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Quail Creek PD <br /> CapM G <br /> SECOND MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . PD -04-07-12-CFC (2004020196-48349) <br /> THIS SECOND MODIFICATION , made and entered into this 4th day of <br /> September , 2007 , by and between SLM Investments , LLC , a Florida limited <br /> liability company , 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 , on September 6 , 2005 Regent Group , LLC entered into a <br /> Contract for Construction of Required Improvements No . PD-04-07- 12-CFC <br /> (2004020196-48349 ) guaranteeing the completion of certain required <br /> improvements within Quail Creek PD on or before September 6 , 2006 ; and <br /> WHEREAS , on December 13 , 2005 the Board of County Commissioners <br /> consented to the assignment of Contract for Construction of Required <br /> Improvements No . PD-04-07- 12-CFC (2004020196-48349 ) by Regent Group , <br /> LLC to SLM Investments , LLC ; and SLM Investments , LLC provided substitute <br /> security to guarantee the completion of the required improvements ; and <br /> WHEREAS , at the request of the Developer, the Board of County <br /> Commissioners on September 5 , 2006 modified said Contract for Construction of <br /> Required Improvements to extend the time to perform ; and <br /> WHEREAS , due to the Developer encountering delays caused by various <br /> unforeseen change orders , including a re-design of a portion of 81St Street to <br /> avoid the relocation of power poles as well as the construction of an eastbound <br /> left turn lane on 81St Street at 58th Avenue to aid in traffic circulation , SLM <br /> Investments , LLC has requested a 6-month extension (to March 6 , 2008 ) to <br /> complete the remaining required improvements ; and <br /> WHEREAS , the Indian River County Code Section 913 . 10 ( 1 ) ( E ) states <br /> that for good cause shown , the Board of County Commissioners may in its <br /> discretion grant one or more extensions of time for performance of any contract <br /> for required improvements , provided the surety supporting such contract remains <br /> valid for the required 90-day period following the newly extended time for <br /> performance ; and <br /> WHEREAS , staff has no objection to extending the date in which to <br /> complete those required improvements to March 6 , 2008 so long as the letter of <br /> credit supporting such contract extension is extended to June 6 , 20081 <br />