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1. The above recitals are affirmed. <br />2. The Developer has tendered to the County Office of Management <br />and Budget (Escrow Agent) the sum of One Hundred Six Thousand Nine <br />Hundred Fifty -Two and 46/100 Dollars ($106,952.46), the receipt whereof is <br />hereby acknowledged, which sum shall be held in escrow by said Office, subject <br />to the terms, conditions and covenants of this Agreement as assurance that <br />Developer shall complete the required improvements listed above. <br />3. Upon completion of the paving project, Developer agrees that the <br />$106,952.46 cash held in escrow to pay for its fair share of the paving project is <br />to be turned over to County and represents the Developer's payment of its fair <br />share of the paving project. <br />4. Upon any default by Contractor, the County may elect to pursue <br />any remedies available. <br />5. The County may utilize all funds in the escrow account at the time <br />default is declared by the County. Said funds shall be disbursed to the County <br />upon receipt by the Office of Management and Budget of a written statement <br />from the Public Works Director that Contractor has defaulted and that said funds <br />are necessary to complete the Developer's fair share of the paving project. <br />6. The funds deposited hereunder exist solely for the protection, use <br />and benefit of the County and shall not be construed or intended in any way, <br />expressly or impliedly, to benefit or secure payment to any contractor, <br />subcontractor, laborer, materialman, architect, engineer, attorney or other party <br />providing labor, material, supplies, or services for construction of the paving <br />project while such funds remain subject to this escrow agreement. The County <br />shall not be liable to any of the aforementioned parties for claims against the <br />Contractor relating to the paving project. <br />7. This Agreement is the full and complete understanding of the <br />parties and shall not be construed or amplified by reference to any prior <br />agreement, discussion, or understanding, except as specifically mentioned <br />herein. This Agreement shall not be assigned without the express written <br />approval of the County. Any amendment, deletion, modification, extension, or <br />revision hereof or hereto shall be in writing, and executed by authorized <br />representatives of each party. <br />2 <br />