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WHEREAS, in the instance where Indian River County is named other than a <br />senior lender, the Community Development Director or his designee would only <br />endorse insurance checks after a finding that the senior lender will open a proper <br />escrow account, deposit the insurance funds into that escrow account, and disburse the <br />necessary funds to the proper party only after inspections have been made determining <br />that the work has been done and/or receipts have been submitted and/or releases <br />obtained. If the senior lender will not set up an escrow account, the Community <br />Development Director for Indian River County will set up such escrow account, deposit <br />said escrow funds into it, and disburse the necessary funds to the proper party only <br />after inspections have been made determining that the work has been done and/or <br />receipts have been submitted and/or releases obtained; and <br />WHEREAS, in the instance where Indian River County is named as the senior <br />lender, the Community Development Director for Indian River County will set up such <br />escrow account, deposit said escrow funds into it, and disburse the necessary funds to <br />the proper party only after inspections have made determining that the work has been <br />done and/or receipts have been submitted and/or releases obtained; and <br />WHEREAS, if any participant objects to having repairs done but merely wants <br />the money, the Community Development Director or his designee will endorse such <br />insurance check only if the County loan and interest will be repaid with the proceeds, <br />81 <br />