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_ . � �r.:rt.. .fit♦ I\.�d.F� <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this )J day of <br /> by and between Horizon/Glen Outlet Centers Limited Partnership(Horizon), <br /> their successors and assigns, and INDIAN RIVER COUNTY, a political <br /> subdivision of the state of Florida(County): <br /> WITNESSETH: <br /> WHEREAS, Horizon operates an outlet mall at the southwest comer of <br /> the intersection of Interstate 95 and State Road 60; and <br /> WHEREAS, Horizon is desirous of seeking a landscaping beautification <br /> project at that intersection; and <br /> WHEREAS, the Florida Department of Transportation has a grant <br /> program wherein the State puts up to a 50% match which is required to have a <br /> local match;and <br /> WHEREAS, only local governments can apply for such grants; and <br /> WHEREAS, Horizon desires to provide the local matching funds for the <br /> state grant in consideration of the County assuming on-going landscape <br /> maintenance responsibilities for vegetation installed pursuant to the grant in the <br /> 1-95 right-of-way. <br /> NOW, THEREFORE, in consideration of the agreements, promises and <br /> covenants set forth herein, and other good and valuable considerations, the <br /> parties hereto agree as follows: <br /> 1. Horizon has tendered to the County Office of Management and <br /> Budget as escrow agent (Office) the sum of One Hundred Twenty-Five <br /> Thousand and No/Dollars, the receipt of which is hereby acknowledged, which <br /> sum shall be held in escrow by said Office, subject to the terms, conditions and <br /> covenants of this escrow agreement. Pending grant approval,the funds shall be <br /> invested pursuant to Section 125.31, Florida Statutes. <br /> 2. In consideration of this deposit, County agrees to apply for the <br /> landscaping improvement grant(s) from F.D.O.T. It is understood that the <br /> grant(s)is to be phased over two years. <br /> 1 <br />