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6 . The County agrees to issue building permits and Certificates of <br /> Occupancy prior to the installation of required sidewalk improvements so long as <br /> Developer is not in default of the terms of this Contract . <br /> 7 . In the event the Developer shall fail or neglect to fulfill its <br /> obligations under this contract and as required by the Code of Laws and Ordinances of <br /> Indian River County , Florida , the Developer, as principal , and the guarantor or surety <br /> shall be jointly and severally liable to pay for the cost of construction and installment of <br /> the required improvements to the final total cost, including but not limited to engineering , <br /> construction , legal and contingent costs , including reasonable attorney's fees incurred <br /> by the County , together with any damages , either direct or consequential , which the <br /> County may sustain as a result of the failure of Developer to carry out and execute all <br /> provisions of this contract and applicable ordinances of the County. In no event , <br /> however, shall the liability of the guarantor or surety under this paragraph exceed the <br /> total amount of the original obligation stated in the guaranty or surety instrument , less <br /> any approved reductions thereto . <br /> 8 . 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 improvements in the event Developer <br /> shall fail or refuse to do so in accordance with the terms of this contract . Developer <br /> expressly agrees that the County may demand and draw upon the existing guaranty or <br /> surety for the final total cost of the improvements . Developer shall remain wholly liable <br /> for any resulting deficiency, should the guaranty or surety be exhausted prior to <br /> completion of the required improvements . In no event shall the County be obligated to <br /> expend public funds , or any funds other than those provided by the Developer, the <br /> guarantor or surety to construct the required improvements . <br /> 9 . Any guaranty or surety provided to the County by Developer with <br /> respect to this contract shall exist solely for the use and benefit of the County and shall <br /> not be construed or intended in any way , expressly or impliedly , to benefit or secure <br /> payment to any subcontractor, laborer, materialman or other party providing labor, <br /> material , supplies , or services for construction of the required improvements , or to <br /> benefit any lot purchaser(s ) , unless the County shall agree otherwise in writing . <br /> 10 . This agreement is the full and complete understanding of the parties <br /> and shall not be construed or amplified by reference to any other agreement , <br /> discussion , or understanding , whether written or oral , except as specifically mentioned <br /> herein . This agreement shall not be assigned without the express written approval of <br /> the County . Any amendment , deletion , modification , extension , or revision hereof or <br /> hereto shall be in writing , executed by authorized representatives of both parties . <br /> 3 <br /> E :\attomey\nancy\DOCS\PLAN\side k for perf bond waterford lakes iii .doc <br />