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tj :� . 1992 <br />BOOS.b,.� <br />Ur. <br />2. Developer agrees to construct said improvements <br />strictly in accordance with the most recent set of plans and <br />specifications for this subdivision approved by the County and on <br />file in the Community Development Division, which plans are hereby <br />incorporated by this reference and shall be a part hereof for all <br />purposes. <br />3. In order to guarantee performance, Developer shall <br />furnish an Irrevocable Letter of Credit, in a form and from a <br />banking institution to be approved by the County, in.an amount no <br />less than $300,000.00 simultaneously with the execution of this <br />contract. It is understood that the full amount of the Letter of <br />Credit shall remain available to the County and shall not be <br />reduced during the course of construction without an express <br />written modification thereof executed by all parties. <br />4. The County agrees to approve the plat for recorda- <br />tion in the Public Records of Indian River County, Florida upon <br />execution hereof and shall accept those areas specifically <br />dedicated to the County for the purposes indicated on the plat at <br />such time as the improvements are satisfactorily completed. <br />Satisfactory completion in accordance with the plans, - <br />specifications, and ordinance requirements of Indian River County <br />shall be determined by the County and shall be indicated by <br />written approval of the Public Works Director or his designated <br />agent, <br />5. In the event the Developer shall fail or neglect to <br />fulfill his obligations under this contract and as required by the <br />Code of Laws and Ordinances of Indian River County, Florida, the <br />Developer, as principal, and the guarantee or surety shall be <br />jointly and severally liable to pay for the cost of construction <br />and installment of the required improvements to the final total <br />cost, including but not limited to engineering, construction, <br />legal and contingent costs together with any damages, either <br />direct or consequential, which the County may sustain as a result <br />of the failure of Developer to carry out and execute all provi- <br />sions of this contract and applicable ordinances of the County. <br />6. The parties agree that the County at its option <br />-2- <br />