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that letter of credit must remain valid for 90 days beyond the 1 -year warranty period ; and WHEREAS , at the completion of the roadway improvements , Developer agrees to execute a Warranty and Guaranty Agreement and Bill of Sale to warranty the roadway improvements for a period of one year against defects due to faulty field engineering , workmanship , or materials , secured with the remainder ten ( 10 ) percent security mentioned above ; and WHEREAS , nearing the end of the 1 -year warranty period , or sooner if the need arises , County will cause inspections to be performed to determine if all improvements remain free from defects due to faulty field engineering , workmanship , or materials . If the roadway improvements are determined to be acceptable , then the remaining ten ( 10 ) percent security will be released by the County Public Works Director at the end of the warranty period . In the alternative , if the roadway improvements are found to be defective , County will notify Developer of such defect ( s ) and Developer must cure the defect ( s ) within twenty ( 20 ) days of written notice by County . Failure to cure any defects will result in the Developer , as principal , and the escrowed cash or letter of credit being jointly and severally liable to pay for the repairs ; and WHEREAS , failure by Developer to construct the required roadway improvements within the 12 - month period from the issuance of the right-of-way permit will cause Developer to be in default under this agreement , and Developer and the underlying security shall be jointly and severally liable to pay for the cost of construction and installment of the required roadway improvements to the final total cost ; NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . Developer agrees to construct on or before January 28 , 2010 , in a good and workmanlike manner , those improvements described as follows : See Exhibit "A " attached hereto 24 Developer agrees to construct said improvements strictly in accordance with the conditions of site plan approval and requirements of any applicable County right- of- way permit , all of which are hereby incorporated by reference and made a part hereof. 3 . In order to guarantee performance of this contract , Developer shall simultaneously herewith furnish either cash or an irrevocable letter of credit , having an expiration date of not less than 27 months from the issuance of the County right- of-way permit , provided by an acceptable banking institution authorized to transact such business in this state , and with a call address in Florida , in a form to be approved by the County , naming Developer or Developer' s contractor as customer and the underwriting 2