9/2/2016 9:25:55 AM
9/30/2015 7:38:07 PM
Official Document Type
Agenda Item Number
Sunland Development Inc.
Cash Deposit and Escrow Diamond Lake Subdivision Phase 1
Diamond Lake Subdivision Phas I
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., un u uv uo : una incian River county 772 - 770 - 5095 P , 9 <br /> 4 . 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 Contract and that said funds are necessary to <br /> complete the required improvements . All funds disbursed to County in excess of the <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 /> 5 . Any interest earned during the term of escrow, less administrative <br /> expenses , shall be disbursed to Developers at close of escrow. <br /> 6 . The funds deposited hereunder exist 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, materialman , 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 /> 7 . 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. Any amendment , deletion , modification , <br /> extension , or revision hereof or hereto shall be in writing , and executed by authorized <br /> representatives of each party. <br /> IN WITNESS WHEREOF , the parties hereto have set their hands and <br /> seals . The date of this agreement shall be the date of approval by the Board of <br /> County Commissioners , as first stated above . <br /> SUNLAND DEVELOPMENT, INC . , a Florida <br /> corporation <br /> DEVELOPER <br /> By. � "X]:: A <br /> Frank Young , CEO <br /> z <br /> FAaUomeylnancy\DOCS1pLANlcash deposit for Kdiamond lake phase Ldoc <br />
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