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1. The Developer and Funder agree to the transfer of the entire <br />$67,710.90 from the third phase to the fourth phase, as depicted on the attached <br />map; said sum shall continue to be held in escrow by the County Office of <br />Management and Budget (Escrow Agent), but earmarked/obligated for the fourth <br />phase, subject to the terms, conditions and covenants of this escrow agreement <br />as assurance that Developer shall perform in all respects the obligations of <br />Indian River County Code Chapter 934 with respect to site 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 />7 <br />