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Q 1 BARNETT BANK OF INDIAN RIVER COUNTY Miracle Mile Office - 601 21st Street Vero Beach, Fl. 32960 Board of County Commissioners of Indian River County, Florida 1840 25th Street Vero Beach, Florida 32960 Re: Escrow Deposit for Subdivision Maintenance Agreement Gentlemen: (DATE) April 17, 1985 This bank has received on deposit the sum of $ 1,00.00 from [linter Groves �xoperties o�idain River; nc�i{ , the developer of a subdivision in Indian River County known as winter Grove Subdivision. This sum shall be held in escrow by us, subject to the terms and conditions of this escrow letter, as assurance that developer shall perform in all respects the obligations set forth in the attached "Warranty, Maintenance Agreement, and Bill of Sale for Required Improve- ments." The funds shall remain subject to this escrow arrangement until the end of ninety (90) days beyond the last day of developer's one year obligation under the attached agreement, unless released earlier in writing by you. The funds hereunder shall be disbursed to you upon receipt by the bank of a certified copy of a resolu- tion of the Board of County Commissioners stating that developer has defaulted under the maintenance agreement and that said funds are necessary to restore, complete, or otherwise correct the required improvements. It is understood that during the term of this escrow arrangement, any interest earned on the funds in the account may be redeposited in the account or paid elsewhere, at the option of the developer. Interest which is redeposited in the account shall be considered as available :.o cover any deficiency resulting for which developer may be liable, in the event of default and recourse by the County under the maintenance agree- ment. The funds deposited hereunder exist solely for the protection, use and benefit of the County and shall not be construed or intended in anyway, expressly or impliedly, to benefit or -secure payment to any contractor, subcontractor, laborer, material man, architect, engineer, attorney or other party providing labor, material, supplies, or services for maintenance of the required improve- ments, or to the benefit of any lot purchaser, as long as such funds remain subject to this es --,row agreement, unless and until the County shall agree otherwise in writing -.-Neither the County nor the bank shall be liable to any of the aforementioned parties for claims against the developer relating to the required subdivision improvements. Funds deposited hereunder shall not be released or reduced in any- way during the course of this agreement, except in strict accordance herewith., or in such manner*as may be otherwise agreed to in writing by the Board of County Commissioners. Sincerely, Barnett Bank of IndianRiver County Name of Depositary Institution U� Name Title 9 Attest :,�� >1!17 NameTi �, 0 R.G 14,