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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 Tess than ninety (90) days beyond the date set forth in Paragraph 1, provided by
<br />a banking institution authorized to transact such business in this state, in a form to be
<br />approved by the County, naming Developer as customer and Wells Fargo Bank, N.A.,
<br />as the underwriting bank, in the amount of $3,044,188.14, which amount is not Tess
<br />than one hundred twenty-five percent (125%) of the estimated total cost of
<br />improvements remaining to be constructed, as determined in accordance with the
<br />County's Subdivision and Platting Ordinance. It is understood that the full amount of
<br />the letter of credit shall remain available to the County and shall not be reduced during
<br />the course of construction. Developer may at any time substitute guarantees, subject
<br />to the approval as 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 attorney's
<br />fees, for property damage, personal or bodily injury, or loss of life, arising from the
<br />negligent acts or omissions of the Developer, its officers, employees, agents, or
<br />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, traffic
<br />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.
<br />Notice of this ongoing responsibility shall be provided by Developer to any subsequent
<br />builder/homeowner.
<br />Satisfactory completion in accordance with the land development permit,
<br />plans, specifications, and ordinance requirements of Indian River County shall be
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