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I Gifford PD i CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this day of January; 2016, by and between HUTTON TEAM, LLC, a Delaware limited liability company authorized to do business in the State of Florida, one of the owners of the property being .platted .as Gifford PD (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 Seventy-One Thousand Nine Hundred :Five and 88/100 Dollars ($71,905.88), 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 I 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 i 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.forwhich 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 direct) to a y the p rty that posted the funds; i 34