|
3 . In order to guarantee performance of this contract , Developer shall
<br /> simultaneously herewith furnish a performance bond underwritten by a surety insurer
<br /> authorized to transact such business in this state , which shall remain in full force and
<br /> effect until at least ninety (90 ) days beyond the date set forth in paragraph 1 , or until the
<br /> covenants of this contract have been fully complied with and satisfactorily completed as
<br /> determined by the County pursuant to paragraph 5 below , in a form to be approved by the
<br /> County , with Developer as principal and The Ohio Casualty Insurance Company
<br /> as the surety , in the amount of $ 102 , 777 . 28 ,
<br /> which amount is not less than one hundred fifteen percent ( 115 % ) of the estimated total
<br /> cost of improvements remaining to be constructed , as determined in accordance with the
<br /> County's Subdivision and Platting Ordinance . It is understood that the full amount of the
<br /> guaranty shall remain available to the County and shall not be reduced during the course
<br /> of construction without an express written authorization from County . Requested
<br /> reductions shall not be unreasonably withheld by the County . Developer may at any time
<br /> substitute guarantees , 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 or excess
<br /> insurance coverage carried by Developer or to be obtained during the course of the
<br /> 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 loss
<br /> 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 /> 5 . The County agrees to approve the plat for recordation in the Public Records of
<br /> Indian River County, Florida upon a finding as to compliance with all applicable provisions
<br /> of the County's Subdivision and Platting Ordinance and upon execution hereof. The
<br /> County shall accept those areas specifically dedicated to the County for the purposes
<br /> indicated on the plat at the time of plat recordation . However, nothing herein shall be
<br /> construed as creating an obligation upon the County to perform any act of construction or
<br /> maintenance within such dedicated areas until such time as the required improvements
<br /> are satisfactorily completed . Satisfactory completion in accordance with the land
<br /> development permit , plans , specifications , and ordinance requirements of Indian River
<br /> County shall be determined by the County and shall be indicated by specific written
<br /> approval of the Public Works Director or his designated representative , after receipt of a
<br /> signed and sealed Certificate of Completion from the project engineer of record .
<br /> 2
<br /> F:\attorney\nancy\DOCS\PLAMk for constr w perf bond grace grovei .doc
<br />
|