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® CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. SD 80-16-229 ® THIS CONTRACT, made and entered into this 7th day of February, 1984, by and between CORPORATE INVESTMENT COMPANY, INC. under the laws of the State of Florida, hereinafter referred to as "Developer" and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, by and through its Board of County Commissioners, hereinafter referred to as "County." W I T N E S S E T H WHEREAS, Developer is commencing proceedings to effect a subdivision of land within Indian River County, Florida; and WHEREAS, Developer requests the approval and recordation of a certain plat to be known as SEAGROVE WEST SUBDIVISION; and WHEREAS, the required improvements are to be installed after recordation of this plat under guarar.Lees posted with the County. NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties- as follows; within ry 1. Developer agrees to construct/one year after platting, in a good and workmanlike manner, those improvements described as follows; roads, storm drainage, and sewer collection or otherwise required by the Code of Laws and Ordinances of Indian River County in connection with the approval of said plat. A copy of the plat shall be recorded in the Public Records of Indian River County, Florida upon the final approval of the Board of County Commissioners and made a part hereof for all purposes. 2. Developer agrees to construct said improvements strictly in accordance with the land development permit, the most recent set of plans and specifications for this subdivision approved by the County and on file in the Planning and Development Division, and all County development regulations anc? standards, including conditions and requirements of any applicable County right-of-way permit, all of which are hereby incorporated by reference and made a part hereof. 3. In order to guarantee performance of this contract, Developer shall simultaneously herewith furnish an executed cash deposit and escrow agreement, in a form to be approved by the County, between Developer and HARBOR FEDERAL SAVINGS AND LOAN ASSOCIATION, a banking institution authorized to transact such business in this state, as the escrow agent, in the amount of $503,191.24, which amount is not less than one hundred and fifteen (115%) percent of the estimated total cost of improvements remaining to be constructed, as determined in accordance with the County's Subdivision and Platting Ordinance. It is understood that the full amount of the escrow deposit shall remain available to the County and shall not be reduced during the course of construction, except in accordance with the procedures set forth in the escrow agreement. Developer may at any time substitute guarantees, subject to the approval as to form and amount by the County. 4. Up to the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements, Developer agrees to indemnify, hold harmless, and defend the County against any and all claims, damages, losses and expenses, cql