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Dec 30 03 11 : 43a Indian River County 772 - 770 - 5095 p . 4
<br /> 2. Developer agrees to construct said improvements strictly in
<br /> accordance with County policies for sidewalk construction as those policies
<br /> relate to location , method and type of construction , and all County development
<br /> regulations and standards , including conditions and requirements of any
<br /> applicable County right-of4ay permit, all of which are hereby incorporated by
<br /> reference and made a part hereof.
<br /> 3. In order to guarantee performance of this contract, Developer
<br /> shall simultaneously herewith furnish an irrevocable letter of credit, having an
<br /> expiration date of not less than ninety (90 ) days beyond the date set forth in
<br /> Paragraph 1 , provided by a banking institution authorized to transact such
<br /> business in this state , in a form to be approved by the County, naming Developer
<br /> as customer andas the
<br /> , ,,,
<br /> underwriting bank, in the amount of $53, 741 .34, which amount is not less than
<br /> . one hundred fifteen percent ( 115% ) of the 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
<br /> letter of credit shall remain available to the County and shall not be reduced
<br /> during the course of construction unless approved in writing by the County's
<br /> Public Works Director pursuant to Indian River County Code Section 913 . 10 .
<br /> Requested reductions shall not be unreasonably withheld by the County.
<br /> Developer may at any 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
<br /> or excess insurance coverage carried by Developer or to be obtained during the
<br /> course of the construction of the subdivision improvements , Developer agrees to
<br /> indemnify, hold harmless, and defend the County against any and all claims ,
<br /> damages , losses , and expenses, including attorney's fees, for property damage ,
<br /> personal or bodily injury, or loss of life, arising from the negligent acts or
<br /> omissions of the Developer, its officers, employees, agents , or contractors ,
<br /> subcontractors , laborers , or suppliers, relating to the construction of the required
<br /> sidewalk improvements, including all those improvements to be constructed on
<br /> existing publicly dedicated or County owned property,
<br /> 5 . The County agrees to approve the Final Plat, upon a finding
<br /> as to compliance with all applicable provisions of the County's Development
<br /> Regulations and Ordinances and upon execution hereof. However, nothing
<br /> herein shall be construed as creating an obligations upon the County to perform
<br /> any act or construction or maintenance until such time as the required
<br /> improvements are satisfactorily completed . Satisfactory completion in
<br /> accordance with the land development permit, plans, specifications, and
<br /> ordinance requirements of Indian River County shall be determined by the
<br /> County and shall be indicated by specific written approval of the Public Works
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