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Peb 11 04 01 : 52p Indian River Counttj 772 - 770 - 5095 p . 4 'l requirements of Indian River County shall be determined by the County and shall be indicated by specific written approval of the Public Works Director or his designated representative , after receipt of a signed and sealed Certificate of Completion from the Project engineer of record . 6 . In the event the Developer shall fail or neglect to fulfill its obligations under this contract and as required by the Indian River County Code , the Developer, as principal , and the letter(s ) of credit shall be jointly and severally liable to pay for the cost of construction and installment of the required improvements to the final total cost , including but not limited to engineering , construction , legal and contingent costs , including reasonable attorney's fees incurred by the County, together with any damages , either direct or consequential , which the County may sustain as a result of the failure of Developer to carry out and execute all provisions of this contract and applicable ordinances of the County. In no event, however shall the liability of the underwriting bank under this paragraph exceed the total amount of the original obligation stated in the letter(s ) of credit, less any approved reductions thereto . 7 . The parties agree that the County at its option shall have the right, but not the obligation , to construct and install or, pursuant to receipt of competitive bids , cause to be constructed and installed the required improvements in the event Developer shall fail or refuse to do so in accordance with the terms of this contract. Developer expressly agrees that the County may demand and draw upon the existing letter(s ) of credit for the final total cost of the improvements . Developer shall remain wholly liable for any resulting deficiency, should the letter(s ) of credit be exhausted prior to completion of the required improvements . In no event shall the County be obligated to expend public funds , or any funds other than those provided by the Developer, or the underwriting bank to construct the required improvements . 8 . Any letters ) of credit provided to the County by Developer with respect to this contract shall exist solely for the use and benefit of the County and shall not be construed or intended in any way , expressly or impliedly , to benefit or secure payment to any subcontractor, laborer, materialman or other party providing labor, material , supplies , or services for construction of the required improvements , or to benefit any loft purchaser(s ) , unless the County shall agree otherwise in writing . g . This agreement is the full and complete understanding of the parties and shall not be construed or amplified by reference to any other agreement, discussion , or understanding, whether written or oral , except as specifically mentioned herein . This agreement shall not be assigned without the express written approval of the County. Any amendment, deletion , modification , extension , or revision hereof or hereto shall be in writing , executed by authorized representatives of both parties . 3 F:lattomeylnancylDOCS\PLAMk for con w loc diamond lakeLdoc