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<br /> 2 . Developer agrees to construct said improvements strictly in
<br /> accordance with County policies for sidewalk construction as those policies
<br /> relate to location , method and type of construction , and all County development
<br /> regulations and standards , including conditions and requirements of any
<br /> applicable County right-of-way permit , all of which are hereby incorporated by
<br /> reference and made a part hereof,
<br /> 3 , In order to guarantee performance of this contract , Developer
<br /> shall simultaneously herewith furnish a performance bond underwritten by a
<br /> surety insurer authorized to transact such business in this state , which shall
<br /> remain in full force and effect until at least ninety (90 ) days beyond the date set
<br /> forth in paragraph 1 , or until the covenants of this contract have been fully
<br /> complied with and satisfactorily completed as determined by the County
<br /> pursuant to paragraph 5 below , in a form to be approved by the County , with
<br /> National : Residential Properties as Principal with the Developer and
<br /> County as Dual Obligees , and Developers Surety & Tdemni ty rom = any
<br /> as surety , in the amount of $ 58 , 1359 20 , which amount is not less
<br /> than one hundred fifteen percent ( 115 ) of the estimated total cost of
<br /> improvements remaining to be constructed , as determined in accordance with
<br /> the County' s Subdivision and Platting Ordinance , It is understood that the full
<br /> amount of the guaranty shall remain available to the County and shall not be
<br /> reduced during the course of construction without an express written
<br /> authorization from County. Requested reductions, shall not be unreasonable
<br /> withheld by the County , Developer may at any time substitute guarantees ,
<br /> subject 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
<br /> or excess insurance coverage carried by Developer or to be obtained during the
<br /> course of the construction of the subdivision improvements , Developer agrees to
<br /> indemnify and hold harmless the County against any and all claims , damages ,
<br /> losses , and expenses , including attorney's fees , for property damage , personal
<br /> or bodily injury , or loss of life , arising from the negligent acts or omissions of the
<br /> Developer, its officers , employees , agents , or contractors , subcontractors ,
<br /> laborers , or suppliers , relating to the construction of the required sidewalk
<br /> improvements , including all those improvements to be constructed on existing
<br /> publicly dedicated or County owned property .
<br /> 5 . The County agrees to approve the plat for recordation in the
<br /> Public Records of Indian River County , Florida upon a finding as to compliance
<br /> with all applicable provisions of the County's Development Regulations and
<br /> Ordinances and upon execution hereof. However, nothing herein shall be
<br /> construed as creating an obligation upon the County to perform any act or
<br /> construction or maintenance until such time as the required improvements are
<br /> satisfactorily completed , Satisfactory completion in accordance with the land
<br /> development permit , plans , specifications , and ordinance requirements of Indian
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<br /> F :\Attorney\Nancy\DOCS\PLAN\side k w perf bond dual obligee eagle trac .doc
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