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4D
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<br />L_J
<br />during the course of construction without an express written authorization from County. Requested
<br />reductions shall not be 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 />A. 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 construction of
<br />the subdivision improvements, Developer agrees to Indemnify, hold harmless, and defend the
<br />County against any and all claims, damages, losses, and expenses, including attorney's fees, for
<br />property damage, personal or bodily injury, or loss of life, arising from the negligent acts or
<br />omissions of the Developer, its officers, employees, agents, or contractors, subcontractors, laborers,
<br />or suppliers, relating to the construction of the required improvements, including all those
<br />improvements to be constructed on existing publicly dedicated or County -owned property, such as
<br />street, sidewalk, bikepath, lighting, signaization, traffic control, drainage, water, or sewer
<br />improvements.
<br />5, The County agrees to issue a certificate of occupancy upon a finding as to
<br />compliance with all applicable provisions of the County's Site Plan Ordinance and upon execution
<br />hereof. The County shall accept those areas specifically dedicated to the County for the purposes
<br />indicated on the site plan. However, nothing herein shall be construed as creating an obligation
<br />upon the County to perform any act of construction or maintenance within such dedicated areas until
<br />such time as the required improvements are satisfactorily completed. Satisfactory completion in
<br />accordance with the land development permit, plans, specifications, and ordinance requirements of
<br />Indian River 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 signed and
<br />sealed Certificate of Completion from the project engineer of record.
<br />6. In the event the Developer shall fait or neglect to fulfill its obligations under
<br />this contract and as required by the Indian River County Code, the Developer, as principal, and the
<br />letter(s) of credit shall be jointly and severally liable to pay for the cost of construction and
<br />installment of the required improvements to the final total cost, including but not limited to
<br />engineering, construction, legal and contingent costs, including reasonable attorney's fees incurred
<br />by the County, together with any damages, either direct or consequential, which the County may
<br />sustain as a result of the failure of Developer to carry out and execute all provisions of this contract
<br />and applicable ordinances of the County. In no event, however shall the liability of the underwriting
<br />bank under this paragraph exceed the total amount of the original obligation stated in the letter(s) of
<br />credit, less any approved reductions thereto.
<br />7. The parties agree that the County at its option shall have the right, but not
<br />the obligation, to construct and install or, pursuant to receipt of competitive bids, cause to be
<br />constructed and installed the required improvements in the event Developer shall fail or refuse to do
<br />so in accordance with the terms of this contract. Developer expressly agrees that the County may
<br />demand and draw upon the existing tetter(s) of credit for the final total cost of the improvements.
<br />Developer shall remain wholly liable for any resulting deficiency, should the letter(s) of credit be
<br />exhausted prior to completion of the required improvements. In no event shall the County be
<br />obligated to expend public funds, or any funds other than those provided by the Developer, or the
<br />underwriting bank to construct the required improvements.
<br />B. Any letter(s) of credit provided to the County by Developer with respect to
<br />this contract shall exist solely for the use and benefit of the County and shall not be construed or
<br />intended In any way, expressly or impliedly, to benefit or secure payment to any subcontractor,
<br />laborer, materialman or other party providing tabor, material, supplies, or services for construction of
<br />the required improvements, or to benefit any lot purchaser(s), unless the County shall agree
<br />otherwise in writing.
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