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Developer may at any time substitute guarantees, subject to approval as to
<br />form and amount by the County.
<br />4. Developer may request the County to release letters of credit
<br />when the cost to complete remaining work has been reduced to an amountwhich
<br />is not greater then the total funds which would remain covered by letters(s)
<br />of credit not previously released or for which release has not been requested
<br />divided by 115%. Such request shall be accompained by an engineer's certificate
<br />providing an estimate of the cost to complete remaining work. Such request
<br />shall also be accompanied by a signed and sealed Certificate of Completion
<br />from the Engineer of Record for the portion of the required improvements
<br />covered by the Letter of Credit to be released. Satisfactory completion in
<br />accordance with the land development permit, plans, specifications and
<br />ordinance requirements of Indian River county shall be determined by the
<br />County. After receipt of the certificates of cost and completion, and
<br />determination of satisfactory completion as indicated by specific written
<br />approval, the Public Works Director or his designated representative shall
<br />provide written authorization for the Office of Management and Budget to
<br />release a Letter of Credit.
<br />5. Up to $1,000,000.00, or the limits of any applicable under-
<br />lying or excess insurance coverage carried by Developer or to be obtained
<br />during the course of the construction of the Estuarine System improvements,
<br />Developer agrees to indemnify, hold harmless, and defend the County against
<br />any and all claims, damages, losses, and expenses, bodily injury, or loss
<br />of life, arising from the negligent acts or omissions of the Developer,
<br />its officers, employees, agents, or contractors, subcontractors, laborers,
<br />or suppliers, relating to the construction of the required improvements,
<br />including all those improvements to be constructed on existing publicly
<br />dedicated or County -owned property, such as street, sidewalk, bikepath,
<br />lighting, signalization, traffic control, drainage, water, or sewer impro-
<br />vements.
<br />6. In theevent the Developer shall fail or neglect to fulfill
<br />its obligations under this contract, and as required by the Code of Laws
<br />and Ordinances of Indian River County, Florida, the Developer, as principal,
<br />and the underwriting bank shall be jointly and severally liable to pay for
<br />the cost of construction and installment of the required improvements to
<br />the final total cost, including but not limited to engineering, construction,
<br />legal and contingent costs, including reasonable attorney's fees incurred by
<br />the County, together with any damages, either direct or consequential, which
<br />the County may sustain as a result of the failure of Developer to carry out
<br />and execute all provisions of this contract and applicable ordinances of the
<br />County. In no event, however, shall the liability of the underwriting bank
<br />under this paragraph exceed the total amount of the original obligation
<br />stated in the Letter of Credit.
<br />7. The parties agree that the County at its option shall have the.
<br />right, but not the obligation, to construct and install or, pursuant to receipt
<br />of competitive bids, cause to be constructed and installed the required improv-
<br />ments in the event Developer shall fail or refuse to do so in accordance with
<br />the terms of this contract. Developer expressly agrees that the County may
<br />demand and draw upon the existing guaranty or surety for the final total cost
<br />of the improvements. Developer shall remain wholly liable for any resulting
<br />deficiency, should the Letter of Credit be exhausted prior to completion of the
<br />required improvements. In no event shall the County be obligated to expend
<br />public funds, or any funds other than those provided by the Developer, or the
<br />Underwriting Bank to construct the required improvements.
<br />17
<br />R22 1988
<br />BOOK 71 PAGE 315
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