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Oak Hollow Estates 22� CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO . SD -04-04- 15 -CFC (200311023841312) THIS CONTRACT , made and entered to this 5th day of October, 2004 by and between DILECO DEVELOPMENT, LLC , a Florida Limited Liability Company, hereinafter referred to as " Developer, " and INDIAN RIVER COUNTY, a political subdivision of the State of Florida , by and through its Board of County Com miss ion ers , hereinafter referred to as " County" . WITNESSETH WHEREAS , Developer is commencing proceedings to effect a subdivision of land within Indian River County, Florida : and WHEREAS , a final plat of the subdivision within the unincorporated area of Indian River County shall not be re- cord"'u til the Developer has installed the required improvements or has guaranteed to the satisfaction of the County that such improvements will be installed ; and WHEREAS , Developer requests the approval and recordation of a certain plat to be known as Oak Hollow Estates ; and WHEREAS , tie required improvements are to be installed after recordation of this plat under guarantees posted with the County. NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . Developer agrees to construct on or before October 5, 2005 , in a good and workmanlike manner, those improvements described as follows : See Exhibit "A" attached hereto or otherwise required by the Indian River County Code in connection with the approval of said plat . A copy of the plat shall be recorded in the Public Records of Indian River County , Florida upon the final approval of the Board of County Commissioners and made a part hereof for all purposes . 2 . Developer agrees to construct said improvements strictly in accordance with the land development permit , the most recent set of plans and specifications for this subdivision approved by the County and on file in the Planning and Development Division , and all County development regulations and standards , including conditions and requirements of any applicable County right-of- way permit , all of which are hereby incorporated by reference and made a part hereof. 3 . In order to guarantee performance of this contract, Developer shall simultaneously herewith furnish an irr vocable letter of credit , having an expiration date of not less than ninety ( 90 ) days beyond the date set forth in Paragraph 1 , provided by a banking institution authorized to transact such business in this state , in a form to be approved by the County, naming Developer as customer and FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST as the underwriting bank , in he amount of $ 582 , 375 . 02 , which amount is not less than one hundred fifteen percent ( 115 % ) of the estimated total cost of improvements remaining to be constructed , as determined in accordance with the County's Subdivision and Platting Ordinance . It is understood that the full amount of the Metter of credit shall remain available to the County and shall not be reduced during the course of construction unless approved in writing by the County' s Public Works Director pursuant to Indian River County Code Section 913 . 10 . Requested reductions shall not be