|
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 executed cash deposit and escrow agreement , in a
<br /> form to be approved by the County Attorney , between Developer and the Indian River
<br /> County Office of Management and Budget , as the escrow agent , in the amount of
<br /> $ 34 , 871 . 21 , which amount is not less than one hundred fifteen percent ( 115 % ) of the
<br /> estimated total cost of improvements remaining to be constructed , as determined in
<br /> accordance with the County's Subdivision and Platting Ordinance . It is understood that
<br /> the full amount of the escrow deposit shall remain available to the County and shall not
<br /> be reduced during the course of construction unless approved in writing by the
<br /> County' s Public Works Director pursuant to Indian River County Code Section 913 . 10 .
<br /> Requested reductions shall not be unreasonably withheld by the County. Developer
<br /> may at any time substitute guarantees , subject to the approval as to form and amount
<br /> 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
<br /> the 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 Records
<br /> of Indian River County, Florida upon a finding as to compliance with all applicable
<br /> provisions of the County's Subdivision and Platting Ordinance and upon execution
<br /> hereof. The County shall accept those areas specifically dedicated to the County for
<br /> the purposes indicated on the plat at the time of plat recordation . However, nothing
<br /> herein shall be construed as creating an obligation upon the County to perform any act
<br /> of construction or maintenance within such dedicated areas until such time as the
<br /> 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 /> indicated by specific written approval of the Public Works Director or his designated
<br /> representative , after receipt of a signed and sealed Certificate of Completion from the
<br /> project engineer of record .
<br /> 6 . In the event the Developer shall fail or neglect to fulfill its obligations under
<br /> this contract and as required by the Indian River County Code , the Developer, as
<br /> principal , and the funds in escrow deposit shall be liable to pay for the cost of
<br /> 2
<br /> F:Wttorney\Nancy\DOCS\PLAN\k for con with cash diamond lake iii .doc
<br />
|