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Notice of this ongoing responsibility shall be provided by Developer to any subsequent builder/homeowner. Satisfactory completion in accordance with the land development permit, plans, specifications, and ordinance requirements of Indian River County shall be determined by the County and shall be indicated by specific written approval of the Public Works Director or his designated representative, in coordination with the Utility Services Director, after receipt of a signed and sealed Certificate of Completion from the project engineer of record. Once the required improvements are completed to the satisfaction of County, Developer acknowledges that Developer is responsible for posting a 1 -year warranty for road and drainage improvements as well as utility facilities, if applicable, in the amount of 25% of the costs of such improvements as approved by the Public Works Director and Utility Services Director, if applicable; and that appropriate warranty agreement and bill(s) of sale will need to be entered into. At the appropriate time when the warranty security is to be posted, County will notify the underwriting bank and Developer that the funds posted under this Contract for Construction of Required improvements are to be reduced and redesignated as warranty security for road and drainage improvements as well as utility facilities, if applicable. Said reduction and redesignation shall be by either an amendment to the existing letter of credit acceptable to the County Attorney, or a newly issued letter of credit acceptable to the County Attorney with its expiration date being no less than 15 months. 6. In the event the Developer shall fail or neglect to fulfill its obligations under this contract and as required by the Indian River County Code, the Developer, as principal, and the letter of credit (or any County approved substituted guarantees) shall be jointly and severally liable to pay -for the cost of construction and installment of the required improvements and warranty to the final total cost, including but not limited to engineering, construction, legal and contingent costs, including reasonable attorney's fees incurred by the County, together with any damages, either direct or consequential, which the County may sustain as a result of the failure of Developer to carry out and execute all provisions of this contract and applicable ordinances of the County. In no event, however shall the liability of the underwriting bank (or any County approved substituted guarantees) under this paragraph exceed the. total amount of the original obligation stated in the letter of credit (or any County approved substituted guarantees). 7. The parties agree that the County at its option shall have the right, but not the obligation, to construct and install or, pursuant to receipt of competitive bids, cause to be constructed and installed the required improvements in the event Developer shall fail or refuse to do so in accordance with the terms of this contract. Developer expressly agrees that the County may demand and draw upon the existing letter of credit (or any County approved substituted guarantees) for the final total co=st of the improvements and warranty. Developer shall remain wholly liable for any resulting deficiency, should the letter of credit (or any County approved substituted guarantees) be exhausted prior to completion of the. required improvements. in no 59