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Quail Creek PD ry/ <br /> 76 ' a <br /> .qoa � <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . PD -04-07 -12 -CFC (200402019648349) <br /> THIS MODIFICATION , made and entered into this sth day of <br /> December , 2006 , by and between SLM Investments , LLC , a Florida limited <br /> liability company, hereinafter referred to as " Developer" , and INDIAN RIVER <br /> COUNTY, a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> WHEREAS , on September 6 , 2005 Regent Group , LLC entered into a <br /> Contract for Construction of Required Improvements No . PD-04-07- 12-CFC <br /> (2004020196-48349 ) guaranteeing the completion of certain required <br /> improvements within Quail Creek PD on or before September 6 , 2006 ; and <br /> WHEREAS , on December 13 , 2005 the Board of County Commissioners <br /> consented to the assignment of Contract for Construction of Required <br /> Improvements No . PD-04-07- 12-CFC (2004020196-48349) by Regent Group , <br /> LLC to SLM Investments , LLC ; and SLM Investments , LLC provided substitute <br /> security in the form of a Branch Banking and Trust Company Irrevocable Letter <br /> of Credit No . 9661066978-00002 , expiring on December 6 , 2006 ; and <br /> WHEREAS , those certain required improvements are not completed ; and <br /> WHEREAS , the Indian River County Code Section 913 . 10( 1 )( 6 ) allows up <br /> to one year from date of final approval for the required improvements to be <br /> completed ; and <br /> WHEREAS , the Indian River County Code Section 913 . 10 ( 1 )( E ) states <br /> that for good cause shown , the Board of County Commissioners may in its <br /> discretion grant one or more extensions of time for performance of any contract <br /> for required improvements , provided the surety supporting such contract remains <br /> valid for the required 90-day period following the newly extended time for <br /> performance ; and <br /> WHEREAS , the final plat for Quail Creek PD was approved by the Board <br /> of County Commissioners of Indian River County on September 6 , 2005 ; and <br /> WHEREAS , Developer wishes to extend the date in which to complete <br /> those required improvements until September 6 , 2007 and has provided an <br /> updated certified cost estimate attached as Exhibit "A'; and <br />