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40 Bank, as the underwriting bank, in the amount of $310,903.59, which amount is not
<br />less than one hundred fifteen percent (115%) of the estimated total cost of
<br />improvements remaining to be constructed, as determined in accordance with the
<br />a, 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 without an express written modification thereof executed by
<br />all parties. requested reductions shall not be unreasonably withheld by the County.
<br />Developer may at ary time substitute guarantees, subject to the approval as to Form
<br />and amount by the County.
<br />4, Up to $1,000,000,00, or the limits of any applicable underlying or
<br />excess insurance coverage carried by Developer or to be obtained during the course of
<br />the construction of the subdivision improvements, Developer agrees to indemnify, hold
<br />harmless, and defend the County against any and all claims, damages, losses, and
<br />expenses, including attorney's fees, for property damage, personal or bodily injury, or
<br />loss of life, arising from the negligent acts or omissions of the Developer, its officers,
<br />employees, agents, or contractors, subcontractors, laborers, or suppliers, relating to the
<br />construction of the required improvements, including all those improvements to be
<br />constructed on existing publicly dedicated or County -owned property, such as street,
<br />sidewalk, bikepath, lighting, signalization, traffic control, drainage, water, or sewer
<br />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 previsions 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. Satisfactory completion in
<br />accordance with the land development permit, plans, specifications, and ordinance
<br />requirements of Indian River County shall be determined by the County and shall be
<br />indicated by specific written approval of the Public Works Director or his designated
<br />representative, after receipt of a signed and sealed Certificate of Completion from the
<br />project engineer of record.
<br />E. In the event the Developer shall fail or neglect to fulfill its
<br />obligations under this contract and as required by the Indian River County Code, the
<br />Developer, as principal, and the letter(s) of credit shall be jointly and severally liable to
<br />pay for the cost of construction and installment of the required improvements to the final
<br />total cost, including but not limited to engineering, construction, legal and contingent
<br />costs, 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 result of
<br />the failure of Developer to carry out and execute all provisions of this contract and
<br />applicable ordinances of the County. In no event, however shall the liability of the
<br />underwriting bank under this paragraph exceed the total amount of the original
<br />obligation stated in the letter(s) of credit, less any approved reductions thereto.
<br />7. The parties agree that the County at its option shall have the right,
<br />but not the obligation, to construct and install or, pursuant to receipt of competitive bids,
<br />cause to be constructed and installed the required improvements in the event
<br />Developer shall fail or refuse to do so in accordance with the terms of this contract.
<br />Developer expressly agrees that the County may demand and draw upon the existing
<br />letter(s) of credit for the final total cast of the improvements. Developer shall remain
<br />wholly liable for any resulting deficiency, should the letter(s) of credit be exhausted prior
<br />to completion of the required improvements. In no event shall the County be obligated
<br />to expend public funds, or any funds other than those provided by the Developer, or the
<br />underwriting bank to construct the required improvements.
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