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40 <br />• <br />40 <br />within such dedicated areas until such time as the required improvements are <br />satisfactorily completed. Satisfactory completion in accordance with the land <br />development permit, plans, specifications, and ordinance requirements of Indian <br />River County shall be determined by the County and shall be indicated by <br />specific written approval of the Public Works Director or his designated <br />representative, after receipt of a signed and sealed Certificate of Completion <br />from the 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 <br />Developer, as principal, and the letter(s) of credit shall be jointly and severally <br />liable to pay for the cost of construction and installment of the required <br />improvements to the final total cost, including but not limited to engineering, <br />construction, legal and contingent costs, including reasonable attorney's fees <br />incurred by the County, together with any damages, either direct or <br />consequential, which the County may sustain as a result of the failure of <br />Developer to carry out and execute all provisions of this contract and applicable <br />ordinances of the County. In no event, however, shall the liability of the <br />underwriting bank under this paragraph exceed the total amount of the original <br />obligation stated in the letter(s) of credit, less any approved reductions thereto. <br />7. The parties agree that the County at its option shall have the right, but <br />not the obligation, to construct and install or, pursuant to receipt of competitive <br />bids, cause to be constructed and installed the required improvements in the <br />event Developer shall fail or refuse to do so in accordance with the terms of this <br />contract. Developer expressly agrees that the County may demand and draw <br />upon the existing letter(s) of credit for the final total cost of the improvements. <br />Developer shall remain wholly liable for any resulting deficiency, should the <br />letter(s) of credit be exhausted prior to completion of the required improvements. <br />In no event shall the County be obligated to expend public funds, or any funds <br />other than those provided by the Developer, the underwriting bank to construct <br />the required improvements. <br />8. Any letter(s) of credit provided to the County by Developer with respect <br />to this contract shall exist solely for the use and benefit of the County and shall <br />not be construed or intended in any way, expressly or impliedly, to benefit or <br />secure payment to any subcontractor, laborer, materialman or other party <br />providing labor, material, supplies, or services for construction of the required <br />improvements, or to benefit any lot purchaser(s), unless the County shall agree <br />otherwise in writing. <br />9. This agreement is the full and complete understanding of the parties <br />and shall not be construed or amplified by reference to any other agreement, <br />discussion, or understanding, whether written or oral, except as specifically <br />mentioned herein. This agreement shall not be assigned without the express <br />written approval of the County. Any amendment, do-ietion, modification, <br />