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Grand Oak Estates <br /> 0r� <br /> SECOND MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . SD =03-03 -11 -CFC (2002070178 =35959) <br /> THIS SECOND MODIFICATION , made and entered into this 1st day of <br /> February, 2005 , by and between DOUBLE R & D 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 , the final plat for Grand Oak Estates was approved by the <br /> Board of County Commissioners of Indian River County on September 2 , 2003 ; <br /> and <br /> WHEREAS , as a condition of plat approval the Developer entered - into a <br /> Contract for Construction of Required Improvements No . SD-03-03- 11 -CFC <br /> (2002070178-35959 ) guaranteeing the completion of certain required <br /> improvements and posted Citibank , N . A. Irrevocable Letter of Credit No . <br /> 61604003 in the amount of $ 363 ,440 . 26 as security for the completion of those <br /> required improvements ; and <br /> WHEREAS , on September 10 , 2004 by Emergency Order of the County <br /> Administrator, an extension to complete the required improvements by <br /> December 1 , 2004 was authorized and the Citibank , N .A . Irrevocable Letter of <br /> Credit No . 61604003 in the amount of $ 363 ,440 . 26 was amended to extend the <br /> expiration date to January 15 , 2005 ; and <br /> WHEREAS, all the required improvements are not yet completed ; and <br /> WHEREAS , the Developer, Double R & D Inc . , has requested a second <br /> extension to complete the remaining required improvements and , has posted <br /> alternate security in the form of cash in the amount of $ 147 , 756 . 38 ; and <br /> WHEREAS , the amount of $ 147 , 756 . 38 is acceptable to Indian River <br /> County and is in accordance with the project engineer' s certified cost estimate , <br /> attached as Exhibit "A" ; and <br /> WHEREAS , 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 ; and <br />