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Millstone Landing PI), Phnse 3 &C. A TRUE COPYt? // QU CERTIFICATION Of -11 1+S PAGE J.K. BARTON, CLERK ff C7RIC-Ar 1� D(T SECOND MODIFICATION TO AND ASSIGNMENT OF CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS No. PD-04-0844-(C)SIDEPI-13 (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)SIDI PH3 (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, SLV Millstone, I.,.IX, wishes to assume the obligations under said ConU•act for Construction of Required Sidewalk Improvements, as modified, and replace the security either in the form of a letter of credit or cash to guarantcc the completion of the remaining sidewalks not deferred; and WHEREAS, under paragraph 10 of said Contract for COnst►'lleti0n of Required Sidewalk Improvements, the agreement shall not be assigned without the express written approval of the County; NOW, THEREFORE, IN CONSIDERATION OF TI[C MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. The existing Regions Bank Letter of Credit No. 55101730 shall be replaced with either a letter of credit acceptable to Indian River County or cash in the amountf O $45,168,88. 2. The assignment of Contract for Construction of Required Sidewalk Improvements No. PD-04-08-14(C)SIDEPII3 (2003100068-55786), as modified, is accepted, provicled, however, that (a) substitute security either in the form of an acceptable letter of credit or 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•rI,ransfer and Assumption of Planned Residential Development Approvals and Obligations is subrnitted 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.