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r 'w <br /> i <br /> rt <br /> - �z <br /> � q - a (v® <br /> MODIFICATION TO <br /> CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS <br /> NO , PD -02 -O3 -05CFC (95060039 -29329 ) <br /> THIS MODIFICATION , made and entered into this day of <br /> 1Murc� , 2004 , by and between Kennedy Groves , Inc . , a Florida <br /> corporation , 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 , on March 9 , 2004 the Board of County Commissioners <br /> approved a Contract for Construction of Required Improvements No . PD-02-03- <br /> 05CFC ( 95060039-29329 ) wherein Kennedy Groves , Inc . agrees to construct <br /> certain required improvements within Old Orchid — Phase 4 P . D . by March 9 , <br /> 2005 ; and <br /> WHEREAS , those certain required improvements were to be guaranteed <br /> by a letter of credit from Fidelity Federal Bank & Trust in the amount of <br /> $ 239 , 612 . 26 ; and <br /> WHEREAS , Kennedy Groves , Inc . now wishes to guarantee the required <br /> improvements by cash rather than by a letter of credit , and has posted certified <br /> funds in the amount of $ 239 , 612 . 26 along with an executed Cash Deposit and <br /> Escrow Agreement , attached as Exhibit "A" , <br /> NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL <br /> COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as <br /> follows : <br /> 1 . The posting of $ 239 , 612 . 26 cash to guarantee completion of the <br /> required improvements as outlined in the Contract for Construction of Required <br /> Improvements No . PD-02-03 -05CFC ( 95060039 -29329 ) is acceptable . <br /> 2 . All other terms set out in the Contract for Construction of Required <br /> Improvements No . PD-02 -03 -05CFC ( 95060039-29329 ) remain in full force and <br /> effect . <br />