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-75 <br /> i Pelican Bay Estates <br /> for use with Contract for a eo 6 00 <br /> Construction of Required Improvements <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 9th day of <br /> March , 2004 , by and between Pelican Bay, LLC , an Illinois limited <br /> liability company qualified to do business in the State of Florida ( Developer) , <br /> and INDIAN RIVER COUNTY, a political subdivision of the 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 Twenty- Four Thousand Two Hundred <br /> Eight and 08/ 100 Dollars ( $24 , 208 . 08 ) , 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 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 /> F:\attomey\nancy\DOCS\PLAN\cash deposit for K pelican bay estates . doc <br />