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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 . <br /> 2 <br /> F:tAttomey\Nancy\DOCS\PLANUwnfington place fill k loc.doc <br />