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WHEREAS , staff has no objection to extending the date in which to <br /> complete those required improvements to September 6 , 2008 so long as the <br /> letter of credit supporting such contract extension is extended to December 6 , <br /> 2008 , <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 as outlined in <br /> the Second Modification to Contract for Construction of Required Improvements <br /> No . PD-04-07- 12-CFC (2004020196-48349) is extended 60 days from June 3 , <br /> 2008 (to August 4, 2008) . <br /> 2 . The consideration for this extension is that the Branch Banking and <br /> Trust Company Irrevocable Letter of Credit in the aggregate amount of <br /> $620 ,597 . 10 was amended to extend the expiration date to December 6 , 2008 . <br /> 3 . The Certificate of Completion for the project must be issued no later <br /> than August 4, 2008 or the letter of credit guaranteeing completion of the <br /> required improvements will be called , and those funds will be used to finish the <br /> project and provide the necessary warranty bond (s) per Indian River County <br /> Code. <br /> 4 . All other terms set out in the Contract for Construction of Required <br /> Improvements No . PD-04-07- 12-CFC (2004020196-48349) , as modified , remain <br /> in full force and effect. <br /> IN WITNESS WHEREOF, the parties hereto have set their hands and <br /> seals on the day and year first above written . <br /> SLM INVESTMENTS , LLC , a <br /> Signed in the presence of: Florida limited liability company <br /> Sign : kA\ <br /> ba ELOPER <br /> Print: Lor- By : <br /> n anley ar <br /> Sign : ��'/ � Man Member <br /> Print: co <br /> INDIAN RIVER COUNTY, FLORIDA <br /> by and through its Board of County <br /> Commissioners <br /> B Z: <br /> 3W - <br /> SanrapproL . Bowden , airman <br /> Ch <br /> ATTEST: J . K. Barton , Clerk of Court sccved : June 3 , 2008 <br /> By: ac_ <br /> QLD APPROVED AS TO FORM <br /> DeputyClerk AND LEGAL SUFFICIENCY <br /> 2 By <br /> WILLIAM G . COLLINS II <br /> F:V+ttorney\NancyIDOCSSPLAN13d MODIFICATION TO K for cons quail creek.doc ,+ n1 INITV ATTAR NPV <br />