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-�{Z�1I <br /> 1 C'f <br /> The Oaks of Vero - P. D. , Phase 1 <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK <br /> IMPROVEMENTS <br /> AND CONSENT TO ASSIGNMENT <br /> NO . PD -01 -06 -15 -SIDE (2000100085-34449) <br /> THIS MODIFICATION , made and entered into this 24th day of <br /> May , 2005 , by and between MERCEDES HOMES , INC. , a Florida <br /> corporation , hereinafter referred to as "Successor 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 , SDG KINGS , INC . , a Florida corporation as . Developer <br /> entered into a Contract for Construction of Required Sidewalk Improvements No . <br /> PD-01 -06- 15-SIDE (2000100085-34449 ) guaranteeing the completion of certain <br /> required sidewalk improvements within Phase 1 of The Oaks of Vero - P . D . , <br /> Phase 1 and posted cash in the amount of $51 , 520 . 00 ; and <br /> WHEREAS , MERCEDES HOMES , INC . is desireous of assuming the <br /> obligations of SDG Kings , Inc . under said Contract for Construction of Required <br /> Sidewalk Improvements No . PD-01 -06- 15-SIDE ( 2000100085-34449 ) and has <br /> posted a Bank of America letter of credit in the like amount; and <br /> WHEREAS , MERCEDES HOMES , INC . wishes to extend the contract <br /> completion date to August 5 , 2007 to complete the required sidewalk <br /> improvements , as allowed under Indian River County Code ; and <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows . <br /> 1 . The assumption of the obligations by Mercedes Homes , Inc . under <br /> the Contract for Construction of Required Sidewalk Improvements <br /> No . PD-01 -06- 15-SIDE (2000100085-34449 ) between SDG Kings , <br /> Inc . and Indian River County is approved . <br /> 2 . The sidewalk completion date is extended to August 5 , 2007 . <br /> 3 . The substitution of security in the form of a Bank of America letter <br /> of credit in the amount of $ 51 , 520 . 00 representing 115 % of the <br /> remaining required Phase 1 sidewalk improvements is acceptable . <br /> 1 <br /> F:\Attorney\Nancy\DOCS\PLAN\moditication & consent to assign oaks of vero i .doc <br />