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The Reserve At Vero Beach P.D.—Phase 2 (Phase 2 within platted Phase 2) A TRUE COPY CERTIFICATION ON LAST PAGE J.R. SMITH, CLERK MODIFICATION TO CONTRACT FOR CONSTRUCTION FOR FINAL LIFT OF ASPHALT CONTRACT NO. PD-14-06-04-FLA-PH2 THIS MODIFICATION, made and entered into this 10th 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 Contract for Construction for Final Lift of Asphalt Contract No. PD-14-06-04-FLA-PH2 to guaranty the installation of the final lift of asphalt, and simultaneously entered into a Cash Deposit and Escrow Agreement with $40,360.63 in cash being posted as security for the guaranty 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 guaranty in the form of an M and T Bank Irrevocable Standby Letter of Credit No. SB2002520001 in the amount of $40,360.63, with an expiration date of March 12, 2019, 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. SB2002520001 in the amount of $40,360.63, with an expiration date of March 12, 2019 is acceptable. 2. The $40,360.63 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 Contract for Construction for Final Lift of Asphalt Contract No. PD-14-06-04-FLA-PH2 remain in full force and effect.