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i ' v 3 . In order to guarantee performance of this contract , Developer shall simultaneously herewith furnish a performance bond underwritten by a surety insurer authorized to transact such business in this state , which shall remain in full force and effect until at least ninety (90 ) days beyond the date set forth in paragraph 1 , or until the covenants of this contract have been fully complied with and satisfactorily completed as determined by the County pursuant to paragra h 5 below , in a form to be approved by the County , with Develo er as principal and �c c �4 7f as the surety , in the amoun of $ 79716 .421 which amount is not les6 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 guaranty shall remain available to the County and shall not be reduced during the course of construction without an express written authorization from County . Requested reductions shall not be unreasonably withheld by the County . Developer may at any time substitute guarantees , subject to the approval as to form and amount by the County . 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements , Developer agrees to indemnify , hold harmless , and defend the County against any and all claims , damages , losses , and expenses , including attorney's fees , for property damage , personal or bodily injury , or loss of life , arising from the negligent acts or omissions of the Developer, its officers , employees , agents , or contractors , subcontractors , laborers , or suppliers , relating to the construction of the required improvements , including all those improvements to be constructed on existing publicly dedicated or County-owned property , such as street , sidewalk, bikepath , lighting , signalization , traffic control , drainage , water, or sewer improvements . 5 . The County agrees to approve the plat for recordation in the Public Records of Indian River County , Florida upon a finding as to compliance with all applicable provisions of the County' s Subdivision and Platting Ordinance and upon execution hereof. The County shall accept those areas specifically dedicated to the County for the purposes indicated on the plat at the time of plat recordation . However, nothing herein shall be construed as creating an obligation upon the County to perform any act of construction or maintenance within such dedicated areas until such time as the required improvements are satisfactorily completed . Satisfactory completion in accordance with the land development permit , plans , specifications , and ordinance requirements of Indian River County shall be determined by the County and shall be indicated by specific written approval of the Public Works Director or his designated representative , after receipt of a signed and sealed Certificate of Completion from the project engineer of record . 2 FAAttomey\Nancy\DOCS\PLAN\k for constr w perf bond grace oaks ii . doc