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The ')aks of Vero - P.D., Phase 2 <br /> MODIFICATION TO V <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO. PD -01 -06-15-CFC (200010008544643) <br /> THIS MODIFICATION , made and entered into this 24th day of <br /> October , 2006 , by and between SDG Kings, Inc. , a Florida corporation , <br /> hereinafter referred to as "Developer ', and INDIAN RIVER COUNTY , a political <br /> subdivision of the State of Florida , by and through its Board of County <br /> Commissioners , hereinafter referred to as County . <br /> WITNESSETH : <br /> WHEREAS , on June 20 , 2006 the Board of County Commissioners <br /> approved the final plat of The Oaks of Vero — P . D . , Phase 2 , and the Developer, <br /> SDG Kings , Inc. , entered into a Contract for Construction of Required <br /> Improvements No . PD-01 -06- 15-CFC (2000100085-44643 ) guaranteeing the <br /> completion of certain required improvements within the plat of The Oaks of Vero <br /> — P . D . , Phase 2 and agreed to post a Seacoast National Bank letter of credit in <br /> the amount of $ 192 , 670 . 51 as security to guarantee construction of those <br /> improvements ; and <br /> WHEREAS , the Developer is requesting that the Contract for <br /> Construction of Required Improvements be modified to allow Mercedes Homes , <br /> Inc. , on behalf of SDG Kings , Inc. , to post a Bank of America , N . A. irrevocable <br /> letter of credit in the like amount. <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br /> 1 . The substitution of security by Mercedes Homes , Inc. on behalf of <br /> SDG Kings , Inc . , in the form of a Bank of America , N .A. irrevocable letter of <br /> credit in the amount of $ 192 ,670 . 51 is approved . <br /> 2 . The first sentence of paragraph numbered 3 of the Contract for <br /> Construction of Required Improvements No . PD-01 -06- 15-CFC (2000100085- <br /> 44643 ) is modified to read : <br /> " In order to guarantee performance of this contract , <br /> Developer shall simultaneously herewith furnish an <br /> irrevocable letter of credit, having an expiration date <br /> of not less than ninety (90 ) days beyond the date set <br /> forth in Paragraph 1 , provided by a banking institution <br /> authorized to transact such business in this state , in a <br />