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<br /> or otherwise required by the Indian River County Code in connection with the approval
<br /> of said plat . A copy of the plat shall be recorded in the Public Records of Indian River
<br /> County, Florida upon the final approval of the Board of County Commissioners and
<br /> made a part hereof for all purposes .
<br /> 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 /> J6 L4 TP VR 4 S j 6A >%J K, , as the
<br /> underwriting bank, in the amount of $ 145 , 693 . 96 , which amount is not less than one
<br /> hundred fifteen percent ( 115 % ) of the estimated total cost of improvements remaining
<br /> to be constructed , as determined in accordance with the County's Subdivision and
<br /> Platting Ordinance . It is understood that the full amount of the letter of credit shall
<br /> remain available to the County and shall not be reduced during the course of
<br /> construction without an express written modification thereof executed by all parties .
<br /> Requested reductions shall not be unreasonably withheld by the County. Developer
<br /> may at any time substitute guarantees , subject to the approval as to form and amount
<br /> 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 /> 2
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