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Project: Lily's Cay at Vero Beach <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />FOR FINAL LIFT OF ASPHALT <br />THIS AGREEMENT is entered into this 1 ?rh day of January , 2016, <br />by and between Diamond Court West FL, LLC, a Virginia limited liability <br />company authorized to do business in the State of Florida (Developer), and <br />INDIAN RIVER COUNTY, a political subdivision of the State of Florida (COUNTY): <br />WITNESSETH: <br />WHEREAS, Developer has commenced proceedings to effect a subdivision <br />of land within Indian River County, Florida, and wishes to receive a certificate of <br />completion for the subdivision prior to the final lift of asphalt being installed; and <br />WHEREAS, Developer has installed a 1 -inch asphalt lift required by Indian <br />River County Code, but does not wish to install the final lift until such time as a <br />majority of the homes have been constructed so as to make the subdivision more <br />aesthetically pleasing; and <br />WHEREAS, Developer is desirous of posting cash with the County in an <br />amount of 125% of the estimated cost as certified by Developer's engineer and <br />approved by the County Engineer in support of its guaranty to install the final lift of <br />asphalt; and <br />WHEREAS, Developer has entered into a Contract for Construction for Final <br />Lift of Asphalt, Contract No. SD -15 -05 -07 -FLA (2006030269-74273). <br />NOW, THEREFORE, in consideration of the agreements, promises, and <br />covenants set forth herein, and other good and valuable considerations, the parties <br />hereto agree as follows: <br />1. The Developer has tendered to the County Office of Management and <br />Budget (Escrow Agent) the sum ,of Fifty -Eight Thousand One Hundred Twenty - <br />Six and 811100 Dollars ($58,126.81), the receipt whereof is hereby acknowledged, <br />which sum shall be held in escrow by said Office, subject to the terms, conditions <br />and covenants of this escrow agreement as assurance that Developer shall perform <br />in all respects the obligations set forth in the aforementioned Contract for <br />Construction for Final Lift of Asphalt, which agreement is attached hereto and <br />incorporated herein by reference (Contract). <br />144 <br />