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County, Florida upon the final approval of the Board . of County Commiss
<br /> made a part hereof for all purposes , loners and
<br /> 20 Developer agrees to construct said improvements strictly in
<br /> accordance with the land development permit, the most recent set of plans and
<br /> specifications for this subdivision approved by the County and on file in the Planning
<br /> and Development Division , and all County development regulations and ,
<br /> standard
<br /> including conditions and requirements of any applicable County right-of-wa s
<br /> of which are hereby incorporated by reference and made a part hereof. y Permit, all
<br /> 3 . In order to guarantee performance of this contract, Developer shall
<br /> simultaneously herewith fumish * an irrevocable letter of credit, having an expiration date
<br /> of not less than ninety (90 ) days beyond the date set forth In Paragraph 1 , provided b
<br /> a banking institution authorized to transact such business in- this state , in a form to be
<br /> approved by the County, naming Developer as
<br /> Wcustomer and
<br /> WF.bovia
<br /> underwriting bank, in the amount cl $ 443 , 083 59 as the
<br /> one hundred fifteen , which amount is not less than
<br /> percent ( 11' 5 % ) of the estimated total cost of improvements
<br /> remaining to be constructed , as determined in accordancewith the County's .
<br /> . Subdivision and Platting Ordinance . It is understood that the full amount of the letter of
<br /> credit shall remain available to the County and shall not be reduced during the course
<br /> of construction without an express written modification thereof executed by all parties .
<br /> Requested reductions shall not be unreasonably withheld by the County. Developer
<br /> may at any time substitute guarantees , subject to the approval -as to form and amount
<br /> by the County.
<br /> 4 : Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or
<br /> excess insurance coverage carried by Developer or to be obtained during the course of
<br /> the construction of the subdivision improvements , Developer agrees to indemnify, hold '
<br /> harmless , and defend the County against any and all claims , damages , losses
<br /> expenses., including attorney's fees , for property dams a , and
<br /> loss of life , arising from the negligent acts or omissions of he Developer,,bodily
<br /> officers r
<br /> employees , agents , or contractors , subcontractors , laborers , - or suppliers , relatingt t
<br /> he
<br /> construction of the required improvements , including all those improvementto he
<br /> constructed on existing publicly dedicated or ' Countymowned property ,
<br /> sidewalk, bikepath , lighting , signalization , traffic control , drainage , water, or sewer
<br /> N
<br /> mprovements .
<br /> 5 . The County agrees to approve the plat for recordation in the Public
<br /> Records of Indian River County, Florida upon a finding as to compliance with all
<br /> applicable provisions of the County's Subdivision and Platting Ordinance and upon
<br /> execution hereof. The County shall accept those areas specifically dedicated to the
<br /> County for the purposes indicated on the plat at the time of plat recordation . However,
<br /> nothing herein shall be construed as creating an obligation upon the County to perform
<br /> any act of construction or maintenance within such dedicated areas until such time as
<br /> the required improvements are satisfactorily completed . Satisfactory completion in
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