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ESCROW AGREEVENT <br />THIS AGREEMENT, made and entered into this <br />day of <br />Developer of Subdivision, <br />and the BOARD OF COUNTY COM:WM S OF INDIAN RIVER COUNTY, FLORIDA. <br />tSSEIi: <br />1. The Developer hereby deposits in escrow with the BOARD OF COUNTY <br />COMMISSION of Indian River County, Florida. • <br />DOIARS, <br />) to guarantee that all improvements set <br />forth on plans and specifications for the above subdivision will <br />be fully colleted and paid for. <br />2. That BOAPD agrees to hold said funds and to pay the sere out <br />In the following manner: <br />(a) To the Developer upon request and upon proof satisfactory <br />to the Board that work has progressed satisfactorily to the state <br />of developrent for which the payment is made, said proof to <br />include a certificate to that effect signed by the Developer <br />and the County Administrator, and upon proof satisfactor•to the <br />Board that all bills therefore have wen paid to date, including, <br />but not limiting thereto bills for surveying, engineering and <br />land clearing, and work and material used in the construction <br />of roads which are included in the plan of development. <br />(b) Upon a determination that any portion or all of the said <br />improvements have not been performed by the Developer within <br />calendar days from the date of this agreement, <br />the Board is hereby authorized, but not obligated to take over <br />and perform any such uncompleted work and to use for such pur- <br />poses the funds so deposited in escrow. <br />(c) Further, the Board is authorized to pay any bills for said <br />improvements upon proof satisfactory to the Board that such claims <br />• are just and unpaid and the Developer hereby consents to any <br />such payments and authorizes and ratifies any, such action on <br />the part of the Board and agrees to protect and save harmless <br />said Board from any claims of any persons N:tansoever on account <br />of any improvements which may not have been completed or paid for. <br />(d) Ten per cent (10%) of the entire escrow deposit shall be <br />held by the Board pending final canpletion of improvements and <br />certification by the Developer's engineer and the County Adminis- <br />trator that the improvements have been cowpleted satisfactorily <br />and that all work and materials have been paid in full. <br />Page one of .two pages. <br />MAR 191975 <br />-24- <br />eau 22 PAc(167 <br />