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J 40 r-. • performance bonds may be required, if the cost exceeds $50,000. The COUNTY must approve all engineering and costs prior to work being initiated. b. COUNTY shall contact property owners and diligently pursue acquisition of all right-of-way needed for the construction of 5th Street SW as a major rural collector road. c. The DEVELOPER and COUNTY shall each pay 50% of the cost of survey, engineering, permitting, right-of-way acquisition, construction, inspection and related costs for paving and drainage improvements for a two-lane roadway. d. In the event the COUNTY or other DEVELOPER constructs the aforementioned roadway stated in Paragraph "a" above, the DEVELOPER shall pay 50% of the cost of the engineering, right-of-way, paving and drainage improvements, and related costs, required by this Agreement. e. All Payments will be due to the COUNTY prior to the issuance of a Certificate of Completion for Phase 1I of the Arbor Trace planned development. 3. Entire Agreement. This Agreement embodies the entire agreement between the parties relative to the subject matter hereof, and there is no oral or written agreements between the parties, nor any representations made by either party relative to the subject matter hereof, which are not expressly set forth herein. 4. Amendment. Only a written instrument executed by the party or parties to be bound thereby may amend this Agreement. 5. Time of Essence. Time is of the essence of this Agreement; however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of Florida, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 6. Governing L . This Agreement shall be governed by the laws of the State of Florida and the laws of the United States pertaining to transactions in such State. All of the Parties to this agreement have participated freely in the negotiation and preparation hereof; accordingly, this Agreement shall not be more strictly construed against any one of the parties hereto. 7. Successors and Assian_s: Assienment, This Agreement shall bind and inure to the benefit of the parties and their respective successors and assigns. DEVELOPER may assign DEVELOPER'S rights and obligations under this Agreement to an affiliated or associated legal entity in conjunction with development of the planned residential development. 8. Invalid Provision. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement.