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f. uut GuuY 11 . YU ! t LUU JY Jl f -LMUUUN 1 7 H I I UMNCT r-pmr. 00 <br /> . The County agrees to Issue building permits and Certificates <br /> of Occupancy prior to the installation of required sidewalk improvements so long <br /> as Developer is not in default of the terms of this Contract. <br /> 7 _ In the event the Developer shall fail or neglect to fulfill its <br /> obligations under this contract and as required by the Code of Laws and <br /> Ordinances of Indian River County, Florida , the Developer, as principal , and the <br /> letter of cr dit shall be jointly and severally liable to pay for the cost of <br /> constructior and installment of the required Improvements to the final total cost , <br /> including but not limited to engineering , construction , legal and contingent costs , <br /> including reasonable attomey's fees incurred by the County , together with any <br /> damages , o ither direct or consequential , which the County may sustain as a <br /> result of th failure of Developer to carry out and execute all provisions of this <br /> contract an applicable ordinances of the County. In no event , however, shall <br /> the liability of the underwriting bank under this paragraph exceed the total <br /> amount of tie original obligation stated in the letter of credit, less any approved <br /> reductions t iereto . <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 Developer shall fail or refuse to do so in accordance <br /> with the terms of this contract. Developer expressly agrees that the County may <br /> demand ani I draw upon the existing letter of credit for the final total cost of the <br /> improverner ts . Developer shall remain wholly liable for any resulting deficiency, <br /> should the letter of credit be exhausted prior to completion of the required <br /> improvemer ts . In no event shall the County be obligated to expend public funds , <br /> or any fund other than those provided by the Developer, or the letter of credit to <br /> construct the required improvements . <br /> 9 . Any letter of credit provided to the County by Developer with <br /> respect to t is contract shall exist solely for the use and benefit of the County <br /> and shall not be construed or intended in any way , expressly or impliedly, to <br /> benefit or s9cure payment to any subcontractor, laborer, materialman or other <br /> party provi Ing labor, material , supplies , or services for construction of the <br /> required im rovements , or to benefit any lot purchaser(s) , unless the County <br /> 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 ampilfied by reference to any other <br /> agreement, discussion , or understanding , whether written or oral , except as <br /> specifica {ly entioned herein . This agreement shall not be assigned without the <br /> express wri en 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 /> 3 <br /> FNatome)lnancyT OCSTORNIMside k for toc valeneia pointe.doc <br />