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BOOK 61 PAGE 06
<br />shall remain available to the County and shall not be reduced
<br />during.the course of construction without an express written modi-
<br />fication thereof executed by all parties. Requested reductions
<br />shall not be unreasonably withheld by the County. Developer may
<br />at any time substitute guarantees, subject to the approval as to
<br />form and amount by the County.
<br />4. Up to the limits of any applicable underlying or
<br />excess insurance coverage carried by Developer or to be obtained
<br />during the course of the construction of the subdivision --improve-
<br />ments, Developer agrees to indemnify, hold harmless,-and.defend
<br />the County against any and all claims, damages, losses, and
<br />expenses, including attorney's fees, for property damage, personal
<br />or bodily injury, or loss of life, arising from the negligent acts
<br />or omissions of the Developer, its officers, employees, agents,, or
<br />contractors, subcontractors, laborers, or suppliers, relating to
<br />the construction of the required improvements, including all.those
<br />improvements to be constructed on existing publicly dedicated or
<br />County -owned property, such as street, sidewalk, bikepath, light-
<br />ing, signalization, traffic control, drainage, water, or sewer
<br />improvements.
<br />5. The County agrees to approve the plat for recorda-
<br />tion in the Public Records of Indian River County, Florida upon a
<br />finding as to compliance with all applicable provisions of the
<br />County's Subdivision and Platting Ordinance and upon execution
<br />hereof. The County shall accept those areas specifically dedi-
<br />cated to the County.for the purposes indicated on the plat at such
<br />time as the improvements are satisfactorily completed. Satis-
<br />factory completion in accordance with the land development permit,
<br />•; plans, specifications, and ordinance requirements of Indian River
<br />County shall be determined by the County and shall be indicated by
<br />specific written approval of the Public Works Director or his
<br />designated representative.
<br />6. In'the event the Developer shall fail or neglect to
<br />fulfill its 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 guarantor 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, including reasonable attorney's fees
<br />incurred by the County,'together with any damages, either direct
<br />or consequential, which the County may sustain as a result of the
<br />failure of Developer to carry out and execute all provisions of
<br />this contract and applicable ordinances of the County. In no
<br />event, however, shall the liability of the guarantor or surety
<br />under this paragraph exceed the total amount of the original obli-
<br />gation stated in the guaranty or surety instrument, less any
<br />approved reductions thereto.
<br />7. The parties agree that the County at its option
<br />-shall have the right, but not the obligation, to construct and
<br />install or, pursuant to receipt of competitive bids, cause to be
<br />constructed and installed the required improvements in the event
<br />Developer shall fail or refuse to do so in accordance with the
<br />terms of this contract. Developer -expressly agrees that the
<br />County may demand and draw upon the existing guaranty or surety
<br />for the final total cost of the improvements. Developer shall
<br />remain wholly liable for any resulting deficiency, should the
<br />guaranty or surety be exhausted prior to completion of the
<br />required improvements. In no event shall the County be obligated
<br />to expend public funds, or any funds other than those provided by
<br />the Developer, the guarantor, or surety, to construct the required
<br />improvements.
<br />8. Any guaranty or surety provided to the County by
<br />Developer with respect to this contract shall exist solely for the
<br />use and benefit of the County and shall not be construed or
<br />intended in any way, expressly or impliedly, to benefit or secure
<br />payment to any subcontractor, laborer, materialman or other party
<br />Z 3/1/84
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