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regulations and standards , including conditions and requirements of any <br /> applicable County right-of-way permit, all of which are hereby incorporated by <br /> reference and made a part hereof. <br /> 3 . In order to guarantee performance of this contract, Developer <br /> shall simultaneously herewith furnish an irrevocable letter of credit, having an <br /> expiration date of not less than ninety (90 ) days beyond the date set forth in <br /> Paragraph 1 , provided by a banking institution authorized to transact such <br /> business in this state , in a form to be approved by the County, naming Developer <br /> as customer and S,%-\ _ \S� \xst- , as the underwriting <br /> bank, in the amount of $269 ,790 .00 , which amount is not less than one hundred <br /> twenty-five percent ( 125% ) of the estimated total cost of improvements <br /> remaining to be constructed , as determined in accordance with the County's <br /> Subdivision and Platting Ordinance . It is understood that the full amount of the <br /> letter of credit shall remain available to the County and shall not be reduced <br /> during the course of construction without an express written modification thereof <br /> executed by all parties . Requested reductions shall not be unreasonably <br /> withheld by the County, but shall be subject to administrative fees as established <br /> 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 <br /> or excess insurance coverage carried by Developer or to be obtained during the <br /> course of the construction of the subdivision improvements , Developer agrees to <br /> indemnify, hold harmless , and defend the County against any and all claims , <br /> damages , losses , and expenses , including attorney's fees , for property damage , <br /> personal or bodily injury, or loss of life , arising from the negligent acts or <br /> omissions of the Developer, its officers , employees , agents , or contractors , <br /> subcontractors , laborers , or suppliers , relating to the construction of the required <br /> sidewalk improvements , including all those improvements to be constructed on <br /> existing publicly dedicated or County owned property. <br /> 5 . The County agrees to approve the Final Plat , upon a finding <br /> as to compliance with all applicable provisions of the County's Development <br /> Regulations and Ordinances and upon execution hereof. However, nothing <br /> herein shall be construed as creating an obligation upon the County to perform <br /> any act or construction or maintenance until such time as the required <br /> improvements are satisfactorily completed . Satisfactory completion in <br /> accordance with the land development permit, plans , specifications , and <br /> ordinance requirements of Indian River County shall be determined by the <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 /> 2 <br /> F:\Attcmcy\Nancy\DOCS\PLAN\provence bay side k.doc <br />