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il9illstone Landing PD, Phase 3 A TRUE COPY CERTIFICATION ON ! 4ST PAGE JX BARTON, IIC(�PL CLERK 0R u ,)(T SECOND MODIFICATION TO AND ASSIGNMENT OF CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS No. PD-04-0844-(C)SIDEPH3 (2003100068-55786) WHEREAS, on October 9, 2007, Shelby Homes at Millstone, Inc., a Florida corporation, entered into Contract. for Construction of Required Sidewalk Improvements No. PD-04-08-14-(C)SIDEPH3 (2003100068=55786), copy attached, with Indian River County in connection with property platted as Millstone Landing P.D., Phase 3; and WHEREAS, on October 9, 2009 said contract was modified by Modification to Contract for Construction of Required Sidewalk Improvements, copy attached, wherein Shelby Homes at Millstone, Inc. (1) requested an additional 2 -year extension to October 16, 2011 to complete the remaining required sidewalks; and (2) requested a reduction in the amount of security necessary to complete the remaining sidewalks not deferred; and WHEREAS, SLV Millstone, L.L.C., a Delaware limited liability company has acquired the project; and WHEREAS, Sl.V Millstone, i...L.C. wishes to assume the obligations under said Conti -act fol' Construction of Required Sidewalk Improvements, as modified, and replace the security either in the form of a letter of credit or cash to guarantee the completion of the remaining sidewalks not deferred; and WHEREAS, under paragraph 10 of said Contract for Construction of Required Sidewalk Improvements, the agreement shall not be assigned without the express written approval of the County; NONNI, THEREFORE, IN CONSIDERATION OF TI[E MUTUAL COVENANTS AND PROMISES FIEREIN CONTAINED, the parties agree as follows: 1. The existing Regions Bank Lcttcr of Credit No. 55101730 shall be replaced with either a letter of credit acceptable to Iridian River County or cash in the amount of $45,168,88. 2, The assignment of Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14(C)SIDEP143 (2003100068-55786), as modified, is accepted, provided, however, that (a) substitute security either in the form of an acceptable letter of credit oil cash, be posted with Indian River County no later than 5:00 p.m. on January 7, 2011 to guarantee completion of the required sidewalk improvements not deferred, and (b) a completed Notice of Transfer and Assumption of Planned Residential Development Approvals and Obligations is submitted to Indian River County no later than 5:00 p.m. on January 7, 2011, otherwise this modification and assignment shall be deemed null and void.