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Seasons, P.D. <br /> FOURTH MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . PD-01 -08 -18-CFC (99110063 -26994) <br /> THIS FOURTH MODIFICATION , made and entered into this 7th day of <br /> November 2006 , by and between M -R Homes , Ltd . , a Florida limited <br /> partnership , hereinafter referred to as " Developer" , and INDIAN RIVER <br /> COUNTY, a political subdivision of the State of Florida , by and through its Board <br /> of County Commissioners , hereinafter referred to as "County' . <br /> WITNESSETH : <br /> WHEREAS , Developer entered into a Contract for Construction of <br /> Required Improvements No. PD-01 -08- 18-CFC (99110063-26994 ) <br /> guaranteeing the completion of certain required improvements within the plat of <br /> Seasons , P. D . on or before February 12 , 2003 ; and <br /> WHEREAS, the completion date for the improvements under the Contract <br /> for Construction of Required Improvements was extended to February 12 , 2004 <br /> by Modification to Contract for Construction of Required Improvements ; and <br /> WHEREAS , on May 4 , 2004 the Board of County Commissioners <br /> approved a Second Modification to Contract for Construction of Required <br /> Improvements to further extend the time to complete the remaining required <br /> improvements ; and <br /> WHEREAS , on August 22 , 2006 the Board of County Commissioners <br /> ratified a Third Modification to Contract for Construction of Required <br /> Improvements to reduce the amount of the security and to extend the completion <br /> date of the remainder sidewalk improvements ; and <br /> WHEREAS, the developer has submitted an updated certified cost <br /> estimate attached as Exhibit "A" and is further requesting a 2-year extension to <br /> complete the one remaining sidewalk for Lot 53 as allowed by code , as well as a <br /> reduction to Bank of America Irrevocable Standby Letter of Credit Number <br /> 3063088 ; and <br /> WHEREAS , staff has inspected the project' s sidewalks and they have <br /> been found to be satisfactory except for the sidewalk segment not completed for <br /> Lot 53 , and staff has also approved the updated certified cost estimate , <br />