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Quail Creek PD <br /> V ` / l <br /> THIRD MODIFICATION TO JOS? <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . PD-04-07-12-CFC (200402019648349 ) <br /> THIS THIRD MODIFICATION , made and entered into this 3rd day of <br /> June , 2008 , by and between SLM Investments , LLC , a Florida limited liability <br /> company, hereinafter referred to as "Developer" , and INDIAN RIVER COUNTY , <br /> a political subdivision of the State of Florida , by and through its Board of County <br /> 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 , on September 4 , 2007 the Board of County Commissioners <br /> granted a second modification to the contract; and <br /> WHEREAS , the Developer has encountered delays with regard to <br /> unforeseen disputes with its general contractor; and <br /> WHEREAS , due to these difficulties , SLM Investments , LLC has <br /> requested an additional extension (to September 6, 2008) to complete the <br /> 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 />