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' Jun 07 04 08 : 04a Indian River County 772 - 770 - 5095 P . 8 { rF: 1R Diamond Lake Subdivision , Phase 1 - Certificate of Completion w CASH DEPOSIT AND ESCROW AGREEMENT -� THIS AGREEMENT is entered into this '7 day of --au of , 2004 , by and between Sunland Development, Inc . , a Florida corporation ( Developer) , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida (County) ; WITNESSETH ; WHEREAS , Developer has effected a subdivision of certain property within Indian River County known as Diamond Lake Subdivision , Phase One , and is required to provide surety supporting a contract ( numbered SD-03 -03- 12CFCPH1 (2002040141 ) , and as modified , with the County for the construction of certain improvements related thereto ; NOW , THEREFORE , in consideration of the agreements , promises, and covenants set forth herein , and other good and valuable considerations , the parties hereto agree as follows : 1 . The Developer has tendered to the County Office of Management and Budget ( Escrow Agent) the sum of Sixty-Two Thousand Five Hundred Ten and 551100 Dollars ($ 62 , 510 . 55) , the receipt whereof is hereby acknowledged , which sum shall be held in escrow by said Office , subject to the terms , conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Contract for Construction of Required Improvements and Modification to Contract for Construction of Required Improvements , attached hereto and incorporated herein by reference ( Contract) . 2 . Upon completion of any distinct or separable phase or improvement, or independent portion thereof, the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer's engineer describing the work completed , the actual cost thereof , the estimated cost of all remaining work which is secured by the escrow account , and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specifications approved and on file with the County. 3 . 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. E IE ! P:\attomey�iancy\llOCS\PIAN\cash deposit for K diamond lake phase l .doc I �'