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Phase III 3/96(FOAbIS\mining3)X,sGAL(HGC/nhm) Supplemental Security CASH DEPOSIT AND ESCRON AGREEMENT SP -MA- 95-04-17 THIS AGREEMENT is entered into this day of U , 19!J by and between Atlantic Coast EnterprisQ5, Inc. (Develo er), and ® INDIAN RI:"ER COUNTY, a political subdivision of the State of Florida (County): H I T N E 8 8 E T H: WHEREAS, Developer is mining certain property within Indian River County and is required to post bonds insuring compliance with the requirements of the approved mining site plan: Indian River Coun:y Code Section 934.071 and restoration of the site. NOW, THEREFORE, in consideration of the agreements, promises, and covenants set forth herein, and other good and valuable considerations, the parties hereto agree as follows: 1. The Developer has tendered to the County Office of Management and Budget (Escrow Agent) the sum of Two Thousand Three Hundred and noJ100------------------------------------ Dollars ($), the receipt whereof is hereby acknowledged, which sum shall be held in escrow by said Office, 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 plan compliance and site restoration. z. Upon completion of the restoration of each mine phase, the Developer 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 Brom 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 Com*minity 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 Manaaem_ent end R„Ager_ npc. receipt of the notice to disburse, the Office of Management and Budget shall make the disbursement described therein directly to Developer, at the address specified in the request for disbursement. 4. Upon failure to comply with all the requirements of the site plan approval, including but not limited to unapproved off-site discharge of water, failure to confine hauling to approved hauling routes, operating in violation of the safety/security plan, excavating within required setbacks, mining of additional phases prior to restoration of the previous phase, and activity not consistent with permits issued by other jurisdictional agencies: or if Developer fails 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 Hater Management Standards as contained in Section 934.05 of the Indian River County Code, and restoration activity not consistent with permits issued by other jurisdictional agencies. Lnu Cousacy may utilize escrowed funds to achieve compliance or 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 nudget 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 site plan or restoration conditions of the mining approval, and that said funds are necessary to achieve compliance. All funds disbursed to CounLy in excess of the final amount determined necessary by the County shall be returned to Developer, its legal representatives, successors or assigns, at the completion of site restoration.