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• <br />X19-gO <br />9199(F0RMSum1 n1 ng3)LEGAL(wGUnhm } <br />PHASE V <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />SP -MA -95-04-17 <br />October <br />THIS AGREEMENT is entered into this d!� day of ZepWmbar, <br />1999, by and between Atlantic Coast Enterprises, Inc., a Florida corporation <br />(Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of <br />Florida (County): <br />WITNESSETH: <br />WHEREAS, Developer is mining certain property within Indian <br />River County and is required to post bonds insuring compliance with the <br />requirements of the approved mining site plan; Indian River County Code <br />Section 934.07; and restoration of the site. <br />NOW, THEREFORE, in consideration of the agreements, <br />promises, and covenants set forth herein, and other good and valuable <br />considerations, the parties hereto agree as follows: <br />1. The Developer has tendered to the County Office of <br />Management and Budget (Escrow Agent) the sum of Thirty -Four Thousand <br />Two Hundred and Naf100 Dollars ($34,20000), the receipt whereof is hereby <br />acknowledged, which sure shall be held in escrow by said office, subject to the <br />terms, conditions and covenants of this escrow agreement as assurance that <br />Developer shall perform in all respects the obligations of Indian River County <br />Code Chapter 934 with respect to site plan compliance and site restoration. <br />2. Upon completion of the restoration of each mine phase, the <br />Developer may obtain a disbursement from the escrow account by making a <br />written request to Indian River County's Community Development Director. The <br />request shall specify the amount of disbursement, and shall be accompanied by <br />a sealed certificate from Developer's engineer that the mine is in compliance and <br />has been restored in accordance with the most recent set of plans approved and <br />on file with the County. <br />3. Within seven (7) working days after receipt of a disbursement <br />request, the Community Development Director shall cause an inspection of the <br />work for which payment is sought. if the Community Development Director is <br />satisfied in all respects with the condition of the site and certifications, the <br />Community Development Director shall deliver written notice to disburse to the <br />