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6. The County agrees to issue building permits and Certificates <br />of Occupancy prior to the installation of required sidewalk improvements so long <br />as Developer is not in default of the terms of this Contract. <br />7. In the event the Developer shall fail or neglect to fulfill its <br />obligations under this contract and as required by the Code of Laws and <br />Ordinances of Indian River County, Florida, the Developer, as principal, and the <br />letter of credit shall be jointly and severally liable to pay for the cost of <br />construction and installment of the required improvements to the final total cost, <br />including but not limited to engineering, construction, legal and contingent costs, <br />including reasonable attorney's fees incurred by the County, together with any <br />damages, either direct or consequential, which the County may sustain as a <br />result of the failure of Developer to carry out and execute all provisions of this <br />contract and applicable ordinances of the County. In no event, however, shall <br />the liability of the underwriting bank under this paragraph exceed the total <br />amount of the original obligation stated in the letter of credit, less any approved <br />reductions thereto. <br />8. The parties agree that the County at its option shall have the <br />right, but not the obligation, to construct and install or, pursuant to receipt of <br />competitive bids, cause to be constructed and installed the required <br />improvements in the event Developer shall fail or refuse to do so in accordance <br />with the terms of this contract. Developer expressly agrees that the County may <br />demand and draw upon the existing letter of credit for the final total cost of the <br />improvements. Developer shall remain wholly liable for any resulting deficiency, <br />should the letter of credit be exhausted prior to completion of the required <br />improvements. In no event shall the County be obligated to expend public funds, <br />or any funds other than those provided by the Developer, or the letter of credit to <br />construct the required improvements. <br />9. Any letter of credit provided to the County by Developer with <br />respect to this contract shall exist solely for the use and benefit of the County <br />and shall not be construed or intended in any way, expressly or impliedly, to <br />benefit or secure payment to any subcontractor, laborer, materialman or other <br />party providing labor, material, supplies, or services for construction of the <br />required improvements, or to benefit any lot purchaser(s), unless the County <br />shall agree otherwise in writing. <br />10. This agreement is the full and complete understanding of the <br />parties and shall not be construed or amplified by reference to any other <br />agreement, discussion, or understanding, whether written or oral, except as <br />specifically mentioned herein. This agreement shall not be assigned without the <br />express written approval of the County. Any amendment, deletion, modification, <br />extension, or revision hereof or hereto shall be in writing, executed by authorized <br />representatives of both parties. <br />F:\Attomey\Nancy\DOCS\PLAN\serenoa side k for loc.doc <br />3 <br />