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MAR 51980 boot �� mcg TRI -PARTY ESCROW AGREEMENT= THIS AGREEMENT, made and entered into this 15th day of February, 1980, by and between LAUREL BUILDERS, INC., a Florida corporation, Developer of the subdivision LAURELWOOD, UNIT 3, and the BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, ?LORIDA. W I T N E S S E T Hs 1. The Developer hereby deposits in escrow with the BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, the sum of NINETY-FOUR THOUSAND SEVEN HUNDRED FORTY FIVE AND 15/100 ($94,745.15) DOLLARS, to guarantee that street paving and storm drainage improve- ments set forth on plans and specifications for Laurelwood, Unit 3, will be fully completed and paid for. Said funds have been furnished by BANCSHARES PROPERTIES, INC., a Florida corporation. 2. The BOARD agrees to hold said funds and to pay the same out in the following manner: (a) To the Developer upon request and upon proof satis- factory to the BOARD that work has progressed satisfactorily to the state of development for which the payment is made, said proof to in- clude a Certificate to that effect signed by the Developer and the County Administrator, and upon proof satisfactory to the BOARD that all bills therefor have been paid to date, including, but not limit- ing thereto, bills for surveying, engineering, and land clearing, and work and material used in the street paving and storm drainage facil- ities which are included in the plan of development. (b) Upon determination that any portion or all of the said improvements have not been performed by the Developer within 365 calender days from the date of this Agreement, the BOARD is here- by authorized, but not obligated, to take over and perform any such uncompleted work and to use for such purposes the remaining funds so deposited in escrow. (c) Further, the BOARD is authorized to pay any bills for said improvements upon proof satisfactory to the BOARD that such claims are just and unpaid, and the Developer hereby consents to any such payments and authorizes and ratifies any such action on the part of the BOARD and agrees to protect and save harmless said BOARD from any claims of any persons whomsoever on account of any improvements which may not have been completed or Maid for. (d) Ten percent (10%) of the entire escrow deposit shall be held by the BOARD pending final completion of improvements and cer- tification by the Developer's engineer and the County Administrator that the improvements have been completed satisfactorily and that all work and materials have been paid in full. • (e) After the BOARD OF COUNTY COMMISSIONERS is satisfied that all work has been satisfactorily completed and all bills for work and materials have been paid, the BOARD shall return to BANCSHARES PROPERTIES, INC. at 150 S. E. 3rd Ave., Miami, Florida 33101, attn: Stella G. Nickas, Assistant Vice President any funds remaining in the escrow account. 1 of 2