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FOURTH PHASE <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />FOR <br />RESTORATION <br />RE: WILD TURKEY SAND MINE <br />SP -MA -07-10-34 (2004120019-59695) <br />THIS AGREEMENT is entered into this day of <br />2017, 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 bonds 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 $83,867.74 cash to <br />guarantee compliance with the restoration requirements of the approved mining <br />site plan for Phase 1; and in May, 2011 the posted security was reduced to <br />$67,710.90 due to a portion of the restoration requirements being already posted <br />with Sebastian River Improvement District for canal right-of-way restoration; and <br />WHEREAS, Phase 1 was restored to the satisfaction of the County <br />based on site inspection and the posted funds were transferred to the second <br />phase; and <br />WHEREAS, the second phase was restored to the satisfaction of <br />the County based on site inspection, and the Developer transferred the entire <br />$67,710.90 cash from the second phase to the third phase; and <br />WHEREAS, the third phase has now been restored to the <br />satisfaction of the County based on site inspection, and the Developer is now <br />desirous to move into the fourth phase; and <br />WHEREAS, Developer and Funder wish to transfer the entire <br />$67,710.90 cash being held by County, from the third phase to the fourth 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 <br />P39 <br />