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<br />40 as customer and Fidelity Federal Savings Bank, as the underwriting bank, in
<br />the amount of $27,065.25, which amount is not less than one hundred fifteen
<br />percent (115%) of the estimated total cost of improvements remaining to be
<br />constructed, as determined in accordance with the County's Subdivision and
<br />Platting Ordinance. It is understood that the full amount of the letter of credit
<br />shall remain available to the County and shall not be reduced during the course
<br />® of construction without an express written modification thereof executed by all
<br />parties. Requested reductions shall not be unreasonably withheld by the
<br />County. Developer may at any time substitute guarantees, subject to the
<br />approval as to form and amount by the County.
<br />e
<br />4, up to $1,000,000.00, or the limits of any applicable underlying
<br />or excess insurance coverage carried by Developer or to be obtained during the
<br />course of the construction of the subdivision improvements, Developer agrees to
<br />indemnify, hold harmless, and defend the County against any and all claims,
<br />damages, losses, and expenses, including attorney's fees, for property damage,
<br />personal or bodily injury, or loss of life, arising from the negligent acts or
<br />omissions of the Developer, its officers, employees, agents, or contractors,
<br />subcontractors, laborers, or suppliers, relating to the construction of the required
<br />sidewalk improvements, including all those improvements to be constructed on
<br />existing publicly dedicated or County owned property.
<br />5. The County agrees to approve the Final Plat, upon a finding
<br />as to compliance with all applicable provisions of the County's Development
<br />Regulations and Ordinances and upon execution hereof. However, nothing
<br />herein shall be construed as creating an obligations upon the County to perform
<br />any act or construction or maintenance until such time as the required
<br />improvements are satisfactorily completed. Satisfactory completion in
<br />accordance with the land development permit, plans specifications, and
<br />ordinance requirements of Indian River County shall be determined by the
<br />County and shall be indicated by specific written approval of the Public Works
<br />Director or his designated representative, after receipt of a signed and sealed
<br />Certificate of Completion from the project engineer of record.
<br />6. The County agrees to issue building permits and Certificates
<br />of Occupancy prior to the installation of required sidewalk improvements so long
<br />as Developer is not in default of the terms of this Contract.
<br />7. In the event the Developer shall fail or neglect to fulfill its
<br />obligations under this contract and as required by the Code of Laws and
<br />Ordinances of Indian River County, Florida, the Developer, as principal, and the
<br />letter of credit shall be jointly and severally liable to pay for the cost of
<br />construction and installment of the required improvements to the final total cost,
<br />including but not limited to engineering, construction, legal and contingent costs,
<br />including reasonable attorney's fees incurred by the County, together with any
<br />damages, either direct or consequential, which the County may sustain as a
<br />result of the failiire of Developer to c --r.-,, out and execute all provisions of this
<br />contract and applicable ordinances of the County. In no event, however, shall
<br />the liability of the underwriting bank under this paragraph exceed the total
<br />amount of the original obligation stated in the letter of credit, less any approved
<br />reductions thereto.
<br />8. The parties agree that the County at its option shall have the
<br />right, but not the obligation, to construct and install or, pursuant to receipt of
<br />competitive bids, cause to be constructed and installed the required
<br />improvements in the event Developer shall fail or refuse to do so in accordance
<br />with the terms of this contract. Developer expressly agrees that the County may
<br />demand and draw upon the existing letter of credit for the final total cost of the
<br />improvements. Developer shall remain wholly liable for any resulting deficiency,
<br />should the letter of credit be exhausted prior to completion of the required
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