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7 . In the event the Developer shall fail or neglect to fulfill its <br /> obligations under this contract and as required by the Code of Laws and Ordinances of <br /> Indian River County , Florida , the Developer, as principal , and the letter of credit shall be <br /> jointly and severally liable to pay for the cost of construction and installment of the <br /> required improvements to the final total cost , including but not limited to engineering , <br /> construction , legal and contingent costs , including reasonable attorney's fees incurred <br /> by the County , together with any damages , either direct or consequential , which the <br /> County may sustain as a result of the failure of Developer to carry out and execute all <br /> provisions of this contract and applicable ordinances of the County . In no event , <br /> however, shall the liability of the underwriting bank under this paragraph exceed the <br /> total amount of the original obligation stated in the letter of credit , less any approved <br /> reductions thereto . <br /> 8 . The parties agree that the County at its option shall have the right , <br /> but not the obligation , to construct and install or, pursuant to receipt of competitive bids , <br /> cause to be constructed and installed the required improvements in the event <br /> Developer shall fail or refuse to do so in accordance with the terms of this contract. <br /> Developer expressly agrees that the County may demand and draw upon the existing <br /> letter of credit for the final total cost of the improvements . Developer shall remain <br /> wholly liable for any resulting deficiency, should the letter of credit be exhausted prior to <br /> completion of the required improvements . In no event shall the County be obligated to <br /> expend public funds , or any funds other than those provided by the Developer, or the <br /> letter of credit to construct the required improvements . <br /> 9 . Any letter of credit provided to the County by Developer with <br /> respect to this contract shall exist solely for the use and benefit of the County and shall <br /> not be construed or intended in any way , expressly or impliedly , to benefit or secure <br /> payment to any subcontractor, laborer, materialman or other party providing labor, <br /> material , supplies , or services for construction of the required improvements , or to <br /> benefit any lot purchaser(s ) , unless the County shall agree otherwise in writing . <br /> 10 . This agreement is the full and complete understanding of the parties <br /> and shall not be construed or amplified by reference to any other agreement, <br /> discussion , or understanding , whether written or oral , except as specifically mentioned <br /> herein . This agreement shall not be assigned without the express written approval of <br /> the County . Any amendment , deletion , modification , extension , or revision hereof or <br /> hereto shall be in writing , executed by authorized representatives of both parties . <br /> IN WITNESS WHEREOF , the parties hereto have set their hands and <br /> seals on the day and year first above written . <br />