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Jun 07 04 08 : 06a Indian River County 772 - 770 - 5095 p . 12 S 2 Developer agrees to construct said improvement accordance with the land development permit, the most recent s strictly in specifications for this subdivision approved by the County and a file of plans and and Development Division , and all County development regulations and including conditions and requirements of any applicable Countyn tits Planning Of which are hereby incorporated by reference and made a art he standards, right-of-way perrn�, all P roof, 3 • In order to guarantee performance of this contract, Developer simultaneously herewith furnish an irrevocable letter of credit, having an expiration shaill Of not less than ninety (90) days beyond the date set forth in Paragraph. p tion date a banking institution authorized to transact such business in this state 1 , provided by % approved by the County, namin ' P n a form to be S I • g iL 9 Develo Developer as customer and under4MtIng._.bani�i - the -amou whic hundred fifteen percent ( 115% ) of the . estimated total cost amount fIm trovem less than one to be constructed, as deteirrnined In accordance with the County's Subdivision a Platting Ordinance. It is the that the full amount P ems remaining remain available to the County and shall not be reduced the letter of credit shay course of construction unless approved in writing by the County's Public Works Director u suant to Indian River County Code Section 913. 10. Requested reductions shall n unreasonably withheld by the County. Developer may at any time substitute guarantees . subject . to the approval as to form and amount by the County. to 41. Up to $ 1 , 000 , 000. 00 , or the limits of an excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements , Developer agrees to indemnify, hold harmless, and defend the County against any and all claims , damages , losses , and expenses , including attorney's fees , for property dams e loss of life, arising from the ' negligent acts or omissio s of he Developer,,bodilyersonal or i sl oftlee sr . employees, agents, or contractors , subcontractors , laborers , or suppliers , relating to the construction of the required improvements, including 'all those improvements to be constructed on existing publicly dedicated or County-ownedro e sidewalk, bikepath , lighting, signalization , traffic control , drainage water or sucassereet wer Improvements . 5 . The County agrees to approve the plat for recordation in the Public Records of Indian River County, Florida upon a finding as to compliance With all applicable provisions of the County's Subdivision and Platting Ordinance and upon execution hereof. The County shall accept those areas specifically dedicated to the County for the purposes indicated on the plat at the time of plat recordation . However, nothing herein shall be construed as creating an obligation upon the County to perform any act of construction or maintenance within such dedicated areas until such time as the required improvements are satisfactorily completed . . Satisfactory accordance with the land developmcompletion in ent permit, plans, specifications, and ordinance a FelattomeyMMYM.)pC-SOLAfor con w 1w diamond lakel.doc