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GASH D'EP'OSIT AND ESCROW AGREEMENT THIS AO REENIENT is entered into this e2-6 day of + -1999, by and between RIVERSIDE NATIONAL. BANK OF FLORIDA {Deva)bper), and INDIAN RIVER COUNTY, a political subdivision of they State of Florida (County): WITNESSETH: WHEREAS, Developer is effecting a development of certain property within Indian River County and is required to provide surety supporting a Bill of Sale of Utility Facilities within an easement for the maintenance of certain required improvements related 'thereto, namely: Sanitary sewer and water fines set out in the attached Bill of Sale. 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 Four Thousand One Hundred Eighteen. and No/100 Dollars (`54,118.06), 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 Bill of Sale. which is incorporated herein by reference. 2. Upon completion of the maintenance period specified in the Bill of Sale, the Developer may obtain a disbursement from the escrow account by making a written request to Indi^n River County through the County's Utilities Director. The request shall specify the amount of disbursement, and shall be accompanied by a sealed certificate from Developer's engineer that the work for which disbursement is requested remains in satisfactory condition in accordance with the most recent set of plans and specifications approved and on file with the County. 3. Within seven (7) working days after receipt of a disbursement request, the Utilities Director shall cause an inspection of the work for which payment is sought. If the Utilities Director is satisfied in all respects with the work and certifications, the Utilities Director shall approve the disbursement. Approval of any disbursement shall be in writing delivered to the County Office of Management and Budget. Upon receipt of the written approval of the disbursement, the Office of Management and Budget shall make the disbursement described therein directly to Developer, at the address specified in the request for disbursement.