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Division , and all County development regulations and standards , including conditions and
<br /> requirements of any applicable County right-of-way permit , all of which are hereby
<br /> incorporated by reference and made a part hereof.
<br /> 3 . In order to guarantee performance of this contract, Developer shall
<br /> simultaneously herewith furnish a performance bond underwritten by a surety insurer
<br /> authorized to transact such business in this state , which shall remain in full force and
<br /> effect until at least ninety (90 ) days beyond the date set forth in paragraph 1 , or until the
<br /> covenants of this contract have been fully complied with and satisfactorily completed as
<br /> determined by the County pursuant to paragraph 5 below, in a form to be approved by the
<br /> County, with Developer as principal and Contractors Bonding and
<br /> Insurance Company
<br /> as the surety, in the amount of $ 122 , 921 . 52 , which amount is not less than one hundred
<br /> fifteen percent ( 115 % ) of the estimated total cost of improvements remaining to be
<br /> constructed , as determined in accordance with the County's Subdivision and Platting
<br /> Ordinance . It is understood that the full amount of the guaranty shall remain available to
<br /> the County and shall not be reduced during the course of construction without an express
<br /> written authorization from County. Requested reductions shall not be unreasonably
<br /> withheld by 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 excess
<br /> insurance coverage carried by Developer or to be obtained during the course of the
<br /> construction of the subdivision improvements , Developer agrees to indemnify and hold
<br /> harmless the County against any and all claims , damages , losses , and expenses ,
<br /> including attorney's fees , for property damage , personal or bodily injury , or loss of life ,
<br /> arising from the negligent acts or omissions of the Developer, its officers , employees ,
<br /> agents , or contractors , subcontractors , laborers , or suppliers , relating to the construction
<br /> of the required improvements , including all those improvements to be constructed on
<br /> existing publicly dedicated or County-owned property , such as street , sidewalk , bikepath ,
<br /> lighting , signalization , traffic control , drainage , water, or sewer improvements .
<br /> 5 . The County agrees to approve the plat for recordation in the Public Records of
<br /> Indian River County, Florida upon a finding as to compliance with all applicable provisions
<br /> of the County's Subdivision and Platting Ordinance and upon execution hereof. The
<br /> County shall accept those areas specifically dedicated to the County for the purposes
<br /> indicated on the plat at the time of plat recordation . However, nothing herein shall be
<br /> construed as creating an obligation upon the County to perform any act of construction or
<br /> maintenance within such dedicated areas until such time as the required improvements
<br /> are satisfactorily completed . Satisfactory completion in accordance with the land
<br /> development permit , plans , specifications , and ordinance requirements of Indian River
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