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specifications for this subdivision approved by the County and on file in the Planning
<br />and Development Division, and all County development regulations and standards,
<br />including conditions and requirements of any applicable County right-of-way permit, all
<br />of which are hereby incorporated by reference and made a part hereof.
<br />3. In order to guarantee performance of this contract, Developer shall
<br />simultaneously herewith furnish an irrevocable letter of credit, having an expiration date
<br />of not less than twenty-seven (27) months beyond the projected date of plat approval,
<br />provided by a banking institution authorized to transact such business in this state, in a
<br />form to be approved by the County, naming Developer as customer and
<br />.P-I I-% n-g-o,e 1 -t-, as the underwriting bank, in the amount of
<br />$93'4,352.53, wh�mount is not less than one hundred twenty-five percent (125%) of
<br />the estimated total cost of improvements remaining to be constructed, as determined
<br />in accordance with the County's Subdivision and Platting Ordinance. It is understood
<br />that the full amount of the leiter of credit shall remain available to the County until such
<br />time as County notifies the underwriting bank of a reduction to the amount, said
<br />reduced amount to be designated as road and drainage warranty and utility facilities
<br />warranty. Developer may at any time substitute guarantees, subject to the approval as
<br />to form and amount by the County.
<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 construction of the
<br />required improvements, in an amount of up to $1,000,000.00, or the limits of any
<br />applicable • underlying or excess insurance coverage carried by Developer or to be
<br />obtained during the course of the construction of the subdivision improvements,
<br />including all those improvements to be constructed on existing publicly dedicated or
<br />County-owned property, such as street, sidewalk, bikepath, lighting, signalization,
<br />traffic control, drainage, water, or sewer improvements.
<br />5. The County agrees to approve the plat for recordation in the Public
<br />Records of Indian River County, Florida upon a finding as to compliance with all
<br />applicable provisions of the County's Subdivision and Platting Ordinance and upon
<br />execution hereof. The County shall accept those areas specifically dedicated to the
<br />County for the purposes indicated on the plat at the time of plat recordation. However,
<br />nothing herein shall be construed as creating an obligation upon the County to perform
<br />any act of construction or maintenance within such dedicated areas until such time as
<br />the required improvements are satisfactorily completed.
<br />Developer shall remain responsible for utility meter boxes, sewer clean
<br />outs, and drainage culvert inverts, to be in good repair, accessible, correctly plumbed,
<br />and not covered with topsoil, concrete or impervious material for the 1-year
<br />maintenance period commencing after County issuance of a Certificate of Completion.
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