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Millstone Landing PD, Prase 3 <br />SECOND MODIFICATION TO AND ASSIGNMENT OF <br />CONTRACT FOR CONSTRUCTION OF REQUIRED <br />SIDEWALK IMPROVEMENTS <br />No. PD-04-08-14-(C)SIDEPH3 (2003140068-55786) <br />WHEREAS, on October 9, 2007, Shelby Homps . at Millstone, Inc., a Florida <br />corporation, entered into Contract for Construction of Required Sidewalk Improvements No. <br />PD-04-08-14(C)SIDEPH3 (2003100068-55786), copy attached, with Indian River County in <br />connection with property platted as Millstone Landing P.D., Phase 3; and <br />WHEREAS, on October 9, 2009 said contract was modified by Modification to <br />Contract for Construction of Requixed Sidewalk Improvements, copy attached, wherein <br />Shelby Hordes at Millstone, Inc. (1) requested an additional 2 -year extension to- October 16, <br />2011 to complete the remaining required sidewalks; and (2) requested a reduction in the <br />amount of security necessary to complete the remaining sidewalks not deferred; and <br />WHEREAS, SLIT Millstone, L.L.C., a Delaware limited liability company has <br />acquired the project; and <br />WHEREAS, SLV Millstone, L.L.C. wishes to assume the obligations lander said <br />Contract for'Construction of Required Sidewalk Improvements, as modified, and replace the <br />security in the form of a letter of credit to guarantee the completion of the remaining <br />sidewalks not deferred; and <br />WHET REAS, under paragraph 10 of said Contract for Construction of Required <br />Sidewalk Improvements, the agreement shall not be assigned without the express written <br />approval of the County; <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br />AND PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. The -existing Regions Bank Letter of Credit No. 55101730 shall be replaced <br />with a letter of credit acceptable to Indian River County in the amount of $45,158..88. <br />2. The assignment of Contract - for Construction of Required Sidewalk <br />Improvements No. PD-04-08-14(C)SIDEPH3 (2003100068-55786), as modified, is accepted, <br />provided, however, that (a) substitute: security in the form of an acceptable letter of credit be <br />posted with Indian River County no later than 5:00 p.m. on January 7, 2011 to guarantee <br />completion of the required sidewalk improvements not deferred, and (b) a completed Notice <br />of Transfer and Assumption of Planned Residential Development Approvals and Obligations <br />is submitted to Indian River County no later than 5:00 p.m. on January 7, 2011, otherwise this <br />modification and assignment shall be deemed null and void. <br />12 <br />