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Ocean Oaks West <br /> for use with Contract for <br /> 117 Construction . of Required Improvements <br /> CASH DEPOSIT AND ESCROW .AGREEMENT <br /> THIS AGREEMENT is entered into this go day of <br /> i � 2004 , by and between JIDA Investments , Inc . , a Florida <br /> corporation (Developer) , and INDIAN RIVER COUNTY, a political subdivision of the <br /> State of Florida (County) : <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 certain required improvements related <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 Agent) the sum. of Seventeen Thousand Nine Hundred <br /> Fifteen and 16/100 Dollars ($ 17 , 915 . 16) , the receipt whereof is hereby <br /> acknowledged , which sum shall be held in escrow by said Office , subject to the <br /> terms , conditions and covenants of this escrow agreement as assurance that <br /> _ Developer shall perform in all respects the obligations set forth in the <br /> aforementioned Contract for Construction of Required Improvements , which <br /> agreement is attached hereto and incorporated herein by reference ( Contract) . <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 <br /> under <br /> the preceding paragraph ; i . e . , twenty (20 % ) percent of the cost of each phase, <br /> improvement, or portion thereof, shall be retained in the escrow account until the <br /> final reduction , which shall occur only after issuance of a Certificate of Completion in <br /> accordance with the County's Subdivision and Platting Ordinance , <br /> 1 <br /> FAattomey\nancy\DOCS\PLAN\cash deposit for K ocean oaks west.doc <br />