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1 <br /> 1 , <br /> t F <br /> 9 <br /> i <br /> 4 . Notwithstanding the above disbursement limits , at no timeshall ;ihehndred w <br /> en <br /> escrow account balance be reduced below an amount estimate al to one <br /> the remaining re <br /> quired <br /> ti cost 5 percent of the most recent approved <br /> improvements . ` <br /> 6 . Within seven (7) working days after receipt of a disbursement <br /> request, the Public Works Director shall cause an inspection of the work for which <br /> payment is sought. if the Public Works Director is saffsfied in all respects with the <br /> work, the accompanying cost estimates and certifications, the Public Works Director <br /> shall notify in writing the County Office of Management and Budget. The Office of <br /> Management and Budget shall make the disbursement as approved by the Public <br /> Works Director directly to Developer , <br /> 61 Upon default by developer under the Contract, the County may <br /> elect to pursue any of the remedies made available therein . All funds remaining in <br /> the escrow account at the time default is declared by the County shall be available <br /> for use by the County in accordance with the Contract. Said funds shall be <br /> disbursed to the County upon receipt by the Office of Management and Budget of a <br /> certified copy of a resolution of the Board of County Commissioners stating that <br /> Developer has defaulted under the Contractsaid <br /> to County n excess of the <br /> complete the required improvements . Ail funds disbursed <br /> Final amount determined necessary by the County to complete the required <br /> improvements shall be returned to Developer; its legal representatives, successors <br /> or assigns . <br /> 7 . Any interest earned during the term of escrow, less administrative <br /> expenses, shall be disbursed to Developers at close of escrow. <br /> 8 . The funds deposited hereunder east solely for the protection , use <br /> and benefit of the County and shall not be construed or intended in any way, <br /> expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, <br /> laborer , matedalman , architect, engineer, attorney or other party providing labor, <br /> material , supplies, or services for construction of the required Improvements, or to . <br /> benefit any lot purchase , while such funds remain subject to this escrow agreement, <br /> unless and until the County shall agree otherwise In writing . The County shall not be <br /> liable to any of the aforementioned parties for claims against the Developer or <br /> contractor relating to the required subdivision improvements . <br /> g . This Agreement, together with the attached Contract, is the •full <br /> and complete understanding of the parties and shall not be construed or amplified by <br /> reference to any prior agreement, discussion , or understanding , except , as <br /> specifically mentioned herein . This Agreement shall not be assigned without 'the <br /> express written approval of the County. I be n amendment, <br /> ndman t executed by modification , <br /> ficatzed <br /> extension , or revision hereof or hereto shat g , <br /> representatives of each party. <br /> 2 <br /> F:4tt0MC? encY\D()GNVLAN\=sh dcpmit for side K .ndwo lokes.dac <br /> ir� <br />