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CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 11 th day of February 2003 by <br /> and between VILLAGE WALK SOUTH OF VERO BEACH, LLC (Developer), <br /> and INDIAN RIVER COUNTY, a political subdivision of the State of Florida <br /> (County): <br /> WITNESSETH : <br /> WHEREAS, Developer is effecting a development of certain property <br /> within Indian River County and is required to provide surety supporting a Bill of <br /> Sale of Utility Facilities within an easement for the maintenance of certain <br /> required improvements related thereto, namely: <br /> Sanitary sewer and potable water as out in the <br /> attached Bill of Sale. <br /> NOW, THEREFORE, in consideration of the agreements, promises, and <br /> covenants set forth herein, and other good and valuable considerations, the <br /> parties hereto agree as follows: <br /> 1. The Developer has tendered to the County Office of Management <br /> and Budget (Escrow Agent) the sum of Eighteen Thousand Six Hundred <br /> Twenty-Three and 31/100 Dollars, U.S. ($18,623.31), the receipt whereof is <br /> hereby acknowledged, which sum shall be held in escrow by said Office, subject <br /> to the terms, conditions and covenants of this escrow agreement as assurance <br /> that Developer shall perform in all respects the obligations set forth in the <br /> aforementioned Bill of Sale, which is incorporated herein by reference. <br /> 2. Upon completion of the maintenance period specified in the Bill of <br /> Sale, the Developer may obtain a disbursement from the escrow account by <br /> making a written request to Indian River County through the County's Utilities <br /> Director. The request shall specify the amount of disbursement, and shall be <br /> accompanied by a sealed certificate from Developer's engineer that the work for <br /> which disbursement is requested remains in satisfactory condition in accordance <br /> with the most recent set of plans and specifications approved and on file with the <br /> County. <br /> 3. Within seven (7) working days after receipt of a disbursement <br /> request, the Utilities Director shall cause an inspection of the work for which <br /> payment is sought. If the Utilities Director is satisfied in all respects with the work <br /> and certifications, the Utilities Director shall approve the disbursement. Approval <br /> of any disbursement shall be in writing delivered to the County Office of <br /> Management and Budget. Upon receipt of the written approval of the <br /> disbursement, the Office of Management and Budget shall make the <br /> disbursement described therein directly to Developer, at the address specified in <br /> the request for disbursement. <br /> 1 <br />