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The Lakes at Sandridge Phase I <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK <br /> IMPROVEMENTS <br /> NO . PD-03 -07-17 -SIDE (2002120179 -38772 ) <br /> THIS MODIFICATION , made and entered into this /45 day of <br /> 11ky -PL6&z.- , 2006, by and between IRC Development, L. L.C ., a Florida <br /> limited liability company, hereinafter referred to as "Developer ', and INDIAN <br /> RIVER COUNTY, a political subdivision of the State of Florida , by and through its <br /> Board of County Commissioners , hereinafter referred to as "County". <br /> WITNESSETH : <br /> WHEREAS , Developer entered into a Contract for Construction of <br /> required Sidewalk Improvements No . PD-03-07- 17-SIDE (2002120179-38772) <br /> guaranteeing the completion of certain required sidewalk improvements on or <br /> before August 10 , 2006 and posted a Colonial Bank, N .A. Irrevocable Letter of <br /> Credit No . 8037093427-55 in the amount of $ 123 ,287 . 50 (expiring on November <br /> 10 , 2006 ) as security to guarantee completion ; and <br /> WHEREAS, a portion of sidewalk improvements has been completed ; and <br /> WHEREAS , the developer has <br /> 1 . requested an additional two-year extension to August 10, 2008 to <br /> complete the remaining required sidewalk improvements , as <br /> allowed by code; <br /> 2 . requested a substitution of security in the form of cash <br /> 3 . requested a reduction in the amount of security necessary to <br /> complete the remaining sidewalks ; and <br /> 4. provided an updated certified cost estimate attached as Exhibit "A"; <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 required sidewalk improvements as <br /> outlined in the Contract for Construction of Required Sidewalk Improvements No . <br /> PD-03-07- 17-SIDE (2002120179-38772) is extended to August 10 , 2008 . <br />