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e <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 /> 6 . The County agrees to issue building permits and Certificates <br /> of Occupancy prior to the installation of required sidewalk improvements so long <br /> as Developer is not in default of the terms of this Contract . <br /> 7 . In the event the Developer shall fail or neglect to fulfill its <br /> obligations under this contract and as required by the Code of Laws and <br /> Ordinances of Indian River County, Florida , the Developer, as principal , and the <br /> letter of credit shall be jointly and severally liable to pay for the cost of <br /> construction and installment of the required improvements to the final total cost , <br /> including but not limited to engineering , construction , legal and contingent costs , <br /> including reasonable attorney's fees incurred by the County , together with any <br /> damages , either direct or consequential , which the County may sustain as a <br /> result of the failure of Developer to carry out and execute all provisions of this <br /> contract and applicable ordinances of the County . In no event , however, shall <br /> the liability of the underwriting bank under this paragraph exceed the total <br /> amount of the original obligation stated in the letter of credit , less any approved <br /> reductions thereto . <br /> 8 . The parties agree that the County at its option shall have the <br /> right , but not the obligation , to construct and install or, pursuant to receipt of <br /> competitive bids , cause to be constructed and installed the required <br /> improvements in the event Developer shall fail or refuse to do so in accordance <br /> with the terms of this contract . Developer expressly agrees that the County may <br /> demand and draw upon the existing letter of credit for the final total cost of the <br /> improvements . Developer shall remain wholly liable for any resulting deficiency , <br /> should the letter of credit be exhausted prior to completion of the required <br /> improvements . In no event shall the County be obligated to expend public funds , <br /> or any funds other than those provided by the Developer, or the letter of credit to <br /> construct the required improvements . <br /> 9 . Any letter of credit provided to the County by Developer with <br /> respect to this contract shall exist solely for the use and benefit of the County <br /> and shall not be construed or intended in any way , expressly or impliedly , to <br /> benefit or secure payment to any subcontractor, Taborer, materialman or other <br /> party providing labor, material , supplies , or services for construction of the <br /> required improvements , or to benefit any lot purchaser( s ) , unless the County <br /> shall agree otherwise in writing . <br /> 10 . This agreement is the full and complete understanding of the <br /> parties and shall not be construed or amplified by reference to any other <br /> agreement , discussion , or understanding , whether written or oral , except as <br /> specifically mentioned herein . This agreement shall not be assigned without the <br /> 3 <br /> F:Wttomey\Nancy\DOCS\FORMSIside k for loc valencia pointe.doc <br />