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Falcon Trace Plat Two <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO . SD -03 -07 -18CFC/PL2 (2001050202 -46468) <br /> THIS MODIFICATION , made and entered into this 2nth day of <br /> ,Tune , 2006 , by and between Indian River Associates ll , LLLP , a <br /> Florida limited liability limited partnership , hereinafter referred to as <br /> "Developer" , and INDIAN RIVER COUNTY , a political subdivision of the State of <br /> Florida , by and through its Board of County Commissioners , hereinafter referred <br /> to as "County" . <br /> WITNESSETH : <br /> WHEREAS , Developer entered into a Contract for Construction of <br /> Required Improvements No . SD-03-07- 18-CFC/PL2 (2001050202-46468 ) <br /> guaranteeing the completion of certain required improvements by July 12 , 2006 , <br /> and posted Bank of America , N .A. Irrevocable Standby Letter of Credit in the <br /> original amount of $2 , 039 , 967 . 00 as security for the completion of those required <br /> improvements ; and <br /> WHEREAS , the required improvements are not all completed ; and <br /> WHEREAS , the Developer wishes to extend the contract date in which to <br /> complete the remaining required improvements to September 12 , 2006 ; and <br /> WHEREAS , Indian River County Code Section 913 . 10( 1 )( B ) allows up to <br /> one year from date of final plat approval for the required improvements to be <br /> completed ; and <br /> WHEREAS , the final plat for Falcon Trace Plat Two was approved by the <br /> Board of County Commissioners of Indian River County on July 12 , 2005 ; and <br /> WHEREAS, Indian River County Code Section 913 . 10( 1 )( E ) states that <br /> for good cause shown , the Board of County Commissioners may in its discretion <br /> grant one or more extensions of time for performance of any contract for <br /> required improvements , provided the surety supporting such contract remains <br /> valid for 90 days beyond the extended completion date ; and <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br />