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specifications for this subdivision approved by the County and on file in the Planning
<br /> and Development Division , and all County development regulations and standards ,
<br /> 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 irrevocable letter of credit , having an expiration date
<br /> of not less than ninety (90) days beyond the date set forth in paragraph 1 , provided by a
<br /> banking institution authorized to transact such business in this state , in a form to be
<br /> approved by the County, naming Developer as customer and
<br /> Fifth Thi rcl Rank as the underwriting bank, in
<br /> the amount of $ 1 , 762,500 .00 , which amount is not less than one hundred twenty-five
<br /> percent ( 125 %) of the estimated total cost of fill for each lot to bring each lot to at least
<br /> 75% finish grade , as determined in accordance with the County's Subdivision and
<br /> Platting Ordinance. It is understood that the full amount of the letter of credit shall
<br /> remain available to the County and shall not be reduced during the course of the
<br /> guarantee period unless approved in writing by the County's Public Works Director
<br /> pursuant to Indian River County Code Section 913 . 10 . Requested reductions shall not
<br /> be unreasonably withheld by the County, but shall be subject to administrative fees as
<br /> established by the County.
<br /> 4 . Upon completion of the required improvements , Developer shall
<br /> maintain up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or excess
<br /> insurance coverage carried by Developer or to be obtained during the course of the
<br /> 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 the
<br /> 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
<br /> Records of Indian River County, Florida upon a finding as to compliance with all
<br /> applicable provisions of the County's Subdivision and Platting Ordinance and upon
<br /> execution hereof. The County shall accept those areas specifically dedicated to the
<br /> County for the purposes indicated on the plat at the time of plat recordation . However,
<br /> nothing herein shall be construed as creating an obligation upon the County to perform
<br /> any act of construction or maintenance within such dedicated areas until such time as
<br /> the required improvements are satisfactorily completed .
<br /> Developer is responsible to oversee that utility meter boxes , sewer clean
<br /> outs and drainage culverts are not covered with fill .
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