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CASH DEPOSIT AND ESCROW AGREEMENT <br /> \"WW FOR <br /> ROAD MAINTENANCE <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, and in <br /> accordance with Section 934.08, Indian River County Code, security is required <br /> to be posted to ensure among other things, that the segment of 12th Street <br /> between 58th Avenue and 66th Avenue will not be damaged by the hauling of <br /> mined materials; that hazardous traffic conditions will not be created; that the <br /> vehicles hauling the excavated materials be covered in a manner satisfactory to <br /> the County to prevent fill spillage; that load limits are not exceeded; that required <br /> road maintenance is performed; and that the vehicles have the trucking company <br /> name or truck owner's name prominently displayed on the sides of the vehicle. <br /> The Administrative Approval Site Plan is incorporated herein by this reference <br /> 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 934.08 with respect to road <br /> maintenance and traffic safety. <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 Public <br /> Works Director. The request shall specify the amount of disbursement. <br /> s.... <br /> 1 <br /> 174 <br />