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NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND <br />PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. The date for completion of the final lift of asphalt as outlined in the Contract for <br />Construction for Final Lift of Asphalt, Contract No. PD -13 -10 -03 -FLA (2001020101-77703), as <br />modified, is extended to December 16, 2024. <br />2. The $212,131.88 shall continue to be held in escrow for the guaranty for the final <br />lift of asphalt and represents 125% of the cost of the final lift of asphalt to be completed as <br />evidenced by developer's engineer's updated certified cost estimate as approved by County <br />engineering, attached as Exhibit "A". The developer is to post the additional funds in the form of <br />cash. <br />3. The extension fee in the amount of $660.00 established by Resolution No, 2005- <br />041 and pursuant to Section 913.10(1)(G) of the Indian River County Code has been paid. <br />4. All other terms set out in the Contract for Construction for Final Lift of Asphalt, <br />Contract No. PD -13 -10 -03 -FLA (2001020101-77703), as modified, remain in full force and <br />effect as well as the Cash Deposit and Escrow Agreement For Final Lift of Asphalt. <br />IN WITNESS WHEREOF, the parties hereto have set their hands and seals on the day <br />and year first above written. <br />GH VERO BEACH DEVELOPMENT LLC <br />DEVELOPER <br />printed name: <br />Authorized Signatory <br />INDIAN RIVER COUNTY, FLORIDA <br />by and through its Board of County <br />Commissioners <br />COUNTY <br />ATTEST: Jeffrey R. Smith, Clerk <br />of Court and Comptroller By: <br />Joseph H. Earman, Chairman <br />By: <br />Deputy Clerk BCC approved: <br />Approved as to form <br />and legal sufficiency: <br />gBy t <br />illiam K. DeBraal <br />Deputy County Attorney <br />51 <br />