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Woodfield P.D., Phase 2 aov6 - ��d MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PD-03-04-11 -CFCPH2 (200212006348453) THIS MODIFICATION , made and entered into this 5th day of December, 2006 , by and between Centex / Lennar at Woodfield, LLC, a Delaware limited 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 , Developer entered into a Contract for Construction of Required Improvements No . PD-03-04- 11 -CFCPH2 (2002120063-48453) guaranteeing the completion of certain required improvements within the plat of Woodfield P . D . , Phase 2 on or before August 23 , 2006 ; and WHEREAS , Developer posted a SunTrust Bank Letter of Credit No . P002528 in the amount of $699 ,438 . 75 and Amendments No . 001 and No . 002 , as security for the completion of the required improvements which will expire on December 8 , 2006 ; and WHEREAS , Developer has requested an extension to June 5 , 2007 to complete the required improvements due to various factors adversely effecting the developer's timetable; and WHEREAS , staff has no objection to an extension to June 5 , 2007 so long as the security guaranteeing the completion of required improvements is amended to extend the expiration date to 90 days beyond the requested extension date , NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . The date for completion of the required improvements as outlined in the Contract for Construction of Required Improvements No . PD-03-04- 11 - CFCPH2 (2002120063-48453 ) is extended to June 5 , 2007 . 2 . The SunTrust Bank Letter of Credit No . P002528 is to be amended to extend the expiration date to September 5, 2007 which is 90 days beyond the newly requested June 5 , 2007 extension date .