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2 � 4 regulations and standards, including conditions and requirements of any applicable County right-of-way permit, all of which are hereby incorporated by reference and made a part hereof. 3. In order to guarantee performance of this contract, Developer shall simultaneously herewith furnish an irrevocable letter of credit, having an expiration date of not less than ninety (90) days beyond the date set forth in Paragraph 1, provided by a banking institution authorized to transact such business in this state, in a form to be approved by the County, naming Developer as customer and E /; iZ &3 2 %^�F, b i 17 A L , as the underwriting bank, in the amount of $116,981.25, which amount is not less than one hundred twenty-five percent (125%) of the estimated total cost of improvements remaining to be constructed, as determined in accordance with the County's Subdivision and Platting Ordinance. It is understood that the full amount of the letter of credit shall remain available to the County and shall not be reduced during the course of construction without an express written modification thereof executed by all parties. Requested reductions shall not be unreasonably withheld by the County, but shall be subject to administrative fees as established by the County. Developer may at any time substitute guarantees, subject to the approval as to form and amount by the County. 4. Up to $1,000,000.00, or the limits of any applicable underlying or excess insurance coverage carried by Developer or to be obtained during the course of the construction of the subdivision improvements, Developer agrees to indemnify, hold harmless, and defend the County against any and all claims, damages, losses, and expenses, including attorney's fees, for property damage, personal or bodily injury, or loss of life, arising from the negligent acts or omissions of the Developer, its officers, employees, agents, or contractors, subcontractors, laborers, or suppliers, relating to the construction of the required sidewalk improvements, including all those improvements to be constructed on existing publicly dedicated or County owned property. 5. The County agrees to approve the Final Plat, upon a finding as to compliance with all applicable provisions of the County's Development Regulations and Ordinances and upon execution hereof. However, nothing herein shall be construed as creating an obligation upon the County to perform any act or construction or maintenance until such time as the required improvements are satisfactorily completed. Satisfactory completion in accordance with the land development permit, plans, specifications, and ordinance requirements of Indian River County shall be determined by the County and shall be indicated by specific written approval of the Public Works Director or his designated representative, after receipt of a signed and sealed Certificate of Completion from the project engineer of record. F:Wttomev\Nancy\DOCS\PLAN\serenoa side k for loc.doc 2