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1999-150
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1999-150
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Last modified
8/7/2023 2:13:31 PM
Creation date
8/7/2023 2:13:21 PM
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Official Documents
Official Document Type
Agreement
Approved Date
05/25/1999
Control Number
1999-150
Entity Name
Riverside National Bank of Florida
Subject
Cash Deposit and Escrow Agreement
Bill of Sale of Utilities Facilities within as Easement for Maintenance and Certain Improvements
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4. Upon defect in the improvements warranteed under the Bill of Sale, <br />the county may utilize all funds remaining in the escrow account at the time <br />defarrlt is declared by the County. Said funds shall be disbursed to the Cour'ily <br />upon receipt by the Office of Management and Budget of a written statement <br />from tiie Utilities Director that Developer has defaulted under the Bill of Sale and <br />that said funds are necessary to repair the improvements. All funds disbursed to <br />Counly in excess of the final amount determined necessary by the County to <br />repair the improvements shall he returners to nevelnper, its legal representative,;, <br />successors or assigns, at the end of the guaranty period. <br />5. Any interest earned during the term of escrow shall be disbursed to <br />Developer at close of escrow less administrative expenses. <br />G. 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, <br />subcontractor, laborer, materialman, architect, engineer, attorney or other party <br />providing labor, material, supplies, or services for construction of the required <br />improvements, or to benefit any lot purchaser, while such funds remain subject <br />to this escrow agreement. The County shall not be liable to any of the <br />aforementioned parties for claims against the Developer or contractor relating to <br />the required improvements. <br />7. This Agreement, together with the Bill of Sale referenced herein, is <br />the full and complete understanding of the parties and shall riot be construed or <br />amplified by reference to any prior agreement, discussion, or understanding, <br />except as specifically mentioned herein. This Agreement shall not be assigned <br />without the express written approval of the County. Any amendment, deletion, <br />modification, extension, or revision hereof or hereto shall be in writing, and <br />executed by authorized representatives of each party. <br />IN WITNESS WHEREOF, the parties hereto have set their hands and <br />seals. The effective date of this Agreement shall be the date of approval by the <br />Board of County Commissioners. <br />Signed in the presence of: <br />sign: ccs �Q- - <br />print name: �R- —;;71— E�cC <br />sign:�f fi <br />print name: iY1L2- <br />pate: - ! ._3 el q <br />RIVERSIDE NATIONAL SANK OF <br />FLORIDA j <br />rinted <br />title: <br />(President, V.P or CEO) <br />
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