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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
<br /> Bank of America N A , as the
<br /> underwriting bank , in the amount of $ 5 , 231 , 973 . 02 , which amount is not less than one
<br /> hundred 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 letter of
<br /> credit shall remain available to the County and shall not be reduced during the course
<br /> of construction 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 . Developer may at any time substitute guarantees , subject
<br /> 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 ,
<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 .
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<br /> FAAttorney\Nancy\DOCS\PLAN\falcon 1 k for con for loc 125% .doc
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