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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 /> Fi fi- h Thirel Bank _ , as the
<br /> underwriting bank, in the amount of $693,878.75 , 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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