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THIRD PHASE <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 day of , <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 tothe 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 />15 <br />