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bank , in the amount of $ 70 , 899 . 00 , which amount is not less than one hundred fifteen
<br /> percent ( 115 % ) of the estimated total cost of roadway improvements to be constructed ,
<br /> as determined in accordance with the County ' s right- of-way ordinance . It is understood
<br /> that the full amount of the letter of credit shall remain available to the County pursuant
<br /> to Indian River County Code Section 312 . 11 .
<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 roadway 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 roadway improvements .
<br /> Satisfactory completion in accordance with the approved site plan and
<br /> right- of-way permit shall be determined by the County Public Works Director and shall
<br /> be indicated by specific written approval of the Public Works Director or his designated
<br /> representative , after receipt of a signed and sealed Certificate of Completion from the
<br /> project engineer of record .
<br /> 5 . In the event the Developer shall fail or neglect to fulfill its
<br /> obligations under this contract and as required by the Indian River County Code , the
<br /> Developer , as principal , and the escrowed cash or letter of credit shall be jointly and
<br /> severally liable to pay for the cost of construction and installment of the required
<br /> roadway improvements to the final total cost , plus the warranty , including but not limited
<br /> to engineering , construction , legal and contingent costs , including reasonable attorney' s
<br /> fees incurred by the County , together with any damages , either direct or consequential ,
<br /> which the County may sustain as a result of the failure of Developer to carry out and
<br /> execute all provisions of this contract and applicable ordinances of the County , If this
<br /> contract is secured by a letter of credit , then in no event , shall the liability of the
<br /> underwriting bank under this paragraph exceed the total amount of the original
<br /> obligation stated in the letter of credit , less any approved reduction thereto .
<br /> 6 . 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 roadway 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 /> cash escrow or Letter of credit for the final total cost of the roadway improvements ,
<br /> including the warranty , Developer shall remain wholly liable for any resulting deficiency ,
<br /> should the cash or letter of credit be exhausted prior to completion of the required
<br /> roadway improvements . In no event shall the County be obligated to expend public
<br /> funds , or any funds other than those provided by the Developer , or the underwriting
<br /> bank to construct the required roadway improvements .
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