Laserfiche WebLink
Jun 05 03 12 : 55p Indian River County 772 - 770 - 5095 <br /> P . 6 <br /> �q7 <br /> F ' <br /> Lindsey Lanes Subdivision — Phase 11 <br /> NO . SD-98 -06-06 (98010101 -34528) FORMS (cash) LEGAL(WGC/nhm <br /> for use with Contract for <br /> Construction <br /> of Required Improvements <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 5th day of <br /> 20031 by and between GHO VERO BEACH V, INC. ~- <br /> (Developer) , and INDIAN RIVER COUNTY , a Florida corporation <br /> Florida (County) : . apolitical subdivision of the State of <br /> WITNESSETH ; <br /> WHEREAS , Developer is effecting a subdivision of certain property <br /> within Indian River County and is required to provide surety supporting a contract <br /> With the County for the construction of ents rel <br /> certain required improvemated <br /> thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , <br /> and covenants set forth herein , and other good and valuable considerations , the <br /> parties hereto agree as follows : <br /> 1 . The Developer has tendered to the County Office of Management <br /> and Budget ( Escrow <br /> - , Y, �c. d i Agent) the sum of <br /> LV <br /> the receipt whereof is hereby acknowledged, which sum Dollars <br /> be held in escrow by said Office, subject to the terms , conditions and covenant hof <br /> this escrow agreement as assurance that Developer shall perform in all respects the <br /> obligations set forth in the aforementioned Contract for Construction of Re u ' <br /> Improvements, which agreement is attached hereto and incorporated hereinrrbd <br /> reference (Contract) . y <br /> 2 • Upon completion of any distinct or separable phase or <br /> improvement, or independent portion thereof, the Developer may obtain a <br /> disbursement from the escrow account by making a written request to the Board of <br /> County Commissioners of Indian River County through the County's Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall be <br /> accompanied by a sealed certificate from Developer's engineer describing the work <br /> completed , the actual cost thereof, the estimated cost of all remaining work which is <br /> secured by the escrow account , and that the work for which disbursement is <br /> requested has been completed in accordance with the most recent set of plans and <br /> specifications approved and on file with the County. <br /> 3 . The amount of any given disbursement shall not exceed eighty <br /> (80%) percent of the. total cost of improvements certified as being completed under <br /> t <br /> E� <br />