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regulations and standards , including conditions and requirements of any applicable County right-of-way permit , all of which are hereby incorporated by reference and made a part hereof. 3 . In order to guarantee performance of this contract , Developer shall simultaneously herewith furnish an irrevocable letter of credit, having an expiration date of not less than ninety (90 ) days beyond the date set forth in Paragraph 1 , provided by a banking institution authorized to transact such business in this state , in a form to be approved by the County , naming Developer as customer and Harbar Ptjyo� i-&/ , as the underwriting bank, in the amount of $ 145 , 512 . 50 , which amount is not less than one hundred twenty-five percent ( 125 % ) of the estimated total cost of improvements remaining to be constructed , as determined in accordance with the County's Subdivision and Platting Ordinance . It is understood that the full amount of the letter of credit shall . remain available to the County and shall not be reduced during the course of construction without an express written modification thereof executed by all parties . Requested reductions shall not be unreasonably withheld by the County , but shall be subject to administrative fees as established by the County . Developer may at any time substitute guarantees , subject to the approval as to form and amount by the County. 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements , Developer agrees to indemnify , hold harmless , and defend the County against any and all claims , damages , losses , and expenses , including attorney' s fees , for property damage , personal or bodily injury , or loss of life , arising from the negligent acts or omissions of the Developer , its officers , employees , agents , or contractors , subcontractors , laborers , or suppliers , relating to the construction of the required sidewalk improvements , including all those improvements to be constructed on existing publicly dedicated or County owned property . 5 . The County agrees to approve the Final Plat, upon a finding as to compliance with all applicable provisions of the County' s Development Regulations and Ordinances and upon execution hereof. However , nothing herein shall be construed as creating an obligation upon the County to perform any act or construction or maintenance until such time as the required improvements are satisfactorily completed . Satisfactory completion in accordance with the land development permit, plans , specifications , and ordinance requirements of Indian River County shall be determined by the County and shall be indicated by specific written approval of the Public Works Director or his designated representative , after receipt of a signed and sealed Certificate of Completion from the project engineer of record . 2 F:\Attomey\Nancy\DOCS\PLAN\quail creek side k for loc.doc