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WHEREAS, upon completion of the Improvements by Developer and upon <br />approval of same by the County Utility Director, seventy-five (75%) percent of the security will <br />be released by County with the remaining twenty-five (250/6) percent to be held as warranty <br />security for one (1) year from the date of approval by the County Utilities Director. Additionally, <br />if security is posted in the form of a letter of credit, that letter of credit must remain valid for 90 <br />days beyond the 1 -year warranty period; and <br />WHEREAS, at the completion of the Improvements, Developer agrees to execute <br />a Warranty and Guaranty Agreement and Bill of Sale to warranty the Improvements for a period <br />of one year against defects due to faulty field engineering, workmanship, or materials, secured <br />with the remainder twenty five ( 250/6 ) percent security mentioned above; and <br />WHEREAS, nearing the end of the 1 -year warranty period, or sooner if the need <br />arises, County will cause inspections to be performed to determine if the Improvements remain <br />free from defects due to faulty field engineering, workmanship, or materials. If the <br />Improvements are determined to be acceptable, then the remaining twenty-five (25%) percent <br />security will be released by the County Utilities Director at the end of the warranty period. In the <br />alternative, if the Improvements are found to be defective, County will notify Developer of such <br />defect(s) and Developer must immediately cure the defect(s). Failure to cure any defects will <br />result in the Developer, as principal, and the escrowed cash or letter of credit being jointly and <br />severally liable to pay for the repairs; and <br />WHEREAS, failure by Developer to construct the Improvements within the 12 - <br />month period from the date the security is provided will cause Developer to be in default under <br />this Contract, and Developer and the underlying security shall be jointly and severally liable to pay <br />for the cost of construction and installment or removal of the Improvements to the final total cost <br />including warranty; <br />NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND <br />PROMISES HEREIN CONTAINED, the parties agree as follows: <br />1. Developer agrees to construct on or before one year after the Effective Date <br />herein described, in a good and workmanlike manner, the Improvements, which are described as <br />follows: <br />See Exhibit "A' attached hereto <br />2. Developer agrees to construct said Improvements strictly in accordance <br />with the conditions of project approval and requirements of any applicable Florida East Coast <br />Railway, LLC requirements, all of which are hereby incorporated by reference and made a part <br />hereof. <br />3. In order to guarantee performance of this Contract, Developer shall <br />simultaneously herewith furnish either cash or an irrevocable letter of credit, having an <br />expiration date of not less than 27 months from the Effective Date of this Contract, provided by <br />a banking institution acceptable to the County, in a form to be approved by the County, naming <br />Developer or Developer's contractor, as customer and the underwriting bank, in the amount of <br />One Hundred Sixteen Thousand, Six Hundred Fifteen and 1/100 Dollars $116.615.01 which <br />amount is not less than one hundred and fifteen percent (115°/x) of the estimated total cost of <br />16 <br />