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amount of $97,879.00, which amount is not less than one <br />hundred fifteen percent (115%) of the estimated total cost of <br />improvements remaining to be constructed, as determined in <br />accordance with the County's Subdivision and Platting <br />Ordinance. It is understood that the full amount of the guaranty <br />shall remain available to the County and shall not be reduced <br />during the course of construction without an express written <br />modification thereof executed by all parties. Requested <br />reductions shall not be unreasonably withheld by the County. <br />Developer may at any time substitute guarantees, subject to the <br />approval as to form and amount by the County." <br />Paragraphs 6, 7 and 8 are modified to allow the County to look to the Developer <br />and the Performance Bond rather than the Developer and the cash escrow for performance of <br />paragraphs 6, 7 and 8 which are modified to read as follows: <br />"6. In the event the Developer shall fail or neglect to fulfill its <br />obligations under this contract and as required by the Indian <br />River County Code, the Developer, as principal, and the <br />guarantor or surety shall be jointly and severally liable to pay for <br />the cost of construction and installment of the required <br />improvements to the final total cost, including but not limited to <br />engineering, construction, legal and contingent costs, including <br />reasonable attorney's fees incurred by the County, together with <br />any damages, either direct or consequential, which the County <br />may sustain as a result of the failure of Developer to carry out <br />and execute all provisions of this contract and applicable <br />ordinances of the County. In no event, however, shall the liability <br />of the guarantor or surety under this paragraph exceed the total <br />amount of the original obligation stated in the guaranty or surety <br />instrument, less any approved reductions thereto. <br />7. The parties agree that the County at its option shall have the <br />right, but not the obligation, to construct and install or, pursuant <br />to receipt of competitive bids, cause to be constructed and <br />installed the required improvements in the event Developer shall <br />fail or refuse to do so in accordance with the terms of this <br />contract. Developer expressly agrees that the County may <br />demand and draw upon the existing guaranty or surety for the <br />final total cost of the improvements. Developer shall remain <br />wholly liable for any resulting deficiency, should the guaranty or <br />surety be exhausted prior to completion of the required <br />improvements. In no event shall the County be obligated to <br />expend public funds, or any funds other than those provided by <br />the Developer, the guarantor, or surety, to construct the required <br />improvements. <br />d. Any guaranty or surety provided to the County by Developer <br />with respect to this contract shah exist soWy for the use rind <br />