2017-141 - Laserfiche WebLink

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1. The Developer and Funder agree to the transfer of the entire $67,710.90 from the third phase to the fourth phase, as depicted on the attached map; said sum shall continue to be held in escrow by the County Office of Management and Budget (Escrow Agent), but earmarked/obligated for the fourth phase, subject to the terms, conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations of Indian River County Code Chapter 934 with respect to site restoration. 2. Upon completion of the restoration of each mine phase, the Developer or Funder may obtain a disbursement from the escrow account by making a written request to Indian River County's Community Development Director. The request shall specify the amount of disbursement, and shall be accompanied by a sealed certificate from Developer's engineer that the mine is in compliance and has been restored in accordance with the most recent set of plans approved and on file with the County. 3. Within seven (7) working days after receipt of a disbursement request, the Community Development Director shall cause an inspection of the work for which payment is sought. If the Community Development Director is satisfied in all respects with the condition of the site and certifications, the Community Development Director shall deliver written notice to disburse to the County Office of Management and Budget. Upon receipt of the notice to disburse, the Office of Management and Budget shall make the disbursement described therein directly to Funder (the party that posted the funds), or its legal representatives, heirs, successors or assigns, absent bankruptcy, court order, or an assignment. 4. Upon failure to perform all or any part of the obligations of restoration and reclamation, including, but not limited to mine abandonment prior to restoration, restoration not completed within the approved time frame, restoration not consistent with the restoration plan and Chapter 934 of the Indian River County Code, and restoration activity not consistent with permits issued by other jurisdictional agencies, the County may utilize escrowed funds to achieve restoration. All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a certified copy of a resolution of the Board of County Commissioners stating that Developer has failed to comply with Indian River County Code Chapter 934 restoration conditions of the mining approval, and that said funds are necessary to achieve restoration. All funds disbursed to County in excess of the final amount determined necessary by the County shall be returned to Funder, its legal representatives, heirs, successors or assigns, absent bankruptcy, court order, or an assignment, at the completion of site restoration. 5. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed at close of escrow unless necessary for County to utilize in cure of developer's default. 7