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The Oaks of Vero — P . D . , Phase 1 � ( <br /> SECOND MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . PD -01 =06 =15-CFC (2000100085 -34448) <br /> THIS SECOND MODIFICATION , made and entered into this 14th day of <br /> December , 20049 by and between SDG Kings , Inc . , a Florida corporation , <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 , on August 5 , 2003 the Board of County Commissioners <br /> approved the final plat of The Oaks of Vero — P . D . , Phase 1 , and the Developer <br /> entered into a Contract for Construction of Required Improvements No . PD-01 - <br /> 06- 15- CFC (2000100085-34449) guaranteeing the completion of certain required <br /> I <br /> mprovements within the plat of The Oaks of Vero — P . D . , Phase 1 and posted <br /> the necessary security to guarantee construction of those improvements ; and <br /> WHEREAS , on July 20 , 20047 at the developer' s request, the Board of <br /> County Commissioners approved a Modification to the Contract for Construction <br /> of Required Improvements to extend the completion date and to substitute the <br /> existing security ; and <br /> WHEREAS , certain of those required improvements are not completed ; <br /> and <br /> WHEREAS , it is staffs recommendation to extend the date in which to <br /> complete those required improvements to March 1 , 2005 with supporting security <br /> to remain in place until June 1 , 2005 ; <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows . <br /> 1 . The date for completion of the remaining required improvements is <br /> extended to March 1 , 2005 . <br /> 2 . The consideration for the extension is the posting of amendment to <br /> the existing First National Bank and Trust Company Clean Irrevocable Letter of <br /> Credit No . 2004 = 16 in the amount of $ 500 , 684 . 03 with an expiration date of June <br /> 1 , 2005 , guaranteeing the completion of the required improvements . <br />