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3. Acknowledge that, in the event Developer fails to begin or cause <br />repair of the defective required improvements within 20 days, or to complete such <br />repairs within a reasonable time thereafter, the County shall have the right to make <br />such needed repairs and Developer shall be liable to the County for the actual cost <br />expended by the County for such repairs and any cost incident to the collection of such <br />- -- ---sums,.—including-but-not limited-to—reasonable-attor-ney's fees -and -costs -of -litigation - <br />including any appeals; and <br />4. Provide herewith, or has provided heretofore in a manner satisfactory <br />to the County, security to guaranty Developer's performance of. this agreement, being <br />either a cash escrow deposit, irrevocable letter of credit presentable in Florida or bond <br />issued by a.company licensed to do business in the State of Florida with an A.M. Best <br />rating of A+ XI. In the event Developer has not undertaken the repairs contemplated by <br />this Agreement following a request by the County, the proceeds of any such security <br />may be drawn upon by the County to the final total cost of Developer's obligations <br />hereunder, not to exceed however, the applicable limits of the security. <br />5. Grant and convey unto Indian River County all its right, title and <br />interest in and to all public improvements, lying within the areas dedicated to the <br />County, and Developer hereby warrants to the County that it has free and <br />unencumbered title thereto, that all persons or entities which have supplied labor or <br />materials with respect to such improvements have been paid in full, that none of them <br />has any claim whatsoever with respect thereto, and that Developer shall hereafter <br />forever warrant and defend the County's title thereto. <br />IN WITNESS WHEREOF, <br />this .,FY day of , 2007. <br />Signed in the presence of: <br />Developer has hereunto set its hand and seal <br />sign: nc,�-e-�--, mei^-w--, <br />print name: <br />2 <br />FAAttomey\Nancy\DOCSVLANVost lakes maintenance.doc <br />LOST LAKE LLC, a Florida limited <br />liability company <br />Developer <br />By: <br />alcetta, Manager <br />