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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 , naming Developer as customer and , as the underwriting
<br /> bank , in the amount of $ T-
<br /> - i which amount is
<br /> not less than one hundred fifteen percent ( 115 % ) of the estimated total cost of
<br /> improvements remaining to be constructed , as determined in accordance with
<br /> the County's Subdivision and Platting Ordinance . It is understood that the full amount
<br /> of the letter of credit shall remain available to the County and shall not be reduced`
<br /> during the course of construction without an express written modification thereof
<br /> executed by all parties . Requested reductions shall not be unreasonably withheld by
<br /> 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
<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,
<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
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