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ESCROW AGREEMENT <br />THIS AGREEMENT, made and entered into this 15th day of September, <br />1977, by and between LAUREL BUILDERS, INC., a Florida corporation, <br />Developer of the subdivision LAURELWOOD, UNIT 2, and the BOARD OF <br />COUNTY COMMISSIONERS'of INDIAN RIVER COUNTY, FLORIDA. <br />WITNESSETH: <br />1. The Developer hereby deposits in escrow with the BOARD OF COUNTY <br />COMMISSIONERS of INDIAN RIVER COUNTY, FLORIDA, the sum of FIFTY-FOUR <br />THOUSAND SEVENTY-SEVEN AND 20/100 DOLLARS ($54,077.20), to guarantee <br />that street paving and storm drainage improvements set forth on plans <br />and specifications for Laurelwood, Unit 2 will be fully completed and <br />paid for. Said funds have been furnished by ATICO FINANCIAL CORPORATION. <br />2. The BOARD agrees to hold said funds and to pay the same out in <br />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 of <br />development for which the payment is made, said proof to include a <br />Certificate to that effect signed by the Developer and the County Admin- <br />istrator, and upon proof satisfactory to the BOARD that all bills therefor <br />have been paid to date, including, but not limiting thereto, bills for <br />surveying, engineering, and land clearing, and work and material used in <br />the street paving and storm drainage facilities which are included in <br />the plan of development. <br />(b) Upon determination that any portion or all of the said <br />improvements have not.been performed by the Developer within 365 calendar <br />days from the date of this Agreement, the BOARD is hereby authorized, but <br />not obligated, to take over and perform any such uncompleted work and to <br />use_for such purposes 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 are <br />just and unpaid, and the Developer hereby consents to any such payments <br />and authorizes and ratifies any such action on the part of the BOARD <br />and agrees to protect and save harmless said BOARD from any claims of <br />any persons �omsoever on account of any improvements which may not have <br />been completed or paid for. <br />(d) Ten Percent (10%) of the entire escrow deposit shall be held <br />by the BOARD pending final completion of improvements and certification <br />by the Developer's engineer and the County Administrator that the <br />improvements have been completed satisfactorily and that all work and <br />materials have been paid in full. <br />(e) After the BOARD OF COUNTY COMMISSIONERS is satisfied that <br />all work has been satisfactorily completed and all bills for work and <br />materials have been paid, the BOARD shall return to Atico Financial <br />Corporation at 150 S. E. 3rd Ave., Miami., Florida, 33101, attn: <br />Nathaniel B. Elkins, Senior Vice President any funds remaining in the <br />escrow account. <br />THIS AGREEMENT, signed and sealed the day and year first above <br />written. <br />Signed, sealed and delivered <br />in the presence of: <br />r' <br />0 C 5 1977 <br />BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORID <br />By: <br />Chai� <br />man of //the Board°• <br />Attest7iLZ.lt MA't �'L/— <br />Clerk of the cYard <br />U1 PJE 1TJ <br />