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CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this day of , <br /> 200_, by and between <br /> (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of <br /> Florida (COUNTY): <br /> WITNESSETH : <br /> WHEREAS, Developer is effecting development of land within Indian River <br /> County and is required to provide surety supporting a modification to a contract <br /> with the County for the construction of certain required sidewalk improvements <br /> related thereto; <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 <br /> ($ ), the <br /> receipt whereof is hereby acknowledged, which sum shall be held in escrow by <br /> said Office, subject to the terms, conditions and covenants of this escrow <br /> agreement as assurance that Developer shall perform in all respects the <br /> obligations set forth in the aforementioned Contract for Construction of Required <br /> Sidewalk Improvements, as modified, which agreement and modification(s) are <br /> attached hereto and incorporated herein by reference (Contract). <br /> 2. Upon completion, the. Developer may obtain a disbursement from <br /> the escrow account by making a written request to the Board of County <br /> Commissioners of Indian River County through the County's Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall <br /> be accompanied by a sealed certificate from Developer's engineer describing the <br /> work completed, the actual cost thereof, and that the work for which <br /> disbursement is requested has been completed in accordance with County <br /> policies for sidewalk construction as those policies relate to location, method, and <br /> type of construction. <br /> 3. Disbursement shall occur only after issuance of a Certificate of <br /> Completion in accordance with the Indian River County Code. <br /> 1 <br /> F:Wttorney\Nancy\DOCS\FORMS\sidewalk cash deposit&escrow standard form extension.doc <br />