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Orchard Park PD Residential Subdivision <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />THIS AGREEMENT is entered into this 30thday of April , 2019, by <br />and between SHOWCASE DESIGNER HOMES, L.C., a Florida limited liability <br />company, the owner of the property being platted as Orchard Park PD Residential <br />Subdivision (Developer), and INDIAN RIVER COUNTY, a political subdivision of the <br />State of Florida (COUNTY): <br />WITNESSETH: <br />WHEREAS, Developer is effecting development of land within Indian River <br />County and is required to provide security supporting a contract with the County for <br />the construction of certain required improvements related thereto; <br />NOW, THEREFORE, in consideration of the agreements, promises, and <br />covenants set forth herein, and other good and valuable considerations, the parties <br />hereto agree as follows: <br />1. The Developer has tendered to the County Office of Management and <br />Budget (Escrow Agent) the sum of Two Hundred Four Thousand Eight Hundred <br />Twenty -One and 27/100 Dollars ($204,821.27), the receipt whereof is hereby <br />acknowledged, which sum shall be held in escrow by said Office, subject to the <br />terms, conditions and covenants of this escrow agreement as assurance that <br />Developer shall perform in all respects the obligations set forth in the <br />aforementioned Contract for Construction of Required Improvements, which <br />agreement is attached hereto and incorporated herein by reference (Contract). <br />2. Upon completion, the Developer may obtain a disbursement from .the <br />escrow account by making a written request to the Board of County Commissioners <br />of Indian River County through the County's Public Works Director. The request <br />shall specify the amount of disbursement desired and shall be accompanied by a <br />sealed certificate from Developer's engineer describing the work completed, the <br />actual cost thereof, and that the work for which disbursement is requested has been <br />completed in accordance with County policies for construction as those policies <br />relate to location, method, and type of construction. <br />3. Disbursement shall occur only after issuance of a Certificate of <br />Completion in accordance with the Indian River County Code. <br />129 <br />