 improvements is extended for 30 days . 2 . Indian River County is to receive no later than 12 : 00 noon on October 9 , 2006 an amendment to AmSouth Bank Irrevocable Letter of Credit #79531596 extending the expiration date 180 days beyond the October 12 , 2006 expiration date (April 12 , 2007) , otherwise this modification shall be null and void and staff will proceed to call the AmSouth Bank Irrevocable Letter of Credit #79531596 on October 10 , 2006 .