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Jun 18 03 03 : 11p Indian River County 772 - 770 - 5095
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<br /> or otherwise required by the Indian River County Code in connection with the approval
<br /> of said plat. A copy of the plat shall be recorded in the Public Records of Indian River
<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
<br /> a banking Institution authorized to transact such business in this state , in a form to be
<br /> approved by the County, nAging D vel per as customer and
<br /> C ► -4- 2tnS 1S k . - , as the
<br /> underwriting bank, in the amount of $-.S$ q . , which amount is not less than
<br /> one hundred fifteen percent ( 115 % ) of h estimated total cost of improvements
<br /> remaining to be constructed , as determined in accordance with the County's
<br /> Subdivision and Platting Ordinance . It is understood that the full amount of the letter of
<br /> credit shall remain available to the County and shall not be reduced during the course
<br /> of construction without an express written modification thereof executed by all parties .
<br /> Requested reductions shall not be unreasonably withheld by the County. Developer
<br /> may at any time substitute guarantees , subject to the approval as to form and amount
<br /> 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 County-owned property, such as street,
<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,
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