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9 f q9-,:,jq1 FORM S(cash)LEGAL(WGCfnhm) for use with Contract for Construction of Required O Improvements M) GASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this 6th day of April , 1999, by and between STONBBRIDGE NORTH, INC., a Florida corporation (Developer), and INDIAM RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH; WHEREAS, Developer is effecting a subdivision of certain property within Indian River County and is required to provide surety supporting a contract with the County for the construction of certain required improvements related thereto; NOW, THEREFORE, in consideration of the agreements, promises, and covenants set forth herein, and other good and valuable considerations, the parties horeto agree as follows: 1, The Developer has tendered to the County Office of Management and Budget (Escrow Agent) the sum of Three Thousand Two Hundred Twenty and Nolllib Dollars ($3,220,00), 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 set forth in the aforementioned Contract for Construction of Required Improvements, which agreement is attached hereto and incorporated herein by reference (Contract). 2. Upon completion of any distinct or separable phase or improvement, or independent portion thereof, the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a seated certificate from Developer's engineer describing the work completed, the actual cost thereof, the estimated cost of all remaining work which is secured by the escrow account, and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specifications approved and on file with the County. 3. The amount of any given disbursement shall not exceed eighty (80%) percent of the total cost of improvements certified as being completed under the preceding paragraph; i.e., twenty (20%) percent of the cost of each phase, improvement, or portion thereof, shall be retained in the escrow account until the final reduction, which shall occur only after issuance of a Certificate of Completion in accordance with the County's Subdivision and Platting Ordinance. 4. Notwithstanding the above disbursement limits, at no time shall the escrow account 'balance be reduced below an amount equal to one hundred fifteen (115%) percent of the most recent approved cost estimate of the remaining required improvements. 5. Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects with the ,,,work, the accompanying cost estimates and certifications, the Public Works Director shall notify in writing the County Office of Management and Budget. The Office of Management and Budget shall make the disbursement as approved by the Public Works Director directly to Developer.