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Notice of this ongoing responsibility shall be provided by Developer to any subsequent <br />builderlhomeowner. <br />Satisfactory completion in accordance with the land development permit, <br />plans, specifications, and ordinance requirements of Indian River County shall be <br />determined by the County and shall be indicated by specific written approval of the <br />Public Works Director or his designated representative, after receipt of a signed and <br />sealed Certificate of Completion from the project engineer of record. Once the required <br />improvements are completed to the satisfaction of County, Developer acknowledges <br />that Developer is responsible for posting a 1 -year warranty for road and drainage <br />improvements as well as utility facilities, if applicable; in the amount of 25% of the costs <br />of such improvements; and that appropriate warranty agreement and bill(s) of sale will <br />need to be entered into, The funds posted under this Contract for Construction of <br />Required Improvements will not be released until the applicable 1 -year warranty <br />postings and appropriate warranty agreement and bill(s) of sale are in place. <br />6.. In the event the Developer shall fail or neglect to fulfill its <br />obligations under this contract and as required by the Indian River County Code, the <br />Developer, as principal, and the letter of credit (or any County approved substituted <br />guarantees) shall be jointly and severally liable to pay for the cost of construction and <br />installment of the required improvements and warranty to the final total cost, Including <br />but not limited to engineering., construction, legal and contingent costs, Including <br />reasonable attorney's fees incurred by the County, together with any damages, either <br />direct or consequential, which the County may sustain as a result of the failure of <br />Developer to carry out and execute all provisions of this contract and applicable <br />ordinances of the County: In no event, however shall the liability of the underwriting <br />bank (or any County approved substituted guarantees) under this paragraph exceed the <br />total amount of the original obligation stated in the letter of credit (or any County <br />approved substituted guarantees): <br />7; The parties agree that the County at its option shall have the right, <br />but not the obligation, to construct and install or, pursuant to receipt of competitive bids, <br />cause to be constructed and installed the required improvements in the event <br />Developer shall fall or refuse to do so in accordance with the terms of this contract. <br />Developer expressly agrees that the County may demand and draw upon the existing <br />letter of credit (or any County approved substituted guarantees) for the final total cost of <br />the improvements and warranty. Developer shall remain wholly liable for any resulting <br />deficiency, should the letter of credit (or any County approved substituted guarantees) <br />be exhausted prior to completion of the required improvements, In no event shall the <br />County be obligated to expend public funds, or .any funds other than those provided by <br />the Developer, or the underwriting batik (or any County approved substituted <br />guarantees) to construct and warranty the required improvements. Developer hereby <br />gives permission to County, County's contractors and subcontractors to go on its <br />property, known as proposed Harmony Reserve PD — Phase 2, for purposes of <br />completing the required improvements. If any portion of the property is sold by <br />Developer, Developer acknowledges that the granting of this permission will be <br />P5 6 <br />