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16) <br /> A TRUE COPYMe <br /> CERTIFICATION ON LAST PAG . <br /> J . K . BARTON , CLERK <br /> DOC, . To ANPJ DF; ) - 0 <br /> CASK .DEPOSIT AND ESCROW AGREEMENT C;z 0 /d a <br /> THIS CASH DEPOSIT AND ESCROW AGREEMENT ("Agreement") is entered into as <br /> of this I st day of March , 2010, by and between IMAGINE SCHOOLS , INC . , a <br /> Delaware corporation ("Imagine") and INDIAN RIVER COUNTY, a political subdivision of the <br /> State of Florida ("County") : <br /> RECITALS <br /> A . At its regular meeting of April 29 , 2008 , the County granted special exception use <br /> approval to Imagine for a school on the north side of 4th Street, west of 58th <br /> Avenue (the " School "), which approval is known as SP - SE-08 - 11 - <br /> 46/2001090105 -62637 , being the County' s site plan approval number. <br /> Be On September 16 , 2008 , the County imposed a condition upon Imagine which <br /> required Imagine to post a bond in the amount of $ 350, 000 . 00 for the construction <br /> of a left turn lane for eastbound traffic from 4`h Street into the School site . This <br /> bond is required prior to issuance of a certificate of occupancy for Phase 2 of the <br /> School . <br /> C . Imagine desires to post the $ 350 , 000 . 00 bond, in cash, to the County, to be held in <br /> escrow, subject to the terms of this Agreement . Said sum and any interest <br /> accruing thereon are referred to collectively as the "Escrow Funds " . <br /> NOW, THEREFORE, for and in consideration of the mutual covenants herein contained <br /> and other good and valuable consideration each paid to the other, the receipt and sufficiency of <br /> which are hereby acknowledged, the parties hereto agree as follows : <br /> 1 . Recitations . Imagine and County each confirm that the recitals set forth above are <br /> true and correct . <br /> 2 . Escrow Agent . County agrees to act as Escrow Agent in accordance with the <br /> provisions of this Agreement . <br /> 3 . Disbursement of Escrow Funds . Escrow Agent shall hold the Escrow Funds in a <br /> segregated interest bearing account until such time as they can be disbursed as <br /> follows : <br /> a. The Escrow Funds are to be used to pay the County, its contractors , <br /> subcontractors , agents , or employees , for the costs of construction of a left <br /> turn lane for eastbound traffic on 4"' Street into the School site, and for no <br /> other purpose . Such costs shall include design, engineering, permitting, <br /> construction, labor, and materials only for the left turn lane described <br /> herein or, in the event the County elects to culvert the canal adjacent to 0, <br /> Street rather than to buy additional right-of-way in order to accommodate <br /> h0ruc6clicrosUmagine School\CASH DEPOSIT AND ESCROW AGREEMENT.doc <br /> 1 <br />