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2 . Developer agrees to construct said improvements strictly in <br /> accordance with County policies for sidewalk construction as those policies relate to <br /> location , method and type of construction , and all County development regulations and <br /> standards , including conditions and requirements of any applicable County right-of-way <br /> permit, all of which are hereby incorporated by reference and made a part hereof. <br /> 3 . In order to guarantee performance of this contract , Developer shall <br /> simultaneously herewith furnish an irrevocable letter of credit, having an expiration date <br /> of not less than ninety ( 90 ) days beyond the date set forth in Paragraph 1 , provided by <br /> a banking institution authorized to transact such business in this state , in a form to be <br /> approved by the County, naming Developer as customer and <br /> as the underwriting bank, in <br /> the amount of $239287 . 50 , which amount is not less than one hundred fifteen percent <br /> ( 115 % ) of the estimated total cost of improvements remaining to be constructed , as <br /> determined in accordance with the County's Subdivision and Platting Ordinance . It is <br /> understood that the full amount of the letter of credit shall remain available to the <br /> County and shall not be reduced during the course of construction without an express <br /> written modification thereof executed by all parties . Requested reductions shall not be <br /> unreasonably withheld by the County . Developer may at any time substitute <br /> guarantees , subject to the approval as to form and amount by the County. <br /> 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or <br /> excess insurance coverage carried by Developer or to be obtained during the course of <br /> the construction of the subdivision improvements , Developer agrees to indemnify , hold <br /> harmless , and defend the County against any and all claims , damages , losses , and <br /> expenses , including attorney's fees , for property damage , personal or bodily injury , or <br /> loss of life , arising from the negligent acts or omissions of the Developer, its officers , <br /> employees , agents , or contractors , subcontractors , laborers , or suppliers , relating to the <br /> construction of the required sidewalk improvements , including all those improvements <br /> to be constructed on existing publicly dedicated or County owned property. <br /> 5 . The County agrees to issue a Certificate of Completion , upon a <br /> finding as to compliance with all applicable provisions of the County's Development <br /> Regulations and Ordinances and upon execution hereof. However, nothing herein shall <br /> be construed as creating an obligations upon the County to perform any act or <br /> construction or maintenance until such time as the required improvements are <br /> satisfactorily completed . Satisfactory completion in accordance with the land <br /> development permit , plans , specifications , and ordinance requirements of Indian River <br /> County shall be determined by the County and shall be indicated by specific written <br /> approval of the Public Works Director or his designated representative , after receipt of a <br /> signed and sealed Certificate of Completion from the project engineer of record . <br /> 6 . The County agrees to issue building permits and Certificates of <br /> Occupancy prior to the installation of required sidewalk improvements so long as <br /> Developer is not in default of the terms of this Contract . <br />