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r <br />ESCROW AGREMMNT <br />THIS AGREMENT, made and entered into this 26th day o.f January, <br />1976 by and. between LAUREL HOMES, INC., Developer of the Subdivision, <br />LAURELWOOD, UNIT 1, and the BOARD OF COUNTY COMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA. <br />WITNESSETHs <br />1. The Developer hereby deposits in' escrow with the BOARD OF COUNTY <br />COMUSSION of Indian River County, Florida, SIXTY THOUSAND, FIVE <br />HUNDRED AND N0/100 DOLLARS ($60,500.00) to guarantee that all improve- <br />ments set forth on plans and specifications for the above subdivision <br />will be fully completed and paid for. <br />2. That BOARD agrees to hold said funds and to pay the same out in <br />the following manners <br />a) To the Developer upon request and upon proof satisfactory to <br />the Board that work has progressed satisfactorily to the state of <br />development for which the payment is made, said proof to include <br />a certificate to that effect signed by the Developer and the <br />County Administrator, and upon proof satisfactory to the Board <br />that all bills therefore have been paid to date, including, but <br />not limiting thereto, bills for surveying, engineering and land <br />clearing, and work and material used in the construction of roads <br />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 365 <br />calendar days from the date of this agreement, the Board is here- <br />by <br />ereby authorized, but not obligated, to take over and perform any <br />such uncompleted work and to use for such purposes the funds so <br />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 <br />claims are just and unpaid, and the Developer hereby consents to <br />any 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 whomsoever on account <br />.of any improvements which may not have been completed or paid for. <br />d) Ten percent (10%) of the entire deposit shall.not be released <br />by the Board pending final completion of improvements and certi- <br />fication by the Developer°s engineer and the County Administrator <br />that the improvements have been completed satisfactorily and that. <br />all work and materials have been paid in full. <br />loft <br />FEB 41976 c, <br />BD�fi _5 Air 32 <br />