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(1) Upon completion of 30% of the Laurelwood, Unit 4 street paving and storm <br />drainage improvements, the Board shall release 30% of the deposit. <br />(2) Upon completion of 60% of the Laurelwood, Unit 4 street paving and storm <br />drainage improvements, the Board shall release a second 30% of deposit. <br />(3) Upon completion of 90% of the Laurelwood, Unit 4 street paving and storm <br />drainage improvements, the Board shall release a third 30%Q of deposit. <br />b) Upon a determination that any portion or all of the said improvements have not <br />been performed by the Developer within 365 calendar days from the date of this <br />agreement, the Board is hereby authorized, but not obligated, to take over and <br />perform any such uncompleted work and to use for such purposes the funds so <br />deposited in escrow. <br />C) Further, the Board is authorized to pay any bills for said improvements upon <br />proof satisfactory to the Board that such claims are just and unpaid, and the <br />Developer hereby consents to any such payments and authorizes and ratifies <br />any such action on the part of the Board and agrees to protect and save harm- <br />less said Board from any claims of any persons whomsoever on account of <br />any improvements which may not have been completed or paid for. <br />(1) Ten percent (10%) of the entire deposit shall not be released by the Board <br />pending final completion of improvements and, certification by the Developer's <br />engineer and the County Administrator that the improvements have been <br />completed satisfactorily and that all work and materials have been paid in full. <br />e) After the Board of County Commissioners is satisfied that all work has been <br />satisfactorily completed and all bills for work and materials have been paid, <br />the Board shall release to the Developer any funds remaining in the escrow <br />account together with all interest that has accrued to the account during the <br />time: the escrow funds have been deposited with Indian River County. <br />THIS AGREEMENT, signed and scaled, the day and year first above written. <br />WITNESSES: <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />0 <br />Attest: <br />Clerk of the Board <br />LAUREL BUILDERS, INC. <br />B y: A "A' ��L' - A-. <br />93 <br />Robert T. Shutts <br />Executive Vice President <br />BooK - 4 7 <br />J <br />