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1 . The above recitals are affirmed . <br /> 2 . The Developer has tendered to the County Office of Management <br /> and Budget ( Escrow Agent ) the sum of One Hundred Six Thousand (Vine <br /> Hundred Fifty -Two and 46/ 100 Dollars ( $ 106 , 952 . 46 ) , 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 Agreement as assurance that <br /> Developer shall complete the required improvements listed above . <br /> 3 . Upon completion of the paving project , Developer agrees that the <br /> $ 106 , 952 . 46 cash held in escrow to pay for its fair share of the paving project is <br /> to be turned over to County and represents the Developer ' s payment of its fair <br /> share of the paving project . <br /> 4 . Upon any default by Contractor , the County may elect to pursue <br /> any remedies available . <br /> 5 . The County may utilize all funds in the escrow account at the time <br /> default is declared by the County . Said funds shall be disbursed to the County <br /> upon receipt by the Office of Management and Budget of a written statement <br /> from the Public Works Director that Contractor has defaulted and that said funds <br /> are necessary to complete the Developer ' s fair share of the paving project . <br /> 6 . The funds deposited hereunder exist solely for the protection , use <br /> and benefit of the County and shall not be construed or intended in any way , <br /> expressly or impliedly , to benefit or secure payment to any contractor , <br /> subcontractor , laborer , materialman , architect , engineer , attorney or other party <br /> providing labor , material , supplies , or services for construction of the paving <br /> project while such funds remain subject to this escrow agreement . The County <br /> shall not be liable to any of the aforementioned parties for claims against the <br /> Contractor relating to the paving project . <br /> 7 . This Agreement is the full and complete understanding of the <br /> parties and shall not be construed or amplified by reference to any prior <br /> agreement , discussion , or understanding , except as specifically mentioned <br /> herein . This Agreement shall not be assigned without the express written <br /> approval of the County . Any amendment , deletion , modification , extension , or <br /> revision hereof or hereto shall be in writing , and executed by authorized <br /> representatives of each party . <br /> 2 <br />