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The Oaks of Vero - P. D. , Phase 1
MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK
IMPROVEMENTS
AND CONSENT TO ASSIGNMENT
NO . PD -01 -06 -15 -SIDE (2000100085-34449)
THIS MODIFICATION , made and entered into this 24th day of
May , 2005 , by and between MERCEDES HOMES , INC. , a Florida
corporation , hereinafter referred to as "Successor 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 , SDG KINGS , INC . , a Florida corporation as . Developer
entered into a Contract for Construction of Required Sidewalk Improvements No .
PD-01 -06- 15-SIDE (2000100085-34449 ) guaranteeing the completion of certain
required sidewalk improvements within Phase 1 of The Oaks of Vero - P . D . ,
Phase 1 and posted cash in the amount of $51 , 520 . 00 ; and
WHEREAS , MERCEDES HOMES , INC . is desireous of assuming the
obligations of SDG Kings , Inc . under said Contract for Construction of Required
Sidewalk Improvements No . PD-01 -06- 15-SIDE ( 2000100085-34449 ) and has
posted a Bank of America letter of credit in the like amount; and
WHEREAS , MERCEDES HOMES , INC . wishes to extend the contract
completion date to August 5 , 2007 to complete the required sidewalk
improvements , as allowed under Indian River County Code ; and
NOW, THEREFORE , IN CONSIDERATION OF THE MUTUAL
COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as
follows .
1 . The assumption of the obligations by Mercedes Homes , Inc . under
the Contract for Construction of Required Sidewalk Improvements
No . PD-01 -06- 15-SIDE (2000100085-34449 ) between SDG Kings ,
Inc . and Indian River County is approved .
2 . The sidewalk completion date is extended to August 5 , 2007 .
3 . The substitution of security in the form of a Bank of America letter
of credit in the amount of $ 51 , 520 . 00 representing 115 % of the
remaining required Phase 1 sidewalk improvements is acceptable .
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F:\Attorney\Nancy\DOCS\PLAN\moditication & consent to assign oaks of vero i .doc
4 . All other terms set out in the Contract for Construction of Required
Sidewalk Improvements No . PD-01 -06- 15-SIDE (2000100085-
34449 ) , as modified , remain in full force and effect.
IN WITNESS WHEREOF , the parties hereto have set their hands and
seals on the day and year first above written .
MERCEDES HOMES , INC . , a Florida
Corporation
SUCCESSOR DEVELOPER
By:
Printed nme :
Title :
( r sident or Vice President)
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
By: C�7f� C-
Thomas S . Lowther, Chairman
INDIAN RIVER COUNTY
ATTEST : J . K . Barton , Clerk of Court BCC approved : May 24 , 2005
By:
Deputy Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY : /
By : fd ^ti rP�i G�
William G .-Collins II
County Attorney
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