|
w
<br /> County, Florida upon the final approval of the Board of County Commissioners and
<br /> 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 Planning
<br /> and Development Division , and all County development regulations and standards ,
<br /> including conditions and requirements of any applicable County right-of--way permit, all
<br /> of which are hereby incorporated by reference and made a part hereof.
<br /> 3 . In order to guarantee performance of this contract , Developer shall
<br /> simultaneously herewith furnish an irrevocable letter of credit, having an expiration date
<br /> of not less than ninety (90 ) days beyond the date set forth in Paragraph 1 , provided by a
<br /> banking institution authorized to transact such business in this state , in a form to be
<br /> approved by the ! County, naming Developer as customer and
<br /> /J/ y ,r/00✓/7TG as the underwriting bank , in
<br /> the amount of $25 ,399 .25 , 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 letter of credit shall remain available to the
<br /> County and shall not be reduced during the course of construction unless approved in
<br /> writing by the County's Public Works Director pursuant to Indian River County Code
<br /> Section 913 . 10 . 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
<br /> excess insurance coverage carried by Developer or to be obtained during the course of
<br /> the construction of the subdivision improvements , Developer agrees to indemnify, hold
<br /> harmless , and defend the County against any and all claims , damages , losses , and
<br /> expenses , including attorney's fees , for property damage , personal or bodily injury, or
<br /> loss of life, arising from the negligent acts or omissions of the Developer, its officers ,
<br /> employees , agents , or contractors , subcontractors , laborers , or suppliers , relating to the
<br /> construction of the required improvements , including all those improvements to be
<br /> constructed on existing publicly dedicated or Countyuowned property,
<br /> sidewalk, bikepath , lighting , signalization , traffic control , drainage , water, or sewer
<br /> improvements .
<br /> 5. The County agrees to approve the plat for recordation in the Public
<br /> Records of Indian River County, Florida upon a finding as to compliance with all
<br /> applicable provisions of the County's Subdivision and Platting Ordinance and upon
<br /> execution hereof. The County shall accept those areas specifically dedicated to the
<br /> County for the purposes indicated on the plat at the time of plat recordation . However,
<br /> nothing herein shall be construed as creating an obligation upon the County to perform
<br /> any act of construction or maintenance within such dedicated areas until such time as
<br /> 2
<br />
|