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Q Boa0 F'd n 591 <br />P R 1 7 1995 <br />the stabilization project and diligently pursue it to completion. <br />The entire cost of the shoreline stabilization project shall be <br />borne by the Owner. At such time as Owner submits the application <br />to the County for administrative approval, Owner shall also submit <br />a certified cost estimate of the project by the engineer of <br />record. Owner agrees to post an Irrevocable Letter of Credit or <br />such other security as is acceptable to the County Attorney to <br />guarantee the performance of the shore stabilization project. <br />This project shall be considered in default and the County may <br />call upon the Irrevocable Letter of Credit or other performance <br />guarantee in the event the time frames established by this <br />Agreement are not met by the Owner or in the event the shoreline <br />stabilization project is not completed within one (1) year from <br />the date of this Agreement. In which case, the County will use <br />such funds to proceed with the stabilization project. In the <br />event County proceeds with the project under the paragraph, then <br />the Owner hereby waives any and all objections to the permitting <br />and construction of such project by the County, including, but not <br />limited to objections based on assertions that the County lacks <br />ownership of the abutting property, the type, extent, or degree of <br />any materials or construction techniques proposed to be used. If <br />the County causes a construction to occur with the use of the <br />funds drawn from the performance guarantee, the County shall not <br />thereby acquire any rights to the ownership of the improvements or <br />the property to which they are made. <br />9. This Agreement constitutes the entire agreement between <br />the parties and may not be altered except in writing signed by <br />both parties. Either party to this Agreement may record the <br />Agreement in the official public records of Indian River County, <br />Florida. <br />IN WITNESS WHEREOF, the parties hereto have set their hands <br />and seals on the date set forth next to their signatures. <br />Date: APR 1 L <br />BOARD OF fw6ghTY COMMISSIONERS <br />OF INDI o VER COUNT <br />BY: G�•1 <br />g[TRICK B. 7,,7I0 S <br />en airman, <br />ATTEST: <br />FREDA WRIGHT, Clerk <br />_I <br />