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The Lakes at Sandridge, Phase 1 <br /> ATRUECOPY <br /> CERTIRCATION ON LAST PAGE MODIFICATION TO <br /> J.K. BARTON, CLERK CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS MODIFICATION , made and entered into this 3rd day of <br /> April 2007 , by and between IRC DEVELOPMENT, L. L. C . , a Florida <br /> limited liability company, hereinafter referred to as "Developer" , and INDIAN <br /> RIVER COUNTY, a political subdivision of the State of Florida , by and through its <br /> Board of County Commissioners , hereinafter referred to as "County" . <br /> WITNESSETH : <br /> WHEREAS , the final plat for The Lakes at Sandridge Phase 1 was <br /> approved by the Board of County Commissioners of Indian River County on <br /> August 10 , 2004 ; and <br /> WHEREAS , in order for the project to receive a Certificate of Completion , <br /> on October 31 , 2005 the Developer entered into a Warranty and Guaranty <br /> Agreement, and Bill of Sale for Required Improvements Contract No . PD-03-07- <br /> 17-WGPH1 (2002120179-38772 ) to warranty road , drainage and sidewalk <br /> improvements within The Lakes at Sandridge Phase 1 for a period of three years <br /> from the date of final inspection of the required improvements ( 10/21 /05 to <br /> 10/21 /08 ); and <br /> WHEREAS, in support of said Warranty and Guaranty Agreement, and <br /> Bill of Sale for Required Improvements , the Developer posted $ 135 , 387 . 50 cash , <br /> and executed a Cash Deposit and Escrow Agreement ; and <br /> WHEREAS , on October 24 , 2006 the Developer appeared before the <br /> Board of County Commissioners requesting that the Board release the <br /> Developer from the remaining two years under the Warranty and Guaranty <br /> Agreement; and <br /> WHEREAS , the Board , on October 24 , 2006 , directed a refund of the <br /> $ 135 ,387 . 50 to the Developer so long as an inspection be performed and any <br /> deficiencies corrected ; and <br /> WHEREAS, an inspection revealed no outstanding deficiencies , however, <br /> staff voiced a concern regarding cracked curbing at the development , repaired <br /> by epoxy rather than the cracked curbing being removed and replaced ; and <br /> WHEREAS, Developer agreed to submit its engineer's certified cost <br /> estimate , attached as Exhibit "A" , so that the County could withhold from the <br /> return of the $ 135 , 387 . 50 funds that part of the warranty associated with the <br /> repaired curbing for an additional two years to warranty the repaired curbing , <br />