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- IL"X9 / 04 / 2008 18 % 24 561 - + M - b3lb Imu UI II1LJ . . y ROYAL OAK MO 1LE HOME PARK FUNDING AGREEMENT THIS FUNDING AGREEMENT for ROYAL OAK MOBILE HOME PARK ("Agreement") entered into this 10 day of r , 2008 by and between WILLIAM D . LAIN REVOCABLE TRUST c/o William Lain , ("Owner"} , having an address of 8125 U . S . Highway 1 , Vero Beach , Fl_ 32967 and INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS , a political subdivision of the State of Florida , ("County" ) having an address of 1801 27th St. , Vero Beach , FL 32960, BACKGROUND RECITALS : A. On August 12 , 2008 , the County approved the expenditure of funds for construction of water facilities to serve the Royal Oak Mobile Home Park (" Park") up to a maximum amount of $25, 595 . 63 (" Project" ) . B . Also on August 12 , 2008 , the Board approved execution of "Work Authorization Directive #207-016" in the amount of $8, 894. 38 to Derrico Construction Corporation CDerrico") for the labor portion of the project , together with advance funding of the $500 FDEP application fee . C . The Owner has received a letter from the Florida Department of Environmental Protection requiring the Park to disconnect its potable water services from the existing water well and connect to a public potable water supply that can be supplied by the County by and through its Utility Department. D . The County and Owner have agreed on the method of funding the Project. NOW THEREFORE , for good and valuable consideration , the receipt and sufficiency of which is hereby acknowledged , the parties agree as follows . The Background Recitals are true and correct and form a material part of this Agreement. 1 . The County will issue the Work Authorization Directive #2007-016 in September , 2008 , following receipt of a permit from FDEP . 2 , Thereafter, the County will issue a blanket purchase order for materials in the maximum amount of $ 16 , 201 .25 . 31 Work Authorization Directive 2007=015 provides that 95% completion will occur on or about October 3, 2008 and the pay request will be submitted to the County by the end of October . The final pay request for the remaining 5% retainage will be submitted to the County in November , 2008 . The invoices under the blanket purchase order will be submitted to the County in September, 2008 . The $500 FDEP application fee was paid by the County in August , 2008 and Owner acknowledges that it shall re pay the $500 FDEP application fee to the County promptly upon receipt of an invoice from the County therefor. 4 . The County shall , promptly upon receipt of any and all invoices and payment requests , review such documents and , thereafter, immediately transmit them to Owner. Owner shall , within five (5 ) business days following receipt of such payment request or invoices approved by the County, transmit the amounts shown on each such invoice and pay request via certified or cashiers check payable to Indian River County Board of County 1