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J <br /> requirements of Indian River County shall be determined by the County and shall be <br /> indicated by specific written approval of the Public Works Director or his designated <br /> representative , after receipt of a signed and sealed Certificate of Completion from the <br /> project engineer of record . <br /> 6 . In the event the Developer shall fail or neglect to fulfill its obligations <br /> under this contract and as required by the Indian River County Code , the Developer, as <br /> principal , and the letter(s ) of credit shall be jointly and severally liable to pay for the cost <br /> of 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 damages , <br /> either direct or consequential , which the County may sustain as a result of the failure of <br /> Developer to carry out and execute all provisions of this contract and applicable <br /> ordinances of the County . In no event , however shall the liability of the underwriting <br /> bank under this paragraph exceed the total amount of the original obligation stated in <br /> the letter(s ) of credit , less any approved reductions thereto . <br /> 7 . The parties agree that the County at its option shall have the right, <br /> but not the obligation , to construct and install or, pursuant to receipt of competitive bids , <br /> cause to be constructed and installed the required improvements in the event Developer <br /> shall fail or refuse to do so in accordance with the terms of this contract . Developer <br /> expressly agrees that the County may demand and draw upon the existing letter(s ) of <br /> credit for the final total cost of the improvements . Developer shall remain wholly liable <br /> for any resulting deficiency, should the letter(s ) of credit be exhausted prior to <br /> completion of the required improvements . In no event shall the County be obligated to <br /> expend public funds , or any funds other than those provided by the Developer, or the <br /> underwriting bank to construct the required improvements . <br /> 8 . Any letter(s ) 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 and shall <br /> not be construed or intended in any way, expressly or impliedly, to benefit or secure <br /> payment to any subcontractor, laborer, materialman or other party providing labor, <br /> material , supplies , or services for construction of the required improvements , or to <br /> benefit any lot purchaser(s ) , unless the County shall agree otherwise in writing . <br /> 9 . This agreement is the full and complete understanding of the parties <br /> and shall not be construed or amplified by reference to any other agreement, <br /> discussion , or understanding , whether written or oral , except as specifically mentioned <br /> herein . This agreement shall not be assigned without the express written approval of <br /> the County. Any amendment , deletion , modification , extension , or revision hereof or <br /> hereto shall be in writing , executed by authorized representatives of both parties . <br /> 3 <br /> FAattorney\nancy\DOCS\PLAN\draft k for constr w loc grand oaks .doc <br />