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I <br />4 <br />A. From and after closing, BANK will hold for the <br />benefit of FARMERS HOME ADMINISTRATION, as U.D.U.'S assignee, <br />and COUNTY, a sum in the amount of FORTY FIVE THOUSAND <br />DOLLARS ($45,000.00), which sum.shall beheld in an <br />interest-bearing account. <br />B. Upon the satisfactory resolution of Item 7 <br />(attached Exhibit "A") either through final judgment or <br />release, BANK shall distribute to FARMERS HOME ADMINIS- <br />TRATION, as U.D.U.'S assignee, the FORTY FIVE THOUSAND <br />DOLLARS ($45,000,00), plus accrued interest. <br />C. In the event a final judgment is entered in favor <br />of William Graham, the Assignee of the Mortgage assigned, <br />then BANK shall distribute said funds according to the <br />final judgment. If a judgment is entered against COUNTY <br />-in favor of William Graham, in an amount less than FORTY <br />FIVE THOUSAND DOLLARS ($45,000,00), then the balance of <br />said escrowed account, after payment to William Graham, shall <br />be paid to FARMERS HOME ADMINISTRATION, as U.D.U,'S assignee, <br />and/or designated assigns. In the event a judgment is <br />entered against COUNTY in an amount exceeding FORTY FIVE <br />THOUSAND DOLLARS ($45,000»00), plus the accrued interest, <br />then COUNTY shall be responsible for any amount over FORTY <br />FIVE THOUSAND DOLLARS ($45,000.00). <br />D. No money shall be distributed by BANK until after any <br />applicable appeal periods have expired. <br />2. The parties to this Agreement.agree to hold BANK harmless <br />and free from liability as Escrow Agent, and COUNTY agrees to pay <br />such reasonable Escrow Agent fees as shall be charged by BANK. <br />3. COUNTY agrees to institute litigation immediately after <br />closing and shall bear all costs incident to litigation. <br />IN WITNESS WHEREOF, the duly authorized officers of INDIAN <br />RIVER COUNTY, URBAN DEVELOPMENT UTILITIES, INC., and THE BEACH <br />-2- <br />LAW OFFICES, OF COLLINS. BROWN, VAN DE VOORDC & EVANS. CHARTERED <br />P. O. BOX 3666 - 744 BEACHLAND 13OULEVAR0 - VERO REACH. FLORIDA 32960 <br />PHONE 567.4360 <br />P. O, 13OX 266 220 NORTH U. 9. NO. 1 • SEBASTIAN. FLORIDA 32958th <br />PHONE Sno� '4156 BOQIi 35 PAGc 234 <br />