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Isles at Waterway Village PD — Plat 1 C C00 Tp o9oo66 r MODIFICATION TO CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . PD -05 - 04 -08 ( C ) - CFC (2004010124 -56284) THIS MODIFICATION , made and entered into this 6th day of January , 2009 , by and between DIVOSTA HOMES , L . P . , a Delaware limited partnership , 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 - 05 - 04 - 08 ( C ) - CFC ( 2004010124 - 56284 ) guaranteeing the completion of certain required iprevernents on or before October 16 , 2008 and posted a SunTrust Bank Irrevocable Letter of Credit No . F851084 in the amount of $ 1 , 009 , 718 . 57 as security to guarantee completion ; and and WHEREAS , a portion of the required improvements has been completed ; WHEREAS , the developer has requested ail extension to June 30 , 2009 to complete the remaining required improvements and has presented an amendment to the existing letter of credit extending the expiration date to September 30 , 2009 ; 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 - 05 -04 - 08 ( C ) - CFC ( 2004010124- 56284 ) is extended to June 30 , 2009 , 2 . The Amendment No . 001 to SunTrust Bank Irrevocable Letter of Credit No . F851084 extending the expiration date of September 30 , 2009 is acceptable . 3 . All other terms set out in the Contract for Construction of Required Improvements No . PD - 05 - 04 - 08 ( C ) - CFC ( 2004010124 -56284 ) remain in full force and effect .