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value of the Maintenance Bond shall be 25 percent of the total construction value of the utility improvements . At the COUNTY' s sole discretion, the COUNTY may accept a Letter of Credit, in form and substance acceptable to the COUNTY and drawn on a reputable financial institution located within 150 miles of Vero Beach, Florida, in lieu of a surety bond . 15 . Multiple Counterparts : This Agreement may be executed in a number of identical counterparts which, taken together, shall constitute collectively one ( 1 ) Agreement; but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart executed by the party to be charged. 16 . Permits : The DEVELOPER shall be responsible for obtaining all construction and operating permits required for the construction, delivery, use and monitoring of the water distributed to and wastewater collected from the subject property . If, through no fault of the parties involved, any federal, state or local government or agency (excluding the COUNTY) fails to issue necessary permits, or fails to grant necessary approvals, or requires a material change in the system, then to the extent necessary and if possible, the parties agree to negotiate an amendment to the Agreement to reflect the change in condition. If the COUNTY determines that it is impossible or impracticable to perform under the terms of this Agreement because of the above, then this Agreement shall terminate and the parties shall have no further obligations to each other. The DEVELOPER shall comply with reasonable request by the COUNTY concerning on-site operations and maintenance including but not limited to all FDEP regulations relating to bacteriological and hydrostatic testing, cross connection control, monitoring, color-coding of water and wastewater equipment. 17 . Recording_of Agreement : This Agreement may be recorded in the official records of Indian River County by the COUNTY. If recorded, the obligations defined in this Agreement shall run with the land and shall bind subsequent owners of the property for the term of this Agreement. The DEVELOPER shall pay for all recording cost. 18 . Severability / Invalid Provision : If any provision of the Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 19 . Term: The term of this Agreement is five (5 ) years . Unless otherwise agreed to by the parties in writing, this Agreement shall not be renewed automatically for successive terms . Notwithstanding the foregoing, this Agreement shall be coterminous with FDEP Permit for construction and with the County ' s Utility Construction Permit, whichever provides a shorter time period, but shall be not more than five (5 ) years from the date of issuance. The County may terminate this Agreement early in its sole discretion if it determines that the development project intended to be served by the improvements is suspended or discontinued. 20 . Time of Essence : Time is of the essence of this Agreement; however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the State of Florida, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. Page 5 of 9