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event, however shall the liability of the underwriting bank under this paragraph exceed the <br /> total amount of the original obligation stated in the letter(s) of credit, less any approved <br /> reductions thereto . <br /> 7 . The parties agree that the County at its option shall have the right, but not <br /> the obligation , to construct and install or, pursuant to receipt of competitive bids , cause to be <br /> constructed and installed the required improvements in the event Developer shall fail or <br /> refuse to do so in accordance with the terms of this contract. Developer expressly agrees that <br /> the County may demand and draw upon the existing letter(s) of credit for the final total cost of <br /> the improvements . Developer shall remain wholly liable for any resulting deficiency , should <br /> the letters) of credit be exhausted prior to completion of the required improvements . In no <br /> event shall the County be obligated to expend public funds , or any funds other than those <br /> provided by the Developer , or the underwriting bank to construct the required improvements . <br /> 8 . Any letter( s) of credit provided to the County by Developer with respect to <br /> this contract shall exist solely for the use and benefit of the County and shall not be <br /> construed or intended in any way , expressly or impliedly , to benefit or secure payment to any <br /> subcontractor, laborer, materialman or other party providing labor, material , supplies , or <br /> services for construction of the required improvements , or to benefit any lot purchaser( s) , <br /> unless the County shall agree otherwise in writing . <br /> 9 . This agreement is the full and complete understanding of the parties and <br /> shall not be construed or amplified by reference to any other agreement , discussion , or <br /> understanding , whether written or oral , except as specifically mentioned herein . This <br /> agreement shall not be assigned without the express written approval of the County . Any <br /> amendment , deletion , modification , extension , or revision hereof or hereto shall be in <br /> writing , executed by authorized representatives of both parties . <br /> IN WITNESS WHEREOF , the parties hereto have set their hands and seals on <br /> the day and year first above written . <br /> IRC DEVELOPMENT, L. L. C . , <br /> a Florida limited liability company <br /> DEVELOPER <br /> WITNESSES : <br /> Z42 <br /> sign : By . = ' <br /> prin name : Ic Im gJAZ William J . Si s , Jr. , Mana er <br /> sign : <br /> print name :TQtsH Ke (affix corporate seal ) <br /> 3 <br />