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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 />Sianed in the presence of: <br />S <br />P <br />S <br />P <br />ATTEST: J. K. Barton, Clerk of Court <br />By:� D 0 <br />Deputy Clerk <br />SLM INVESTMENTS, LLC, a <br />Florida limited liability company <br />A <br />INDIAN RIVER COUNTY, FLORIDA <br />by and through its Board of County <br />Commissioners <br />B :3W - <br />San ra L. Bowden, Chairman <br />BCC approved: June 3, 2008 <br />2 <br />FAA torney\NancyIDOCSSPLAM3d MODIFICATION TO K for cons quail creek.doc <br />APPROVED AS TO FORM <br />AND LEGAL SUFFICIENCY <br />BY <br />WILLIAM G. COLLINS II <br />f nl Ifi1TV 6TTAA NGV <br />