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This document prepared by and return to: Indian River County Public Works Department 1840 25th Street Vero Beach, Florida 32960 BDB/bm A. The north entrance will be on 57th Street approximately 230 feet east of 58th Avenue. The Developer shall construct a two-lane road for a distance of approximately 230 feet from 58th Avenue to the entrance of the Project, as shown on the preliminary plat dated 4/22/04 and Exhibit "B" attached hereto. The Developer will also plan, design and construct a southbound left tum lane and a northbound right tum lane on 58th Avenue at the intersection of 57th Street. All road construction shall be in compliance with Florida Department of Transportation standards, and to the satisfaction of County. County finds that Developer shall not be required to pay or contribute to the acquisition or construction of 57th Street except for the 230 foot extension described above. B. The southem entrance shall be located 3,582 feet east of the 58th Avenue centerline as shown on Exhibit "C" attached. The parties agree that Developer's share of the cost of design and construction of the bridge and roadway is $445,400.00 (the 'Contribution Amount') representing $868 per lot in the proposed Project. Developer shall pay the sum of $445,400.00 to County as follows: at the time developer (or its assign or agent) applies for a building permit for a lot in the Project, Developer shall pay County the sum of $868.00 until the obligation of $445,400.00 to County is satisfied. Developer's failure to pay the $868.00 upon application for a building permit shall be adequate grounds for County to deny issuance of the building permit. C. The Bridge shall be designed and constructed by the County in conjunction with the construction of 53rd Street and shall be compatible with the Project's Southem Entrance. The Contribution Amount paid by Developer (together with interest eamed thereon) shall be deposited into an escrow account to be withdrawn by County for use in accordance with this agreement as follows: (1) for payment of the design of the Bridge at the time the design contract is let or due to be paid; (2) for the construction of the Bridge as construction occurs and payments become due, provided, however, no construction disbursements shall be made until construction of 53rd Street between the south entrance and 58th Avenue commences; or (3) If both the Bridge and the 53rd Street link between US 1 and 58th Avenue are not placed into service by February 15, 2014, then the County may withdraw the sum of $103,510.00 for the improvement of other transportation infrastructure within {M2075262.}2 C:\Documents and Settings\TRamm\My Documents\wordfiles\Florida\Bayer\North Lake SD -Developer's Agr-final.doc