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<br />3. In order to guarantee performance of this contract. Developer shall
<br />simultaneously herewith furnish a performance bond underwritten by a surety insurer
<br />authorized to transact such business in this state, which shall remain in full force and
<br />effect until at least ninety (90) days beyond the date set forth in paragraph i, or until the
<br />covenants of this contract have been fully complied with and satisfactorily completed as
<br />determined by the County pursuant to paragraph 5 below, in a form to be approved by the
<br />County, with Developer as principal andk i e l r� cL i; "': f;a , L as the
<br />surety, in the amount of $ 1,1 J4,:! 2- i ..42- , which amount is not less than one hundred
<br />fifteen percent (115%) of the estimated total cost of improvements remaining to be
<br />constructed, as determined in accordance with the County's Subdivision and Platting
<br />Ordinance. It is understood that the full amount of the guaranty shall remain available to
<br />the County and shall not be reduced during the course of construction without an express
<br />written modification thereof executed by all parties. Requested reductions shall not be
<br />unreasonably withheld by the County. Developer may at any time substitute guarantees,
<br />subject to the approval as to form and amount by the County.
<br />4. Up to $1,000,000.00, or the limits of any applicable underlying or excess
<br />Insurance coverage carried by Developer or to be obtained during the course of the
<br />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 loss
<br />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 Records of
<br />Indian River County, Florida upon a finding as to compliance with all applicable provisions
<br />of the County's Subdivision and Platting Ordinance and upon execution hereof. The
<br />County shall accept those areas specifically dedicated to the County for the purposes
<br />indicated on the plat at the time of plat recordation. However, nothing herein shall be
<br />construed as creating an obligation upon the County to perform any act of construction or
<br />maintenance within such dedicated areas until such time as the required improvements
<br />are satisfactorily completed. Satisfactory completion in accordance with the land
<br />development permit, plans, specifications, and ordinance requirements of Indian River
<br />County shall be determined by the County and shall be indicated by specific written
<br />approval of the Public Works Director or his designated representative, after receipt of a
<br />signed and sealed Certificate of Completion from the project engineer of record.
<br />6. In the event the Developer shall fail or neglect to fulfill its obligations under this
<br />contract and as required by the Indian River County Code, the Developer, as principal,
<br />and the guarantor or surety 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, including
<br />but not limited to engineering, construction, legal and contingent costs, including
<br />reasonable attorney's fees incurred by the County, together with any damages, either
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