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<br /> 3 . In order to guarantee performance of this contract, Developer shall
<br /> simultaneously herewith furnish an irrevocable letter of credit, having an expiration date of
<br /> not less than ninety (90) days beyond the date set forth in Paragraph 1 , provided
<br />by a
<br /> banking institution authorized to transact such business in this state , in a form to be approved
<br /> by the County , naming Developer as customer and Colonial Bank, N .A . as the underwriting
<br /> bank, in the amount of $ 1 , 004 , 689 . 62 which amount is not less than one hundred fifteen
<br /> percent ( 115 % ) of the estimated total cost of improvements remaining to be constructed , as
<br /> determined in accordance with the County' s Subdivision and Platting Ordinance . It is
<br /> understood that the full amount of the letter of credit shall remain available to the County and
<br /> shall not be reduced during the course of construction unless approved in writing by the
<br /> County' s Public Works Director pursuant to Indian River County Code Section 913 . 10 .
<br /> Requested reductions shall not be unreasonably withheld by the County . Developer may at
<br /> any time substitute guarantees , subject to the approval as to form and amount by the
<br /> County .
<br /> 4 . Up to $ 1 , 000 , 000 . 00 , or the limits of any applicable underlying or excess
<br /> insurance coverage carried by Developer or to be obtained during the course of the
<br /> construction of the subdivision improvements , Developer agrees to indemnify , hold
<br /> harmless , and defend the County against any and all claims , damages , losses , and
<br /> expenses , including attorney' s fees , for property damage , personal or bodily injury , or loss
<br /> of life , arising from the negligent acts or omissions of the Developer, its officers , employees ,
<br /> agents , or contractors , subcontractors , laborers , or suppliers , relating to the construction of
<br /> the required improvements , including all those improvements to be constructed on existing
<br /> publicly dedicated or County-owned property , such as street , sidewalk , bikepath , lighting ,
<br /> signalization , traffic control , drainage , water, or sewer improvements .
<br /> 5 . The County agrees to approve the plat for recordation in the Public Records
<br /> of Indian River County , Florida upon a finding as to compliance with all applicable provisions
<br /> of the County' s Subdivision and Platting Ordinance and upon execution hereof. The County
<br /> shall accept those areas specifically dedicated to the County for the purposes indicated on
<br /> the plat at the time of plat recordation . However, nothing herein shall be construed as
<br /> creating an obligation upon the County to perform any act of construction or maintenance
<br /> within such dedicated areas until such time as the required improvements are satisfactorily
<br /> completed . Satisfactory completion in accordance with the land development permit , plans ,
<br /> specifications , and ordinance requirements of Indian River County shall be determined by
<br /> the County and shall be indicated by specific written approval of the Public Works Director or
<br /> his designated representative , after receipt of a signed and sealed Certificate of Completion
<br /> from the project engineer of record .
<br /> 6 . In the event the Developer shall fail or neglect to fulfill its obligations under
<br /> this contract and as required by the Indian River County Code , the Developer, as principal ,
<br /> and the letter(s ) of credit shall be jointly and severally liable to pay for the cost of
<br /> construction and installment of the required improvements to the final total cost, including
<br /> but not limited to engineering , construction , legal and contingent costs , including reasonable
<br /> attorney' s fees incurred by the County , together with any damages , either direct or
<br /> consequential , which the County may sustain as a result of the failure of Developer to carry
<br /> out and execute all provisions of this contract and applicable ordinances of the County . In no
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