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A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> J.R. SMITH, CLERK <br /> THIRD PHASE <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> FOR <br /> RESTORATION <br /> RE: WILD TURKEY SAND MINE <br /> SP-MA-07-10-34(2004120019-59695) <br /> THIS AGREEMENT is entered into this 10thday of May , <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 bonds 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 $83,867.74 cash to <br /> guarantee compliance with the restoration requirements of the approved mining <br /> site plan for Phase 1; and in May, 2011 the posted security was reduced to <br /> $67,710.90 due to a portion of the restoration requirements being already posted <br /> with Sebastian River Improvement District for canal right-of-way restoration; and <br /> WHEREAS, Phase 1 was restored to the satisfaction of the County <br /> based on site inspection and the posted funds were transferred to the second <br /> 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 /> $67,710.90 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 /> $67,710.90 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 /> 1 <br />