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Ll <br />PERI+ ORMANCE BOND <br />,KNOW ALL MEN BY THESE PRESENTS, That THE IDLEWYLD <br />CORPORATION, INC., a Florida corporation, called the Principal, <br />is held and firmly bound unto INDIAN RIVER COUNTY, a political <br />subdivision of the State of Florida in the sum of One Hundred <br />Eighteen Thousand Sixty Seven Dollars and Five Cents ($118,067.05) <br />for the.payment of which sum, well and truly to be made, it binds <br />itself, its successors and assigns, jointly and severally, firmly <br />by these presents..' <br />• WHEREAS, the Principal has submitted to the 'Board of County <br />Commissioners of Indian River County, Florida, for approval, a <br />pkat of a subdivision known as CASTAWAY COVE, to be recorded, <br />as provided by.law; and <br />WHEREAS, the Principal has elected in lieu of the completion <br />and installation of all of the improvements shown upon the <br />tentative plat or required pursuant to the Subdivision Regulations <br />to post this Bond and in lieu of its execution by a surety company <br />THE IDLEWYLD CORPORATION, INC. hereby agrees to deposit the fore - <br />Escrow Agent <br />going sum, in cash, with THE BEACH BANK, as TxxDscKex, which bank <br />is located ,i.n Vero Beach, Indian River County, Florida, and in <br />reliance -%thereupon said .Board has approved said plat conditioned <br />upon the posting of the cash bond; and <br />WHEREAS, said Board has agreed that the amount of said Bond <br />and.deposit shall be reduced from time to time as the work <br />required to be performed progresses in such amounts as the <br />County Administrator certifies represents the estimated value <br />of work performed, based upon the quality.and unit cost figures <br />as shall be certified by Lloyd & Associates, licensed Engineers <br />of Indian River County, Florida. Said Engineering Firm shall <br />provide the County Administrator with certificates of completion <br />-and the County Administrator, upon receipt of said certificate:., <br />shall promptly, in writing, authorize THE BEACIi BANK to release <br />the certified portion of the monies escrowed with THE Ai,ACiI <br />BANK, less fifteen percent (15%). At all times the escrowed <br />funds shall be underrthe control of the County Administrator <br />BOOT( X34 pAtE ' . <br />�1 <br />