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regulations and standards , including conditions and requirements of any <br /> applicable County right-of-way permit , all of which are hereby incorporated by <br /> reference and made a part hereof. <br /> 3 . In oder 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 and ; as the underwriting <br /> bank , in the amount of $ 269 , 790 , 00 , which amount is not less than one hundred <br /> twenty-five percent ( 125 % ) 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 without an express written modification thereof <br /> executed by all parties . Requested reductions _ shall not be unreasonably <br /> withheld by the County , but shall be . subject to administrative fees as established <br /> by the County . Developer may at any time substitute guarantees, subject to the <br /> approval as to formandamount . 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 obligation 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 <br /> Director or his designated representative , after receipt of a signed and sealed <br /> Certificate of Completion from the project engineer of record . <br /> F :� norneylNanep\ Dii �SiPL7lvAprnvence bz side ]c. dnc <br />