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The Reserve At Vero Beach P.D. — Phase 2 <br />warranty of road and drainage improvements <br />(Phase 2.Within platted Phase 2), <br />MODIFICATION TO <br />WARRANTY AND GUARANTY AGREEMENT FOR REQUIRED <br />IMPROVEMENTS <br />CONTRACT NO. PD-14-06-04-R&D2(2) <br />THIS MODIFICATION, made and entered into this day of January, <br />2017, by and between SR 60 VERO LLC, a Florida limited liability company, <br />hereinafter referred to :as "Developer, and INDIAN RIVER COUNTY, a political <br />subdivision of the State of Florida, by and through its Board of County <br />Commissioners, hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer entered into a Warranty and Guaranty Agreement <br />for Required Improvements Contract No. PD-14-06-04-R&D2(2) to warranty the <br />road and drainage improvements for a period of one year from December 12, <br />2016 to December 12, :2017, and simultaneously entered into a Cash Deposit <br />and Escrow Agreement With $31,650.30 in cash being posted as security for the <br />warranty in order to expedite the issuance of the certificate of completion until <br />such time as alternate acceptable security could be substituted; and <br />WHEREAS, the der has now submitted an acceptable substitution <br />of security for the warranty in the form of an M and T Bank Irrevocable Standby <br />Letter of Credit No. $132002530001 in the amount of $31,650.30, with an <br />expiration date of March 12, 2018, <br />NOW, THEREFORE, IN -CONSIDERATION OF THE MUTUAL <br />COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as <br />follows: <br />1. The substitution of security in the form of an M and T Bank <br />Irrevocable Standby Letter of Credit No. SB2002530001 in the <br />amount of $31,650.30, with an expiration date of March 12, 2018 is <br />acceptable. <br />2. The $31,650.30 cash on deposit in escrow with the County can be <br />returned to the entity that posted the funds in accordance with the <br />Cash Deposit and Escrow AgreeMent. <br />3. All other termt set out in the Warranty and Guaranty Agreement for <br />Required Improvements Contract No. PD-14-06-04-R&D2(2) <br />remain in full force and effect. <br />P64 <br />