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