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of Indian River County, Florida upon the final approval of the Board of County
<br />Commissioners and 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
<br />Planning and Development Division, and all County development regulations and
<br />standards, including conditions and requirements of any applicable County right-
<br />of-way permit, all of which are hereby incorporated by reference and made a part
<br />hereof.
<br />3. In order to guarantee performance of this contract, Developer shall
<br />simultaneously herewith furnish an irrevocable letter of credit, having an
<br />expiration date of not less than ninety (90) days beyond the date set forth in
<br />Paragraph 1, provided by a banking institution authorized to transact such
<br />business in this state, in a form to be approved by the County, naming Developer
<br />as customer and First National Bank and Trust {Company, as the underwriting
<br />bank, in the amount of $943,344.00, which amount is not less than one hundred
<br />fifteen percent (115%) of the estimated total cost of improvements remaining to
<br />be constructed, as determined in accordance with the County's Subdivision and
<br />Platting Ordinance. It is understood that the full amount of the letter of credit
<br />shall remain available to the County and shall not be reduced during the course
<br />of construction without an express written modification thereof executed by all
<br />parties. Requested reductions shall not be unreasonably withheld by the
<br />County. Developer may at any time substitute guarantees, subject to the
<br />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
<br />course of the construction of the subdivision improvements, Developer agrees to
<br />indemnify, hold harmless, and defend the County against any and all claims,
<br />damages, losses, and expenses, including attorney's fees, for property damage,
<br />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,
<br />subcontractors, laborers, or suppliers, relating to the construction of the required
<br />improvements, including all those improvements to be constructed on existing
<br />publicly dedicated or County -owned property, such as street, sidewalk, bikepath,
<br />lighting, signalization, traffic control, drainage, water, or sewer improvements.
<br />5. The County agrees to approve the plat for recordation in the Public
<br />Records of Indian Diver County, Florida upon a finding as to compliance with all
<br />applicable provisions of the County's Subdivision and Platting Ordinance and
<br />upon execution hereof. The County shall accept those areas specifically
<br />dedicated to the County for the purposes indicated on the plat at the time of plat
<br />recordation. However, nothing herein shall be construed as creating an
<br />obligation upon the County to perform any act of construction or maintenance
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