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• 1m - ' / <br />qq <br />PLAN (agree 4) L E G A L (wG C /n h m) <br />general or limited partnership <br />for use with performance bond <br />FIRST MODIFICATION TO <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br />NO. PD -98-01-01-U1 <br />it, <br />THIS MODIFICATION TO CONTRACT, made and entered into this J—V-- day of <br />oL - , 1999, by and between Fairways At Grand Harbor, Ltd., a Florida <br />limited partnership, hereinafter referred to as "Developer," and INDIAN RIVER COUNTY, a <br />political subdivision of the State of Florida, by and through its Board of County Commissioners, <br />hereinafter referred to as "County". <br />WITNESSETH: <br />WHEREAS, Developer and County entered into a Contract For Construction of <br />Required Improvements No. PD -98-01-01-U1 dated November 9, 1998; and <br />WHEREAS, paragraph 3 of that contract provided in part that "Developer may at <br />any time substitute guarantees, subject to the approval asJo form and amount by the County"; <br />and <br />WHEREAS, Developer wishes to substitute a performance bond for the cash <br />deposit held by Indian River County under "Cash Deposit and Escrow Agreement' dated <br />November 9, 1998 in the amount of $97,879. <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br />AND PROMISES CONTAINED IN CONTRACT FOR CONSTRUCTION OF REQUIRED <br />IMPROVEMENTS NO. PD -98-01-01-U1, the parties agree to modify that contract as follows: <br />Paragraph 3 of the contract dated November 9,1998 is modified to provide that <br />the security for performance shall be in the form of a performance bond and that the cash <br />deposit held by the County shall be released to Developer upon approval by the County, to <br />read as follows: <br />"3. In order to guarantee performance of this contract. Developer <br />shall simultaneously herewith furnish a performance bond <br />underwritten by a surely insurer authorized to transact such <br />business in this state, which shall remain in full force and effect <br />until at least ninety (90) days beyond the date set forth in <br />paragraph 1, or until the covenants of this contract have been <br />fully complied with and satisfactorily completed as determined by <br />the County pursuant to paragraph S below, in a form to be <br />approved by the County, With Developer as principal and <br />�' as the suiety, in the <br />