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A TRUE COPY <br />CERTIFICATION ON LAST PAGE <br />J.K. BARTON, CLERK <br />regulations and standards, including conditions and requirements of any <br />applicable County ri jht-of way permit; all of which are hereby incorporated by <br />reference .and made a part hereof. <br />,.. in order to :guarantee pe+rforrrzance ;of this :contract, Deve Ober <br />shall simul"taneousiy :herewith furnish an irrevocable letterof credit, having ;an <br />expiration :date of not less 'than i*ety (90) days beyond the date set, forth in <br />Paragraph 1, provided. by :a banking institution ,authorized to transact :such <br />.business in this:.state; in a form .tv be :approved :by the County, .naming Developer <br />as customer and Region's, Banti, as. the.. underwriting bank, in the .amount .of <br />$8`5AM*00, Whiche amount is not less than one hundred twenty-five percent <br />{125%} of the .estimated total cost of improvements, remaining to be constructed, <br />as determined in acccirdanze :with the C:ountft Subdivision and Platting <br />Ordinance.. It is understood .that the full a riount. d tietter of_credit -shall:s.remain <br />available to: the :County and shall not` be red ted during, the iw rse :cf <br />zoristructiori Without ori eXpress written madificatlor thereof executed by all <br />parties Requested ceductlons:shai1 not be:::unreas©nobly withheld by the Oounty, <br />but shall be subject tn.. ,adm1nistMtive fes as <br />eestablished icy. .the -County;: <br />Developer ;may:at anytime substitute guarantees, su jecfito the approval as. -to <br />form and afr€:ount. b.y the County.. <br />4. Up toll ,000;000.00, or :tire limits of any applicable: ufider ying <br />or excess: insurance. overage carried by.Developer or -to tae obtained during the <br />course.of .the construction of the subdivislon improvements, Developer agrees to <br />inderrinlfy hold 'harmless, and .defend. the, County .against :any and all :claims, <br />damages; losses, and expenses, iftluding° attorney's acs, fcr property damage; <br />personal. .or bodily injuryy or 'loss of life:, arising fr the negligent ,acts or <br />omissions of the Developer its officers%% 'employees, agents; or contractors; <br />subcontractors;. laborers, or:suppliers, relafang :to the' construction of the required <br />sidewalk im"Vr <br />ove gents, .inclu.din ai'I .those improvements to, be constructed <on <br />existing publicly dedicatedor County:owned property. <br />5. The. County,agra6s to approve the Final Plat, upon a finding <br />as to compliance with all applicable provisions of .the County's Development <br />RegWatibhs and:, rbihances, 'an 4 ,dpon e�ecufipn hereof: Hbwever, pothiriy <br />herein shall be construed as _creating anobligation upon tae. Cauritl� to perform <br />ah.y :a. t. or construction or :mairitenarlce until, such tirrie as `the :required <br />improvements are."satisfactorily: complefed. Satisfactory completion. in <br />accordance with the land development permit; plans, specifications, and <br />ordinance reouiremerits of iridian River Cour;ty shall b' .determined. by the <br />County and shall be indicated by. specific written approval of the Public Works <br />Director or his designated representative, after receipt of :a signed and sealed <br />Certificate of Completion from the project engineer of record.. <br />.2 <br />F:1AttonieylNaiic3r'DOCST.LANiniillstoiie phi side k.doc <br />