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<br /> unreasonably withheld by the 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 excess insurance
<br /> coverage carried by Developer or to be obtained during the course of the construction of the
<br /> subdivision improvements , Developer agrees to indemnify , hold harmless , and defend the County
<br /> against any and all claims , damages , losses , and expenses , including attorney' s fees , for property
<br /> damage , personal or bodily injury , or loss of life , arising from the negligent acts or omissions of the
<br /> Developer , its officers , employees , agents , or contractors , subcontractors , laborers , or suppliers ,
<br /> relating to the construction of the required improvements , including all those improvements to be
<br /> constructed on existing publicly dedicated or County-owned property , such as street , sidewalk , bike
<br /> path , lighting , signalization , traffic control , drainage , water , or sewer improvements .
<br /> 5 . The County agrees to approve the plat for recordation in the Public Records of Indian
<br /> River County , Florida upon a finding as to compliance with all applicable provisions of the County' s
<br /> Subdivision and Platting Ordinance and upon execution hereof. The County shall accept those areas
<br /> specifically 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 obligation upon the County to
<br /> perform any act of construction or maintenance within such dedicated areas until such time as the
<br /> required improvements are satisfactorily completed . Satisfactory completion in accordance with the
<br /> land development permit , plans , specifications , and ordinance requirements of Indian River County
<br /> shall be determined by the County and shall be indicated by specific written approval of the Public
<br /> Works Director or his designated representative , after receipt of a signed and sealed Certificate of
<br /> Completion from the project engineer of record .
<br /> 6 . In the event the Developer shall fail or neglect to fulfill its obligations under this contract
<br /> and as required by the Indian River County Code , the Developer, as principal , and the letter(s ) of
<br /> credit shall be jointly and severally liable to pay for the cost of construction and installment of the
<br /> required improvements to the final total cost , including but not limited to engineering , construction ,
<br /> legal and contingent costs , including reasonable attorney' s fees incurred by the County , together with
<br /> any damages , either direct or 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 ordinances of the
<br /> County . In no event , however shall the liability of the underwriting bank under this paragraph exceed
<br /> the total amount of the original obligation stated in the letter(s) of credit , less any approved reductions
<br /> thereto .
<br /> 7 . The parties agree that the County at its option shall have the right , but not the
<br /> obligation , to construct and install or , pursuant to receipt of competitive bids , cause to be constructed
<br /> and installed the required improvements in the event Developer shall fail or refuse to do so in
<br /> accordance with the terms of this contract . Developer expressly agrees that the County may demand
<br /> and draw upon the existing letter(s) of credit for the final total cost of the improvements . Developer
<br /> shall remain wholly liable for any resulting deficiency , should the letter(s ) of credit be exhausted prior
<br /> to completion of the required improvements . In no event shall the County be obligated to expend
<br /> public funds , or any funds other than those provided by the Developer , or the underwriting bank to
<br /> construct the required improvements .
<br /> 8 . Any letter( s) of credit provided to the County by Developer with respect to this contract
<br /> shall exist solely for the use and benefit of the County and shall not be construed or intended in any
<br /> way , expressly or impliedly , to benefit or secure payment to any subcontractor , laborer, materialman or
<br /> other party 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 otherwise in writing .
<br /> g . This agreement is the full and complete understanding of the parties and shall not be
<br /> construed or amplified by reference to any other agreement , discussion , or understanding , whether
<br /> written or oral , except as specifically mentioned herein . This agreement shall not be assigned without
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