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3. In order to guarantee performance of this contract, Developer shall
<br />simultaneously herewith furnish either cash or a letter of credit, to be approved by the
<br />County Attorney, naming Indian River County Office of Management and Budget, as
<br />the escrow agent or beneficiary, in the amount of $100,485,00, which amount is not
<br />less than one hundred twenty-five percent (125%) of the estimated total cost of the
<br />final lift of asphalt. It is understood that the full amount of the above-described security
<br />shall remain available to the County and shall not be reduced.
<br />4. Developer agrees to indemnify, hold harmless, and defend the
<br />County against any and all claims, damages, losses, and expenses, including
<br />attorney's fees, for property damage, personal or bodily injury, or loss of life, arising
<br />from the negligent acts or omissions of the Developer, its officers, employees, agents,
<br />or contractors, subcontractors, laborers, or suppliers, relating to the installation of the
<br />final lift of asphalt, in an amount of not less than $1,000,000.00, or the limits of any
<br />applicable underlying or excess insurance coverage carried by Developer.
<br />5. In the event the Developer shall fail or neglect to fulfill its obligations
<br />under this contract, the Developer, as principal, and the posted funds shall be liable to
<br />pay for the cost of the final lift of asphalt to the final total cost, including but not limited
<br />to engineering, construction, legal and contingent costs, including reasonable
<br />attorney's fees incurred by the County, together with any damages, either direct or
<br />consequential, which the County may sustain as a result of the failure of Developer to
<br />carry out and execute all provisions of this contract and applicable ordinances of the
<br />County. Developer hereby gives permission to County, County's contractors and
<br />subcontractors to go on its property for purposes of completing the required
<br />improvements. if any portion of the property is sold by Developer, Developer
<br />acknowledges that the granting of this permission will be preserved and recited in any
<br />document transferring title to Developer's successor and/or assigns.
<br />6. The parties agree that the County at its option shall have the right,
<br />but not the obligation, to construct/install or, pursuant to receipt of competitive bids,
<br />cause to be constructed and installed the final lift of asphalt in the event Developer
<br />shall fail or refuse to do so in accordance with the terms of this contract. Developer
<br />expressly agrees that the County may demand and draw upon the security posted for
<br />the final total cost of the work. Developer shall remain wholly liable for any resulting
<br />deficiency, should the posted security be exhausted prior to completion of the required
<br />improvements. In no event shall the County be obligated to expend public funds, or
<br />any fund other than those provided by the Developer to complete the work.
<br />7. Any posted security provided to the County by Developer with respect
<br />to this contract shall exist solely for the use and benefit of the County and shall not be
<br />construed or intended in any way, expressly or impliedly, to benefit or secure payment
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