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Last modified
12/8/2015 4:56:49 PM
Creation date
10/1/2015 2:02:57 AM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
02/16/2010
Control Number
2010-050
Agenda Item Number
8.R.
Entity Name
Imagine Schools
Subject
4th Street left turn lane
Cash Deposit and Escrow Agreement
Area
North side of 4th Street, west of 58th Avenue
Supplemental fields
SmeadsoftID
9583
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e <br /> A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> J . K . BARTON , CLERK <br /> the left turn lane, then the cost for such culverting and placement of <br /> asphalt may be included . <br /> b . County shall present to Imagine its itemized estimate of costs prior to <br /> commencement of construction . <br /> c . At least fifteen ( 15) days prior to disbursement of the Escrow Funds or <br /> any part thereof, County shall deliver to Imagine its detailed itemization of <br /> actual costs and invoices , and all data used by the County to compute the <br /> cost of the left turn lane. <br /> d . Upon completion of the left turn lane described herein and payment <br /> therefore from the Escrow Funds , all funds remaining in the Escrow Funds <br /> shall be returned to Imagine . To the extent Escrow Funds are insufficient <br /> to complete construction of the left turn lane, County shall be solely <br /> responsible for any shortfall . County shall in no event commence <br /> construction until sufficient funds have been appropriated to complete <br /> construction. <br /> e . Notwithstanding anything else contained herein, the term of this Escrow <br /> shall be ten ( 10) years from the date of execution. Any funds remaining in <br /> the Escrow after that time shall be delivered to Imagine, together with any <br /> interest earned thereon at that time, and Imagine shall be deemed released <br /> of any further obligation or responsibility for the left turn lane described <br /> herein . <br /> 4 . Resolution of disputes . In the event of any dispute between Imagine and County <br /> regarding the Escrow Funds , jurisdiction and venue shall lie within Indian River <br /> County, Florida . <br /> 5 . Discharge of Escrow Agent. Disbursement and payment of the Escrow Funds in <br /> accordance with the terms, conditions , and provisions of this Agreement, shall <br /> fully and completely discharge and exonerate the Escrow Agent from any and all <br /> liability or obligations of any nature or character at law or equity arising from its <br /> duties as Escrow Agent under this Agreement. <br /> 6 . Notices . All notices and demands made hereunder shall be made in writing and <br /> given to the person to whom notice is directed by: (a) actual delivery at the <br /> address stated below, including by national overnight delivery service, which <br /> shall be deemed effective at the time of actual delivery; (b) US Postal Service <br /> addressed as stated below, which shall be deemed effective five (5 ) business days <br /> after being so deposited with the US Postal Service, provided the sender has a <br /> certificate of mailing evidencing the date of mailing; or (c) facsimile transmission <br /> to the facsimile numbers stated below which notice shall be deemed effective <br /> upon completion of the facsimile transmission provided the sender has written <br /> JABmce\clien s\Imngine School\CASH DEPOSIT AND ESCROW AGUENIENT.doc <br /> 2 <br />
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