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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 />i3oit i:EE 1) EA L , as the
<br />underwriting bank, in the amount of $249,.164.50, 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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