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WHEREAS , Developer also wishes to substitute Irrevocable Standby <br /> Letter of Credit No . 2323454 , as amended , of Citrus Bank , N .A . in the amount of <br /> $ 500 , 684 . 03 , presently in place , to guarantee the completion of the required <br /> improvements with a Clean Irrevocable Letter of Credit from First National Bank <br /> and Trust Company for the same amount ; and <br /> WHEREAS , Developer acknowledges responsibility for an overlay on 12th <br /> Street for which a right-of-way permit has been issued . Developer acknowledges <br /> that the overlay in an amount not to exceed $ 15 , 000 . 00 is to be added as part of <br /> Exhibit "A" to the Contract for Construction of Required Improvements , and that <br /> no increase to the letter of credit is required because a large portion of the <br /> improvements has already been completed with no reduction to the letter of <br /> credit being processed . <br /> WHEREAS , it is staff' s recommendation to extend the date in which to <br /> complete those required improvements to October 1 , 2004 with supporting <br /> security to remain in place until January 1 , 2005 , and to include the 12 Street <br /> overlay in an amount not to exceed $ 15 , 000 as part of Exhibit "A" to the Contract <br /> for Construction of Required Improvements ; <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 remaining required improvements is <br /> extended to October 1 , 2004 , <br /> 2 . The overlay on 12th Street in an amount not to exceed $ 15 , 000 <br /> which is Developer' s responsibility, is made a part of Exhibit "A" to Contract for <br /> Construction of Required Improvements No . PD-01 -06- 15-CFC (2000100085- <br /> 34449 ) . <br /> 3 . The consideration for the extension is the posting of substitute <br /> security being a Clean Irrevocable Letter of Credit in the amount of $ 500 , 684 . 03 <br /> of First National Bank and Trust Company with an expiration date of January 1 , <br /> 2005 , guaranteeing the completion of the required improvements . <br /> 4 . All other terms set out in the Contract for Construction of Required <br /> Improvements No . PD-01 -06- 15-CFC (2000100085-34449 ) , remain in full force <br /> and effect.; <br /> 2 <br /> F:\attomey\nancy\DOCS\PLAN\MODIFICATION TO K oaks of vero ph1 .doc <br />