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3 . Acknowledge that , in the event Developer fails to begin or cause <br /> repair of the defective required improvements within 20 days , or to complete such <br /> repairs within a reasonable time thereafter, the County shall have the right to make <br /> such needed repairs and Developer shall be liable to the County for the actual cost <br /> expended by the County for such repairs and any cost incident to the collection of such <br /> sums , including but not limited to , reasonable attorney' s fees and costs of litigation , <br /> including any appeals ; and <br /> 4 . Provide herewith , or has provided heretofore in, a manner satisfactory <br /> to the County , security to guaranty Developer' s performance of this agreement , being <br /> either a cash escrow deposit , irrevocable letter of credit presentable in Florida or bond <br /> issued by a company licensed to do business in the State of Florida with an A . M . Best <br /> rating of A+ XI . In the event Developer has not undertaken the repairs contemplated by <br /> this Agreement following a request by the County , the proceeds of any such security <br /> may be drawn upon by the County to the final total cost of Developer' s obligations <br /> hereunder , not to exceed however , the applicable limits of the security . <br /> 5 . Grant and convey unto Indian River County all its right , title and <br /> interest in and to all public improvements , other than land dedicated by plat or separate <br /> easement , which lies within the areas dedicated to the County , and Developer hereby <br /> warrants to the County that it has free and unencumbered title thereto , that all persons <br /> or entities which have supplied labor or materials with respect to such improvements <br /> have been paid in full , that none of them has any claim whatsoever with respect <br /> thereto , and that Developer shall hereafter forever warrant and defend the County' s title <br /> thereto . <br /> IN WTN S <br /> IS WHEREOF , Developer has hereunto set its hand and seal <br /> this �ay of , 2005 . <br /> Signed in the presence of: IRC DEVELOPMENT , L . L. C . , a <br /> Florida limited liability company <br /> loper <br /> sign,,. ;, -�"— <br /> print name : <br /> sign William J ims , Jr. , Ma ger <br /> print na e .•�'�i <br /> APPROVED AS TO FORM <br /> AND LEGAL SUFFICIENCY <br /> By 1z <br /> WILLIAM G . COLLI <br /> COUNTY ATTORNEY <br /> 2 <br /> F:\Attorney\Nancy\DOCS\PLAN\lalces at sandridge ph 2 maintenance k.doc <br />