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I <br />ESCROW AGREEMENT <br />THIS AGREEMENT, Made the �� day of <br />1978, by and between INDIAN RIVER COUNTY, a political sub- <br />division of the State of Florida, hereinafter referred to as <br />"COUNTY"; URBAN DEVELOPMENT UTILITIES, INC., a Florida cor- <br />poration, hereinafter referred to as "U.D.U.", and THE BEACH <br />BANK OF VERO BEACH, a Florida corporation, hereinafter referred <br />to as "BANK", their successors and assigns. <br />WITNESSETH: <br />WHEREAS, COUNTY is in the process of purchasing the assets <br />of U.D.U.; and <br />WHEREAS, U.D.U.IS assets are encumbered to UNITED STATES OF <br />AMERICA acting through FARMERS HOME ADMINISTRATION, hereinafter <br />referred to as "FARMERS HOME ADMINISTRATION", and, upon closing, <br />FARMERS HOME ADMINISTRATION shall release all liens of record with <br />the understanding that the escrowed funds, as set out herein, will <br />be applied for the benefit of FARMERS HOME ADMINISTRATION, accord- <br />ing to the terms of this Escrow Agreement; and <br />WHEREAS, the Title Commitment as issued by Abstract and <br />♦Title Corporation of Florida, evidences an exception No. 7, <br />lattached hereto and made a part of this Agreement; and <br />WHEREAS, County has thoroughly reviewed this exception <br />with all parties concerned and is prepared to file a law suit <br />Ifor declaratory Decree to have the exception removed; and <br />WHEREAS, COUNTY is unwilling to distribute all of the <br />,cash at closing until the exception has-been satisfied; <br />NOW, THEREFORE, in consideration of mutual promises and <br />iother monies in hand paid, the parties agree as follows: <br />i <br />1. BANK agrees to act as Escrow Agent for the holding of <br />`FORTY FIVE THOUSAND DOLLARS ($45,000.00).of the funds due from <br />.,COUNTY to FARMERS HOME ADMINISTRATION, as U.D.U.IS assignee, <br />:at the time of closing. Each of the parties to this Agreement <br />consent to BANK acting as Escrow Agent on the following terms <br />and conditions: <br />LAW OFFICES OF COLLINS.' BROWN, VAN DE VOORDE <br />& EVANS. CHARTERED <br />P. O. BOX 3686 - 744 <br />BEACHLAND BOULEVARD - VERO <br />BEACH. FLORIDA 32960 <br />PHONE 567.4360 <br />A. O. J30X 266 - <br />220 NORTH U. u. NO. 1 - SEBASTIAN. <br />FLORIDA 32958 <br />PHONE 509-31Gd <br />N 2 -11978 <br />,o <br />BOOK 35 <br />PAGE 203 <br />