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the County' s Subdivision and Platting Ordinance . It is understood that the full <br /> amount of the letter of credit shall remain available to the County and shall not be <br /> reduced during the course of construction without an express written modification <br /> thereof executed by all parties . Requested reductions shall not be unreasonably <br /> withheld by the County , but shall be subject to administrative fees as established <br /> by the County . Successor Developer may at any time substitute guarantees , <br /> subject to the approval as to form and amount by the County . The County does <br /> impose a substitution fee which must be paid at the appropriate time . <br /> 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying <br /> or excess insurance coverage carried by Successor Developer or to be obtained <br /> during the course of the construction of the subdivision improvements , Successor <br /> Developer agrees to indemnify , hold harmless , and defend the County against <br /> any and all claims , damages , losses , and expenses , including attorney's fees , for <br /> property damage , personal or bodily injury , or loss of life , arising from the <br /> negligent acts or omissions of the Successor Developer , its officers , employees , <br /> agents , or contractors , subcontractors , laborers , or suppliers , relating to the <br /> construction of the required sidewalk improvements , including all those <br /> improvements to be constructed on existing publicly dedicated or County owned <br /> property . <br /> 5 . Nothing herein shall be construed as creating an obligation <br /> upon the County to perform any act or construction or maintenance until such <br /> time as the required improvements are satisfactorily completed . Satisfactory <br /> completion in accordance with the land development permit, plans , <br /> specifications , and ordinance requirements of Indian River County shall be <br /> determined by the County and shall be indicated by specific written approval of <br /> 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 /> 6 . The County agrees to issue building permits and Certificates <br /> of Occupancy prior to the installation of required sidewalk improvements so long <br /> as Successor Developer is not in default of the terms of this Contract . <br /> 7 . In the event the Successor Developer shall fail or neglect to <br /> fulfill its obligations under this contract and as required by the Code of Laws and <br /> Ordinances of Indian River County , Florida , the Successor Developer , as <br /> principal , and the letter of credit shall be jointly and severally liable to pay for the <br /> cost of construction and installment of the required improvements to the final total <br /> cost , including but not limited to engineering , construction , legal and contingent <br /> costs , including reasonable attorney' s fees incurred by the County , together with <br /> any damages , either direct or consequential , which the County may sustain as a <br /> result of the failure of Successor Developer to carry out and execute all <br /> provisions of this contract and applicable ordinances of the County . In no event , <br /> however , shall the liability of the underwriting bank under this paragraph exceed <br /> 3 <br /> F :\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc <br />