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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 />subiect to the approval as to form and amount by the County. The County does <br />a substitution fee which m <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 />