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A TRUE COPY <br /> CERTIFICATION ON LAST PAGE <br /> J.R. SMITH, CLERK <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 <br /> restoration. <br /> 2. Upon completion of the restoration of each mine phase, the <br /> Developer or Funder may obtain a disbursement from the escrow account by <br /> making a written request to Indian River County's Community Development <br /> Director. The request shall specify the amount of disbursement, and shall be <br /> accompanied by a sealed certificate from Developer's engineer that the mine is <br /> in compliance and has been restored in accordance with the most recent set of <br /> plans approved and on file with the County. <br /> 3. Within seven (7) working days after receipt of a disbursement <br /> request, the Community Development Director shall cause an inspection of the <br /> work for which payment is sought. If the Community Development Director is <br /> satisfied in all respects with the condition of the site and certifications, the <br /> Community Development Director shall deliver written notice to disburse to the <br /> County Office of Management and Budget. Upon receipt of the notice to <br /> disburse, the Office of Management and Budget shall make the disbursement <br /> described therein directly to Funder (the party that posted the funds), or its legal <br /> representatives, heirs, successors or assigns, absent bankruptcy, court order, or <br /> an assignment. <br /> 4. Upon failure to perform all or any part of the obligations of <br /> restoration and reclamation, including, but not limited to mine abandonment prior <br /> to restoration, restoration not completed within the approved time frame, <br /> restoration not consistent with the restoration plan and Chapter 934 of the Indian <br /> River County Code, and restoration activity not consistent with permits issued by <br /> other jurisdictional agencies, the County may utilize escrowed funds to achieve <br /> restoration. All funds remaining in the escrow account at the time default is <br /> declared by the County shall be available for use by the County. Said funds <br /> shall be disbursed to the County upon receipt by the Office of Management and <br /> Budget of a certified copy of a resolution of the Board of County Commissioners <br /> stating that Developer has failed to comply with Indian River County Code <br /> Chapter 934 restoration conditions of the mining approval, and that said funds <br /> are necessary to achieve restoration. All funds disbursed to County in excess of <br /> the final amount determined necessary by the County shall be returned to <br /> Funder, its legal representatives, heirs, successors or assigns, absent <br /> bankruptcy, court order, or an assignment, at the completion of site restoration. <br /> 5. Any interest earned during the term of escrow, less <br /> administrative expenses, shall be disbursed at close of escrow unless necessary <br /> for County to utilize in cure of developer's default. <br /> 6. The funds deposited hereunder exist solely for the protection, <br /> use and benefit of the County and shall not be construed or intended in any way, <br /> expressly or impliedly, to benefit or secure payment to any contractor, <br /> 2 <br />