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The Reserve At Vero Beach P.D.—Phase 2 A TRUE COPY warranty of road and drainage improvements CERTIsICiCL ON LAST PAGE (Phase 2 within platted Phase 2) J.R. SMITH, CLERK MODIFICATION TO WARRANTY AND GUARANTY AGREEMENT FOR REQUIRED IMPROVEMENTS CONTRACT NO. PD-14-06-04-R&D2(2) THIS MODIFICATION, made and entered into this otn day of January, 2017, by and between SR 60 VERO LLC, a Florida limited liability company, hereinafter referred to as "Developer", and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, by and through its Board of County Commissioners, hereinafter referred to as "County". WITNESSETH : WHEREAS, Developer entered into a Warranty and Guaranty Agreement for Required Improvements Contract No. PD-14-06-04-R&D2(2) to warranty the road and drainage improvements for a period of one year from December 12, 2016 to December 12, 2017, and simultaneously entered into a Cash Deposit and Escrow Agreement with $31,650.30 in cash being posted as security for the warranty in order to expedite the issuance of the certificate of completion until such time as alternate acceptable security could be substituted; and WHEREAS, the developer has now submitted an acceptable substitution of security for the warranty in the form of an M and T Bank Irrevocable Standby Letter of Credit No. SB2002530001 in the amount of $31,650.30, with an expiration date of March 12, 2018, NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: 1. The substitution of security in the form of an M and T Bank Irrevocable Standby Letter of Credit No. SB2002530001 in the amount of $31,650.30, with an expiration date of March 12, 2018 is acceptable. 2. The $31,650.30 cash on deposit in escrow with the County can be returned to the entity that posted the funds in accordance with the Cash Deposit and Escrow Agreement. 3. All other terms set out in the Warranty and Guaranty Agreement for Required Improvements Contract No. PD-14-06-04-R&D2(2) remain in full force and effect.