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w WHEREAS , the funds are held in escrow by the County while the County proceeds to obtain competitive bids for constructing the required sidewalks ; and WHEREAS , during the contract default period the Developer sold the entire development project to Successor Developer; and WHEREAS , it is the desire of Successor Developer to be responsible for constructing the required sidewalks at the time the residences are built on the lots to avoid any possible damage from construction traffic and thus eliminating any unnecessary expense in repairs or tear outs ; and WHEREAS , Successor Developer has posted acceptable security with Indian River County to guarantee construction of the required sidewalks and requests that Indian River County extend the sidewalk construction completion date to July 11 , 2010 so that County would not have to have the sidewalks constructed and could return the funds held in escrow to the original Developer, NOW , THEREFORE , IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED , the parties agree as follows : 1 . Successor Developer agrees to construct by July 11 , 2010 in a good and workmanlike manner , those improvements described as follows : See Exhibit " A " attached hereto, or otherwise required by the Code of Laws and Ordinances of Indian River County in connection with the approved Preliminary Plat and Land Development Permit , which are incorporated by reference into this contract . 2 . Successor Developer agrees to construct said improvements strictly in accordance with County policies for sidewalk construction as those policies relate to location , method and type of construction , and all County development regulations and standards , including conditions and requirements of any applicable County right-of-way permit , all of which are hereby incorporated by reference and made a part hereof. 3 . Successor Developer has furnished an irrevocable letter of credit , having an expiration date of not less than ninety (90 ) days beyond the date set forth in Paragraph 1 , provided by a banking institution authorized to transact such business in this state , approved by the County , naming Successor Developer as customer and Marine Bank & Trust n)z. , as the underwriting bank , in the amount of $ 26 , 647 . 50 , which amount is not less than one hundred twenty-five percent ( 125 % ) of the estimated total cost of improvements remaining to be constructed , as determined in accordance with 2 F :Wttorncy\Nancy\DOCS\PLAN\lost lake substitute side k . doc