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and Budget shall make the disbursement as approved by the Building Official directly to Contractor. 4. Upon default by Contractor under the Agreement, 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 Agreement. Funds necessary to remove any non -complying slab (which the parties agree shall be $10,000.00 per slab) shall be disbursed to the County upon receipt by the Office of Management and Budget of a written notice from the Building Official stating that Contractor has defaulted under the Slab Removal Agreement. The Building Official shall provide a copy of said notice to Contractor in accordance with the Slab Removal Agreement. All funds disbursed to County in excess of the final amount determined necessary by the County to removed slabs shall be returned to Contractor, its legal representatives, successors or assigns. 5. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed to Contractor at close of escrow. 6. 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, 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 Contractor. 7. This Agreement, together with the attached Slab Removal Agreement, 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. IN WITNESS WHEREOF, the parties hereto have set their hands and seals. The date of this agreement shall be the date of approval by the Board of County Commissioners, as first stated above. DIVOSTA BUILDING CORPORATION �' P By: CA Curtis Ring, President CONTRACTOR UAWATERWAY VILLAGE\cash deposit guarantying slab removal.doc