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3. In order to guarantee performance of this contract,
<br />Developer shall simultaneously herewith furnish an
<br />irrevocable letter of credit, having an expiration date of
<br />not Tess than ninety (90) days beyond the date set forth in
<br />Paragraph 1, provided by a banking institution authorized to
<br />transact such business in this state, in a form to be
<br />approved by the County, naming Developer as customer and
<br />CITY FEDERAL SAVINGS BANK as the
<br />underwriting bank, In the amount of 3- o�oe.Oa Ninety Thousand Dollars
<br />which amount is not less than one hunaed and fifteen (115%)
<br />percent of the estimated total cost of improvements
<br />remaining to be constructed, as determined in accordance
<br />with the County's Subdivision and Platting Ordinance. It is
<br />understood that the full amount of the letter of credit
<br />shall remain available to the County andshall not be
<br />reduced during the course of construction without an express
<br />written modification thereof executed by all parties.
<br />Requested reductions shall not be unreasonably withheld by
<br />the County. Developer may at any time substitute
<br />guarantees, subject to the approval as to form and amount by
<br />the County.
<br />4. Up to $1,000,000.00, or the limits of any
<br />applicable underlying or excess insurance coverage carried
<br />by Developer or to be obtained during the course of the
<br />construction of the subdivision improvements, Developer
<br />agrees to indemnify, hold harmless, and defend the County
<br />against any and all claims, damages, losses, and expenses,
<br />including attorney's fees, for property damage, personal or
<br />bodily injury, or loss of life, arising from the negligent
<br />acts or omissions of the Developer, its officers, employees,
<br />agents, or contractors, subcontractors, laborers, or
<br />suppliers, relating to the construction of the required
<br />improvements, including all those improvements to be
<br />constructed on existing publicly dedicated or County -owned
<br />property, such as street„ sidewalk, bikepath, lighting,
<br />signalization, traffic control, drainage, water, or sewer
<br />improvements.
<br />5. The County agrees to approve the plat for
<br />recordation in the Public Records of Indian River County,
<br />Florida upon a finding as to compliance with all applicable
<br />provisions of the County's Subdivision and Platting
<br />Ordinance and upon execution hereof. The County shall
<br />accept those areas specifically dedicated to the County for
<br />the purposes indicated on the plat at the time of plat
<br />recordation. However, nothing herein shall be construed as
<br />creating an obligation upon the County to perform any act of
<br />construction or maintenance within such dedicated areas
<br />until such time as the required improvements are
<br />satisfactorily completed. Satisfactory completion in
<br />accordance with the land development permit, plans,
<br />specifications, andordinance requirements of Indian River
<br />County shall be determined by the County and shall be
<br />indicated by specific written approval of the Public Works
<br />Director or his designated representative.
<br />6. In the event the Developer shall fail or neglect to
<br />fulfill its obligations under this contract and as required
<br />by the Code of Laws and Ordinances of Indian River County,.
<br />Florida, the Developer, as principal, and the guarantor or
<br />surety shall be jointly and severally liable to pay for the
<br />cost of construction and installment of the required
<br />improvements to the final total cost, including but not
<br />limited to engineering, construction, legal and contingent
<br />costs, including reasonable attorney's fees incurred by the
<br />County, together with any damages, either direct or
<br />consequential, which the County may sustain as a result of
<br />the failure of Developer to carry out and execute all
<br />2
<br />MAR 2 2 1988
<br />BOOK 71 rA{E 0 9
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