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40 <br />6, Upon dafault by developer under the Contract, the County may <br />4 elect to pursue any of the remedies made available therein. All funds remaining in <br />the escrow account at the time default is declared by the County shall be available <br />for use by the County in accordance with the Contract. Said funds shall be <br />disbursed to the County upon receipt by the Office of Management and Budget of a <br />• certified copy of a resolution of the Board of County Commissioners stating that <br />Developer has defaulted under the Contract and that said funds are necessary to <br />complete the required improvements. All funds disbursed to County in excess of the <br />final amount determined necessary by the County to complete the required <br />• improvements shall be returned to Developer, its legal representatives, successors <br />or assigns. <br />7. Any interest earned during the term of escrow, less administrative <br />expenses, shall be disbursed to Developers at close of escrow. <br />8, The funds deposited hereunder exist solely for the protection, use <br />and benefit of the County and shall not be construed or intended in any way, <br />expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, <br />laborer, materialman, architect, engineer, attorney or other party providing labor, <br />material, supplies, or services for construction of the required improvements, or to <br />benefit any lot purchase, while such funds remain subject to this escrow agreement, <br />unless and until the County shall agree otherwise in writing. The County shall not be <br />liable to any of the aforementioned parties for claims against the Developer of <br />contractor relating to the required subdivision improvements. <br />9. This Agreement, together with the attached Contract, is the full and <br />complete understanding of tate parties and shall not be construed or amplified by <br />reference to any prior agreement, discussion, or understanding, except as <br />specifically mentioned herein. This Agreement shall not be assigned without the <br />express written approval of the County. Any amendment, deletion, modification, <br />extension, or revision hereof or hereto shall be in writing, and executed by <br />authorized representatives of each party. <br />IN WITNESS WHEREOF, the parties hereto have set their hands and <br />seals. The date of this agreement shall be the date of approval by the Board of <br />County Commissioners, as first stated above. <br />STONE I QgE NOR „INC. <br />By: <br />orman W. nsicl , Jr. <br />President <br />Date: <br />Office of Management and Budget <br />By: I, F2r I <br />Joseph`A. Baird, Director <br />BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA <br />By:! ' <br />Kenneth R. Macht, Chairman <br />Attest. <br />.rJe e K. Barton, QWk <br />�-- <br />