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JUN 61984 G <br />fV BOOK 57 PAGE3Z8 <br />A Z7 qql� <br />until County has completed its responsibility under Paragraph 2 <br />and 3.A't <br />5. The Land Company shall have the new right-of-way <br />surveyed and staked out in a manner as to be plainly visible to <br />County road crews. <br />6. Indian River County shall abandon its application <br />to D.E.R. with respect to the property located along the shoreline <br />of the Land Company's property. The County may proceed with its <br />shoreline stabilization along othet properties along the roadway <br />not abutting the Land Company's property. The Land Company agrees <br />to stabilize at a minimum those areas sought to be stabilized <br />under the County's application for Shoreline Stabilization <br />#310678588 along the roadway within its boundaries. The Land <br />Company shall immediately use its best efforts to design a <br />shoreline stabilization project which shall include at a minimum <br />those areas that were to be stabilized under the County's <br />Application for Permit for Shoreline Stabilization No. 310678588. <br />The Land Company shall design the project in an environmentally <br />sensitive manner and the project shall be subject to the review <br />and approval of Indian River County Administration prior to <br />submitting an. application to the Department of Environmental <br />Regulation. The Land Company agrees to submit such an application <br />to the County within ninety (90). days of the execution of this <br />agreement and to the Department of Environmental Regulation with a <br />proper application for a permit within thirty (30) days <br />thereafter. Both parties may mutually agree in the future to <br />extend these time limitations in writing. Upon approval and <br />issuance of all permits required, Land Company shall commence the <br />Stabilization Project and complete the project within one year. <br />after issuance of the permits. <br />7. The entire costs of the shoreline stabilization <br />project shall be borne by the Land Company. The Land Company <br />agrees to post an irrevocable letter of credit in the amount of <br />$20,000 at the time the Land Company delivers the deed referenced <br />-3- <br />M _ <br />