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Lj NORTH BEACH WATER COMPANY 3339 Cardinal Drive P.O. Dox 157 Vero Beach, FL 32963 Wabasso, FL 32970 (305) 231.6860 February 20, 1987 Mr. Gordon Nutt P.O. Box 1137 Longwood, FL 32750 Re: North Beach Water Company - Developer Agreement Dear Gordon: This will serve as a memorandum of agreements between yourself and North Beach Water Company which are in addition to the Developer Agreement executed between us on the 20th day of February, 1987. 1. In accordance with Paragraph 5 of the Developer Agreement we have received the requisite Notice of Intent to be served concern- ing the hotel and villas on the.east side of State Road A -1-A. 2. With regard to the provisions of Paragraphs 31 of the Developer Agreement, we have agreed that you may assign your rights, obligations and capacity under the Developer Agreement to Wingfield Development Company upon your demonstration to the Service Company that Wingfield Development Company is financially responsible, and upon such approved assignment, the Service Company shall release you from any future re- sponsibilities under the Agreement. 3. Nothing in Paragraph 38 of the Agreement relieves the Service Company from providing service in accordance with the Agreement and does not constitute a limitation on service to you. 4. The terms of Paragraph 41 of the Agreement shall at all time be applied in a uniform and non-discriminatory manner to all Developers served by Service Company. In the event that Service Company charges its policy with regard to the provisions of Paragraph 41 such changes shall apply for all developers. 5. The Agreement shall not be recorded on the public records of Indian River County, Florida unless all Developer Agreements executed by Service Company are so recorded, except that Service Company shall always reserve the right to record the Developer Agreement if you refuse to grant Service Company the necessary easements in the form and manner described in the Developer Agreement.