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the total amount of the original obligation stated in the letter of credit, less any <br />approved reductions thereto. <br />8. The parties agree that the County at its option shall have the <br />right, but not the obligation, to construct and install or, pursuant to receipt of <br />competitive bids, cause to be constructed and installed the required <br />improvements in the event Successor Developer shall fail or refuse to do so in <br />accordance with the terms o t is con rac . Successor Developer expressly <br />agrees that the County may demand and draw upon the existing letter of credit <br />for the final total cost of the improvements. Successor Developer shall remain <br />wholly liable for any resulting deficiency, should the letter of credit be exhausted <br />prior to completion of the required improvements. In no event shall the County <br />be obligated to expend public funds, or any funds other than those provided by <br />the Successor Developer, or the letter of credit to construct the required <br />improvements. <br />9. Any letter of credit provided to the County by Successor <br />Developer with respect to this contract shall exist solely for the use and benefit of <br />the County and shall not be construed or intended in any way, expressly or <br />impliedly, to benefit or secure payment to any subcontractor, laborer, <br />materialman or other party providing labor, material, supplies, or services for <br />construction of the required improvements, or to benefit any lot purchaser(s), <br />unless the County shall agree otherwise in writing. <br />10. This agreement is the full and complete understanding of the <br />parties and shall not be construed or amplified by reference to any other <br />agreement, discussion, or understanding, whether written or oral, except as <br />specifically mentioned herein. This agreement shall not be assigned without the <br />express written approval of the County. Any amendment, deletion, modification, <br />extension, or revision hereof or hereto shall be in writing, executed by authorized <br />representatives of both parties. <br />IN WITNESS WHEREOF, the parties hereto have set their hands <br />and seals on the day and year first above written. <br />WITNESSES: <br />sign: <br />print ame: <br />sign: <br />print name: <br />HIERS-PROPERTIES, L.L.C., a Florida. <br />limited liability compant <br />By ;X <br />L, <br />Bobby J.Hiers; Managing Member <br />F:\Attorney\Nancy\DOCS\PLAN\lost lake substitute side k.doc <br />SUCCESSOR DEVELOPER <br />V <br />