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• - , - + v . vv .J 1u1G11 1\ 1 VCr " I. UUr1L `� ( / � - ( / U - � VyJ p . O J } Division , and all County development regulations and standards , including conditions and requirements of any applicable County right-of-way permit , all of which are hereb incorporated by reference and made a part hereof. Y 3 . In order to guarantee performance of this contract? Developer shall simultaneously herewith furnish a performance bond underwritten by a surety insurer authorized to transact such business in this state , which shall remain in full force and effect until at least ninety (90 ) days beyond the date set forth in paragraph 1 , or until the covenants of this contract have been fully complied with and satisfactorily completed as determined by the County pursuant to paragraph 5 below, in a form to be approved County, with Developer as principal and Contractors Bonding and Insurance Company, a Washington corporation , as the surety, in the amount of $262 ;2000161 which amount is not less than one hundred fifteen percent ( 115 % ) of the estimated total cost of improvements remaining to be constrted , as determined in accordance with the County's Subdivision and Platting Ordinance .ucIt is understood that the full amount of the guaranty shall remain available to the County and shall not be reduced during the course of construction unless approved in writing by the County' s Public Works Director pursuant to Indian River County Code Section 913 . 10 . Requested reductions shall not be unreasonably withheld by the County. Developer may at any time substitute guarantees , subject to the approval as to form and amount by the County. 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or 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 , and expenses , including attorney's fees , for property damage , personalor bod Im ury, or loss of life , arising from the negligent acts or omissions of the Developer, it ryofficers , 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-owned property, such as street, sidewalk , bikepath , lighting , signalization , traffic control , drainage , water, or sewer 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 perorm any act of construction or maintenance within such dedicated areas until such time as the required improvements 2 F:Wtt0mey\Nancy\D0CS\YLAN\k for con w perf cid-us sp a-2 .doc Received Time APr . 12 . 10 : 54AM