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CASH DEPOSIT AND ESCROW AGREEMENT <br /> FOR <br /> COMPLIANCE <br /> RE: HARBOR POINT <br /> SP-MA-07-08-17/(AA-13-05-34)(2004040368) <br /> THIS AGREEMENT is entered into this day of February, <br /> 2013, by and between Vero 53 Harbor, LLC, a Florida limited liability <br /> company (Vero 53), a partner of the developer, LF2/MCP Harbor Point LP, a <br /> Florida limited partnership (Developer), whose property is being developed under <br /> the project name Harbor Point, and INDIAN RIVER COUNTY, a political <br /> subdivision of the State of Florida (County): <br /> WITNESSETH : <br /> WHEREAS, as a condition precedent to the approval by the County <br /> of removal of excess material incidental to the Developer's site plan, security is <br /> required to be posted to insure compliance with the requirements of the <br /> permitted site, in accordance with Administrative Approval Site Plan # AA-13-05- <br /> 34; and to insure compliance with the ordinances and regulations of Indian River <br /> County, specifically Section 934.04(7)(b), Indian River County Code, including <br /> but not limited to confining hauling to approved hauling routes, and the limiting of <br /> extraction and hauling to the hours between 7:00 a.m and 5:00 p.m., Monday <br /> through Friday. The Administrative Approval Site Plan is incorporated herein by <br /> this reference and made a part hereof for all purposes. <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. Vero 53 has tendered to the County Office of Management and <br /> Budget (Escrow Agent) the sum of Ten Thousand and No/100 Dollars <br /> ($10,000.00), the receipt whereof is hereby acknowledged, which sum shall be <br /> held in escrow by said Office, subject to the terms, conditions and covenants of <br /> this escrow agreement as assurance that Developer shall perform in all respects <br /> the obligations of Indian River County Code Section 934.04(7)(b) with respect to <br /> site plan compliance, including but not limited to confining hauling to approved <br /> hauling routes, and the limiting of extraction and hauling to the hours between <br /> 7:00 a.m and 5:00 p.m., Monday through Friday. <br /> 2. Upon completion, Vero 53 may obtain a disbursement from the <br /> escrow account by making a written request to Indian River County's Community <br /> Development Director. The request shall specify the amount of disbursement, <br /> - and shall be accompanied by a sealed certificate from Developer's engineer that <br /> i <br /> - 170 <br />