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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. Additionally, Developer expressly grants the County, its agents, <br /> contractors and subcontractors access to the property should Developer fail or <br /> refuse to complete the project. Developer shall remain wholly liable for any <br /> resulting deficiency, should the letter of credit be exhausted prior to completion <br /> of the required improvements. In no event shall the County be obligated to <br /> expend public funds , or any funds other than those provided by the Developer, or <br /> the letter of credit to 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, laborer, 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 /> express written approval of the County. Any amendment, deletion, modification , <br /> extension , or revision hereof or hereto shall be in writing , executed by authorized <br /> representatives of both parties. <br /> 3 <br /> F:Wttomey\NancykDOCSTLAN\pointe west cast village i side kdoc <br />