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WHEREAS , it is staff' s recommendation to extend the date in which to <br /> complete those required improvements to September 6 , 2007 with the letter of <br /> credit supporting such contract extension to be extended to December 6 , 2007 ; <br /> and <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 improvements as outlined <br /> in the Contract for Construction of Required Improvements No . PD-04-07- 12- <br /> CFC (2004020196 -48349) is extended to September 6 , 2007 . <br /> 2 . The consideration for this extension is that the Branch Banking and <br /> Trust Company Irrevocable Letter of Credit No . 9661066978-00002 in the <br /> original amount of $ 1 , 645 ,348 . 88 be amended to extend the expiration date to <br /> December 6 , 2007 , otherwise this modification shall be null and void . <br /> 3 . All other terms set out in the Contract for Construction of Required <br /> Improvements No . PD-04-07- 12-CFC (2004020196-48349 ) remain in full force <br /> and effect. <br /> IN WITNESS WHEREOF , the parties hereto have set their hands and <br /> seals on the day and year first above written . <br /> SLM INVESTMENTS , LLC, a <br /> Signed in the presence of: Florida limited liability company <br /> � DEVELOPER <br /> Sign :` F CJ S�l �'J. <br /> Print:f �n P,�� . , k� By: ,r <br /> ark Ackerm <br /> Sign : �� /� c2 Managing Member <br /> Print: e STH QJ v - <br /> INDIAN RIVER COUNTY, FLORIDA <br /> by and through its Board of County <br /> Commissioners <br /> By: <br /> Gary heeler, Chairman <br /> ATTEST : J . K . Barton , Clerk of Court <br /> By: a (�a ��-Q APPROVED AS TO FORM <br /> Deputy Clerk AND LEGAL SUF Ef�CY <br /> $Y <br /> 2 WILLIAM CO LINS i <br /> COUNTY ATTORNEY <br /> F:\Attorney\Nancy\DOCS\PLAN\MODIFICATION TO K for cons quail creek.doc <br />