01/19/2016 - Laserfiche WebLink

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Lily's Cay at Vero Beach CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this 12thday of ,Tani,ar= , 2016, by and between . Diamond Court West FL, LLC, a Virginia limited liability company authorized to do business in the State of Florida (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (COUNTY): WITNESSETH: WHEREAS, Developer is effecting development of land within Indian River County and is required to provide security supporting a contract with the County for the construction of certain required improvements related thereto; NOW, THEREFORE, in consideration of the agreements, promises, and covenants set forth herein,. and other good and valuable considerations, the parties hereto agree as follows: 1. The Developer has tendered to the County Office of Management and Budget (Escrow Agent) the sum of Forty -Nine Thousand One Hundred Thirteen and 14/100 Dollars ($49,113.14), the receipt whereof is hereby acknowledged, which sum ,shall be held in escrow by said Office, subject to the terms, conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Contract for Construction of Required Improvements, which agreement is attached hereto and incorporated herein by reference (Contract). 2. Upon completion, the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer's engineer describing the work completed, the actual cost thereof, and that the work for which disbursement is requested has been completed in accordance with County policies for construction as those policies relate to location, method, and type of construction. 3. Disbursement shall occur only after issuance of a Certificate of Completion in accordance with the Indian River County Code. 4. Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects with the work, the accompanying cost estimates and certifications, the Public Works Director shall deliver a written notice to disburse to the County Office of Management and Budget. Upon receipt of the notice to disburse, the Office of Management and Budget shall make the disbursement described therein directly to the party that posted the funds, or its legal representatives, successors or assigns, absent bankruptcy, court order, dissolution or an assignment. 136