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i <br /> A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> THIRD PHASE J.R. SMITH, CLERK <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> FOR <br /> COMPLIANCE <br /> RE: WILD TURKEY SAND MINE <br /> SP-MA-07-10-34(2004120019-59695) <br /> THIS AGREEMENT is entered into this I nthday of m,9v , <br /> 2016, by and between Wild Turkey Estates of Vero, L.L.C., a Florida limited <br /> liability company (Developer), Duane C. Pankratz, party posting security <br /> (Funder), and INDIAN RIVER COUNTY, a political subdivision of the State of <br /> Florida (County): <br /> WITNESSETH : <br /> WHEREAS, Developer is mining certain property within Indian <br /> River County and is required to post security insuring compliance with the <br /> requirements of the approved mining site plan; Indian River County Code <br /> Section 934.07; and restoration of the site; and <br /> WHEREAS, in March, 2011, Funder posted $49,800.00 cash to <br /> guarantee compliance with the requirements of the approved mining site plan for <br /> Phase I; said Phase I having since been restored to the satisfaction of the <br /> County based on site inspection, and the posted funds were transferred to the <br /> second phase; and <br /> WHEREAS, the second phase has been restored to the <br /> satisfaction of the County based on site inspection, and the Developer is now <br /> desirous to move into the third phase; and <br /> WHEREAS, Developer and Funder wish to transfer the entire <br /> $49,800.00 cash being held by County, from the second phase to the third <br /> phase, <br /> NOW, THEREFORE, in consideration of the agreements, <br /> promises, and covenants set forth herein, and other good and valuable <br /> considerations, the parties hereto agree as follows: <br /> 1. The Developer and Funder agree to the transfer of the entire <br /> $49,800.00 from the second phase to the third phase, as depicted on the <br /> attached map; said sum shall continue to be held in escrow by the County Office <br /> of Management and Budget (Escrow Agent), but earmarked/obligated for the <br /> third phase, subject to the terms, conditions and covenants of this escrow <br /> agreement as assurance that Developer shall perform in all respects the <br /> obligations of Indian River County Code Chapter 934 with respect to site plan <br /> compliance. <br />