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2006-413
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2006-413
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Last modified
9/1/2016 4:25:36 PM
Creation date
9/30/2015 10:23:46 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Agreement
Approved Date
12/12/2006
Control Number
2006-413
Agenda Item Number
7.J.
Entity Name
Shadowbrook Estates, Inc.
Subject
Escrow Agreement-Third Amendment
Supplemental fields
SmeadsoftID
5981
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IMMERSION <br /> (d) If Seller elects to engage all contractors and suppliers for the site assessment and <br /> remediation work up to the amount of the Escrow Funds, Seller shall draw upon the <br /> Escrow Funds for such purpose . If Seller elects to designate Buyer to engage contractors <br /> and suppliers to conduct the site assessment and remediation, Buyer shall draw upon the <br /> Escrow Funds for such purpose. <br /> (e) Attached hereto as Exhibit "A" are County' s requirements for safeguards to <br /> protect the County from work on County land as described herein . All contractors <br /> performing work on the land, whether engaged by the Seller or the Buyer, shall comply <br /> with these requirements, which include sufficient insurance coverage ; payment <br /> performance bonds ; and appropriate indemnification . Proof of such compliance shall be <br /> provided Buyer prior to the commencement of any remediation work on the subject <br /> property . <br /> (f) Upon completion of the site assessment and remediation described herein, after <br /> approval by FDEP as evidenced by a NFA or similar approval , any funds remaining in <br /> the Escrow Funds shall be returned to Seller. <br /> (g) Notwithstanding anything else contained herein, the Term of this Escrow shall be <br /> two (2) years from the date of closing. Any funds remaining in the Escrow after that time <br /> shall be delivered to Seller. Seller shall be responsible for any post-remediation <br /> monitoring required by FDEP for up to two (2) years from the date of closing. Seller <br /> shall not be responsible for required post-remediation monitoring after two (2) years from <br /> the date of closing. <br /> 5 . Request for Release of Escrow Funds. Any time Escrow Agent receives notice from <br /> either Buyer or Seller requesting or demanding the Escrow Fund or any part thereof, or a draw <br /> therefrom, Escrow Agent shall promptly deliver a copy of said request or demand to the other <br /> party . Escrow Agent shall not, however, disburse the Escrow Funds in whole or in part as <br /> requested or demanded until and unless such time as the Escrow Agent has received written <br /> mutual authorization , direction and instruction signed by Buyer and Seller (a) authorizing the <br /> disbursement of the Escrow Funds , (b) setting forth full instructions to whom and the manner in <br /> which the Escrow Funds are to be disbursed, and (c) expressly providing that Escrow Agent' s <br /> disbursement and delivery of the Escrow Funds pursuant to such written mutual authorization, <br /> direction and instruction shall constitute the full , complete and proper performance by the <br /> Escrow Agent of all of its duties and responsibilities created hereunder, under the Purchase <br /> Agreement, or otherwise in connection with the disbursed funds, and , further, that by execution <br /> of said written mutual authorization, direction and instruction, Buyer and Seller are automatically <br /> releasing Escrow Agent from any and all liability created hereunder, under the Purchase <br /> Agreement or otherwise in connection with such Escrow, without the necessity of Buyer and <br /> Seller or either, executing any further documentation, subject only to the Escrow Agent <br /> disbursing the Escrow Funds in accordance with said written authorization and instructions . If <br /> Buyer and Seller are unable to mutually agree to the disposition of the Escrow Funds, then the <br /> disposition of the Escrow Funds shall be governed by the terms and provisions hereinafter set <br /> forth. <br /> 6 . Resolution of Disputes . In the event of any dispute between Buyer and Seller regarding <br /> the Escrow Funds or any other funds held by Escrow Agent, or in the event Escrow Agent shall <br /> 3 <br />
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