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4M
<br />4D
<br />2. Developer agrees to construct said improvements strictly in accordance with
<br />the land development permit, the most recent set of plans and specifications for this
<br />subdivision approved by the County and on file in the Planning and Development Division,
<br />and all County development regulations and standards, including conditions and
<br />requirements of any applicable County right-of-way permit, all of which are hereby
<br />incorporated by reference and made a part hereof.
<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 effect
<br />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 by the
<br />County, with Developer as principal and the Nova Casualty Company, as the surety, in
<br />the amount of $575,800.91, 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 guaranty shall remain available to the County and
<br />shall not be reduced during the course of construction without an express written
<br />authorization from County. Requested reductions shall not be unreasonably withheld by the
<br />County. Developer may at any time substitute guarantees, subject to the approval as to
<br />form and amount by the County.
<br />4. 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
<br />construction of the subdivision improvements, Developer agrees to indemnify, hold
<br />harmless, 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 construction of
<br />the required improvements, including all those improvements to be constructed on existing
<br />publicly dedicated or County -owned property, such as street, sidewalk, bike path, lighting,
<br />signalization, traffic control, drainage, water, or sewer improvements.
<br />5. The County agrees to approve the plat for recordation in the Public Records of
<br />Indian River County, Florida upon a finding as to compliance with all applicable
<br />provisions of the County's Subdivision and Platting Ordinance and upon execution hereof.
<br />The County shall accept those areas specifically dedicated to the County for the purposes
<br />indicated on the plat at the time of plat recordation. However, nothing herein shall be
<br />construed as creating an obligation upon the County to perform any act of construction or
<br />maintenance within such dedicated areas until such time as the required improvements are
<br />satisfactorily completed. Satisfactory completion in accordance with the land development
<br />permit, plans, specifications, and ordinance requirements of Indian River County shall be
<br />determined by the County and shall be indicated by specific written approval of the Public
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