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Am <br />s <br />l_ 1 <br />County, Florida upon the final approval of the Board of County Commissioners and <br />made a part hereof for all purposes. <br />2. Developer agrees to construct said improvements strictly in <br />accordance with the land development permit, the most recent set of plans and <br />specifications for this subdivision approved by the County and on file in the Planning <br />and Development Division, and all County development regulations and standards, <br />including conditions and requirements of any applicable County right-of-way permit, all <br />of which are hereby incorporated by reference and made a park hereof. <br />3. In order to guarantee performance of this contract, Developer shall <br />simultaneously herewith furnish an irrevocable letter of credit, having an expiration date <br />of not less than ninety (90) days beyond the date set forth in Paragraph 1, provided by <br />a banking institution authorized to transact such business in this state, in a form to be <br />approved by the County, naming Developer as customer and <br />First union Nat`onal n , as the underwriting bank, in the amount of <br />$ 862,537,34 _ , which amount is not less than one hundred fifteen percent <br />(115%) of the estimated total cost of improvements remaining to be constructed, as <br />determined in accordance with the County's Subdivision and Platting Ordinance. It is <br />understood that the full amount of the letter of credit shall remain available to the <br />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 <br />guarantees, 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 <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 provisions 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 />