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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 1, 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 �h,.
<br />the County, with Developer as principal and-Paveler s � i 4 Sulu Co.as
<br />the surety, in the amount of $197,000.00, which amount is not Itess than one hundred
<br />fifteen percent (115%) of the estimated total cost of improvements remaining to be
<br />constructed and warrantied for one year. It is understood that the full amount of the
<br />guaranty shall remain available to the County and shall not be reduced during the
<br />course of construction without an express written modification thereof executed by all
<br />parties. Requested reductions shall not be unreasonably withheld by the County..
<br />Developer may at any 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 improvements, Developer agrees to indemnify, hold harmless,
<br />and defend the County against any and all claims, damages, losses, and expenses,
<br />including attorney's fees, for property damage, personal or bodily injury, or loss of life,
<br />arising from the negligent acts or omissions of the Developer, its officers, employees,
<br />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, bi'kepath, lighting, signalization, traffic control, drainage, water, or sewer
<br />improvements.
<br />5. Nothing herein shall be construed as creating an obligation upon the
<br />County to perform any act of construction or maintenance until such time as the
<br />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 utilities Director or his designated
<br />representative, after receipt of a signed and sealed Certificate of Completion from the
<br />project engineer of record.
<br />6. In the event the Developer shall fail or neglect to fulfill its obligations
<br />under this contract and as required by the Indian River County Code, the Developer, as
<br />principal, and the guarantor or surety shall be jointly and severalty liable to pay for the
<br />cost of construction and installment of the required improvements to the final total cost,
<br />including but not limited to engineering, construction, legal and contingent costs,
<br />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
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