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i <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 <br /> as the <br /> underwriting bank , in the amount of $ jlZj . J6 `` Al , which amount is not less than one <br /> hundred fifteen percent ( 115 % ) of the estimated total cost of improvements remaining <br /> to be constructed , as determined in accordance with the County's Subdivision and <br /> Platting Ordinance . It is understood that the full amount of the letter of credit shall <br /> remain available to the County and shall not be reduced during the course of <br /> construction unless approved in writing by the County' s Public Works Director pursuant <br /> to Indian River County Code Section 913 . 10 . Requested reductions shall not be <br /> unreasonably withheld by the County. Developer may at any time substitute <br /> guarantees , subject to the 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 <br /> the required improvements are satisfactorily completed . Satisfactory completion in <br /> accordance with the land development permit , plans , specifications , and ordinance <br /> requirements of Indian River County shall be determined by the County and shall be <br /> 2 <br /> F :\attorney\nancy\DOCS\PLAN\k for con w loc amelia planta .doc <br />