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2 . Developer agrees to construct said improvements strictly in
<br /> accordance with the land development permit, the most recent set of plans and
<br /> 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
<br /> a 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 Harbor Federal Savings
<br /> Bank , as the underwriting bank , in the amount of $419 , 254 . 05 , which amount is not
<br /> less than one hundred fifteen percent ( 115 % ) of the estimated total cost of
<br /> improvements remaining to be constructed , as determined in accordance with the
<br /> County's Subdivision and Platting Ordinance . It is understood that the full amount of
<br /> the letter of credit shall remain available to the County and shall not be reduced during
<br /> the course of construction unless approved in writing by the County' s Public Works
<br /> Director pursuant to Indian River County Code Section 913 . 10 . Requested reductions
<br /> shall not be unreasonably withheld by the County, but shall be subject to administrative
<br /> fees as established by the County. Developer may at any time substitute guarantees ,
<br /> subject to the approval as to form and amount by the County .
<br /> 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or
<br /> excess insurance coverage carried by Developer or to be obtained during the course of
<br /> the 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 ,
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<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 shall remain responsible for utility meter boxes , sewer clean
<br /> outs , and drainage culvert inverts , to be in good repair, accessible , correctly plumbed ,
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