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4 . Notwithstanding the above disbursement limits , at no time shall the escrow account balance be reduced below an amount equal to one hundred fifteen ( 115 % ) percent of the most recent approved cost estimate of the remaining required improvements . 5 . Within seven ( 7 ) working days after receipt of a disbursement request , the Public Works Director shall cause an inspection of the work for which payment is sought . If the Public Works Director is satisfied in all respects with the work, the accompanying cost estimates and certifications , the Public Works Director shall notify in writing the County Office of Management and Budget . The Office of Management and Budget shall make the disbursement as approved by the Public Works Director directly to Developer. 6 . Upon default by developer under the Contract , the County may elect to pursue any of the remedies made available therein . All . funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the Contract . Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a certified copy of a resolution of the Board of County Commissioners stating that Developer has defaulted under the Contract and that said funds are necessary to complete the required improvements . All funds disbursed to County in excess of the final amount determined necessary by the County to complete the required improvements shall be returned to Developer, its legal representatives , successors or assigns . 7 . Any interest earned during the term of escrow, less administrative expenses , shall be disbursed to Developers at close of escrow. 8 . The funds deposited hereunder exist solely for the protection , 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 contractor, subcontractor, laborer, materialman , architect , engineer, attorney or other party providing labor, material , supplies , or services for construction of the required improvements , or to benefit any lot purchase , while such funds remain subject to this escrow agreement, unless and until the County shall agree otherwise in writing . The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required subdivision improvements . 9 . This Agreement, together with the attached Contract, is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement, discussion , or understanding , 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 , and executed by authorized representatives of each party . 2 F:\attorney\nancy\DOCS\PLAN\cash deposit for K ocean oaks west.doc