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: *e7 ,0q o F� THIRD MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . SD -00 -06 -07 -CFC (93050013 -26511 ) 00 HIS THIRD MODIFICATION made and entered into this da of 7 , Y - , 2004 , by and between Chase Meadows , L . L . C . , a Florida 11irAited liability company, hereinafter referred to as " Developer" , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida , by and through its Board of County Commissioners , hereinafter referred to as " County" . WITNESSETH : WHEREAS , on May . 15 , 2001 Developer entered into a Contract for Construction of Required Improvements No . SD-00-06-07 -CFC (93050013 - 26511 ) guaranteeing the completion of certain required improvements on or before May 8 , 2002 within the Chase Meadows Subdivision ; and WHEREAS , on April 2 , 2002 the Board of County Commissioners approved a Modification to Contract for Construction of Required Improvements No . SD -00-06- 07- CFC (93050013-26511 ) extending the time for completion of the internal sidewalks , the only remaining improvement yet to be constructed , to May 14 , 2003 ; and WHEREAS , on August 5 , 2003 the Board of County Commissioners approved a Second Modition to Contract for Construction of Required Improvements No . SD-00-06-07 -CFC (93050013-26511 ) extending the time for completion of the internal sidewalks to May 14 , 2004 ; and WHEREAS all internal sidewalk segments are complete with the exception of a segment across Lot 42 , and Developer wishes to extend the completion date to May 14 , 2005 , and has substituted cash in the amount of $ 687 . 70 which represents the required amount for the remaining sidewalk segment and executed a Cash Deposit and Escrow Agreement ; and WHEREAS , the Indian River County Code allows the developer to delay construction of required sidewalk improvements along local roadways for a period of two years beyond the final plat approval date , with the ability to further extend the contract for construction and posted security beyond the initial 2 -year period at a rate of two years for every eight project lots which received final plat approval upon approval of both the Public Works Director and the Community Development Director. However at no time may a contract for construction be extended beyond ten years following final plat approval ; and NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 F:\Attorney\Nancy\DOCS\PLAN\modification 3rd to k chase meadows.doc