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t The loaks of Vero - P.D., Phase 2 � 7 J b' 6 <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK <br /> IMPROVEMENTS <br /> NO . PD-01 -06 -15-SIDECFC (20000100085 -44643) <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 Sidewalk <br /> Improvements No . PD-01 -06- 15-SIDECFC (20000100085-44643 ) guaranteeing <br /> the completion of certain required sidewalk improvements within the plat of The <br /> Oaks of Vero — P. D . , Phase 2 and agreed to post a Seacoast National Bank <br /> letter of credit in the amount of $67 ,613 .25 as security to guarantee construction <br /> of those improvements ; and <br /> WHEREAS, the Developer is requesting that the Contract for Construction <br /> of Required Sidewalk Improvements be modified to allow Mercedes Homes , Inc. , <br /> on behalf of SDG Kings , Inc. , to post a Bank of America , N .A. irrevocable letter <br /> 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 $67 ,613 .25 is approved . <br /> 2 . The first sentence of paragraph numbered 3 of the Contract for <br /> Construction of Required Sidewalk Improvements No . PD-01 -06- 15-SIDECFC <br /> (20000100085-44643 ) 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 />