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Harbor <br />`moi\ <br />JII►► <br />clip: ® F <br />VERO BEACH OFFICE:65521STSTREET <br />VERO BEACH, FLORIDA 32960 <br />Board of County Commissioners <br />of Indian River County, Florida <br />1840 25th Street <br />Vero Beach, FL 32960 <br />Re: Pledge Deposit for Subdivision <br />Maintenance Agreement <br />Gentlemen: <br />t <br />October 1, 1984 <br />r °I <br />MIRACLE MILE SHOPPING PLAZA <br />TELEPHONE: (305) 562-1666 <br />This institution has received on deposit the sum of $301,000.00 from <br />Cliff & Ann Reuter, the developer of a subdivision in Indian River <br />County known as Boxwood Estates Subdivision. This sum has been <br />pledged to Iridian River County, as assurance that developer shall <br />perform in all respects the obligations set forth in the attached <br />"Warranty,'Maintenance Agreement, and Bill of Sale for Required <br />Improvements," and shall be held by this institution for that <br />purpose, <br />The funds shall remain subject to this pledge arrangement until <br />the end of ninety. (.0) days beyond the last day of developer's one <br />year obl,igationunder the -attached -agreement, unless released <br />earlier in writing by you. The funds hereunder shall be disbursed <br />to you upon receipt by the institution of a certified copy of a resolu- <br />tign of the Board of County Commissioners stating that developer <br />has defaultedunder the maintenance agreement and that said funds <br />are necessary to restore, complete, or otherwise correct the <br />required improvements. .It is understood that during the term of <br />this pledge arrangement, any interest earned on the funds in the <br />account may be redeposited in the account or paid elsewhere, at <br />the option of the developer. Interest which is redeposited in the <br />account shall be considered as available to cover any deficiency <br />resulting for which developer may be liable, in the event of <br />default and recourse by the County under the maintenance agreement. <br />The funds deposited hereunder are pledged and exist solely for the <br />protection, use and benefit of the County and shall not be construed <br />or intended in anyway, expressly or impliedly, to benefit or secure <br />payment to any contractor, subcontractor, laborer, material man, <br />architect, engineer, attorney or other party providing labor, material, <br />supplies, or services for maintenance of the required improvements, <br />or to the benefit of any lot purchaser, as long as such funds remain <br />subject to this pledge agreement, unless and until the County shall <br />agree otherwise in writing. <br />HARBOR FEDERAL SAVINGS & LOAN ASSOCIATION, FORT PIERCE, FLORIDA <br />Boor PAGE <br />448 <br />