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Quail Creek PD <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, <br />the <br />Developer <br />has encountered delays with regard to <br />unforeseen disputes <br />with <br />its general <br />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 />