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FIRST ADDENDUM TO AMENDED <br />DEVELOPER'S AGREEMENT <br />BETWEEN <br />INDIAN RIVER COUNTY, FLORIDA AND <br />DIVOSTA HOMES, L.P. <br />FOR WATERWAY VILLAGE <br />THIS FIRST ADDENDUM is made and entered into this day of <br />2015, by and between Indian River County, Florida, a political subdivision of the State of <br />Florida, 1801 27`' Street, Vero Beach, FL 32960, ("County"), and DiVosta Homes, L.P., a <br />Delaware Limited Partnership, 4500 PGA Blvd., Suite 400, Palm Beach Gardens, FL 33418 <br />("Developer"). <br />WITNESSETH <br />WHEREAS, County and Developer entered into that "Amended Developer's Agreement <br />Between Indian River County, Florida and DiVosta Homes, L.P. for Waterway Village" dated <br />May 11, 2010 ("Agreement"); and <br />WHEREAS, as a result of action by the Florida Legislature, specifically House Bill 7207, <br />amending Section 380.06(19)(c), Florida Statutes, certain obligations of the Developer under the <br />Agreement were extended by four (4) years; and <br />WHEREAS, County and Developer agree that as a result of the action by the Florida <br />Legislature, it is necessary and appropriate to modify the Agreement as stated herein, in order to <br />maintain the spirit and intent of the Agreement as originally contemplated by the Developer and <br />the County; and <br />NOW, THEREFORE, for and in consideration of the mutual terms, conditions, promises, <br />covenants and premises hereinafter stated, and other good and valuable consideration, the receipt <br />and sufficiency of which is hereby acknowledged by both parties, the County and the Developer <br />hereby agree as follows: <br />1. The foregoing recitals are incorporated as if fully restated herein. <br />2. Section 3.A. of the Agreement is hereby amended and restated as follows: <br />(hereafter, words or numbers marked with a strike through are deleted; words or <br />numbers underlined are added): <br />3. A. Building permits for Waterway Village shall be issued in staged <br />increments and vested for traffic concurrency as follows: <br />(i) <br />733 single family dwelling units in Phases 1 and II were previously <br />vested for traffic concurrency and shall remain vested for traffic <br />concurrency through December 31, 241-6 2020. Development of a <br />recreational/clubhouse on 2.2 acres, the school site, and <br />42 <br />