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• <br />• <br />Windsor Plat 18 - P.D. <br />for use with Contract for <br />Construction of Required <br />Improvements <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />THIS AGREEMENT is entered into this i3 day of <br />4P-cL , 1999, by and between Windsor Properties, a Florida general <br />partnership (Developer), and INDIAN 'RIVER COUNTY, a political subdivision of the <br />State of Florida (County); <br />WITNESSETH; <br />WHEREAS, Developer is effecting a subdivision of certain property <br />within Indian River County and is required to provide surety supporting a contract <br />with the County for the construction of certain required improvements related thereto; <br />NOW, THEREFORE, in consideration of the agreements, promises, <br />and covenants set forth herein, and other good and valuable considerations, the <br />parties hereto agree as follows: <br />1. The Developer has tendered to the County Office of Management <br />and Budget (Escrow Agent) the sum of <br />�tirr s.r rf �r.<n 1U111 At 1, ;e Dollars Dollars (� �� U -- ], the <br />receipt whereof is hereby acknowledged, which sum shall be held in escrow by said <br />Office, subject to the terms, conditions and covenants of this escrow agreement as <br />assurance that Developer shall perform in all respects the obligations set forth in the <br />aforementioned Contract for Construction of Required Improvements, which <br />agreement is attached hereto and incorporated herein by reference (Contract). <br />2. Upon completion of any distinct or separable phase or <br />improvement, or independent portion thereof, the Devetoper may obtain a <br />disbursement from the escrow account by making a written request to the Board of <br />County Commissioners of Indian River County through the County's Public Works <br />Director. The request shall specify the amount of disbursement desired and shall be <br />accompanied by a sealed certificate from Developer's engineer describing the work <br />completed, the actual cost thereof, the estimated cost of all remaining work which is <br />secured by the escrow account, and that the work for which disbursement is <br />requested has been completed in accordance with the most recent set of plans and <br />specifications approved and on file with the County. <br />3. The amount of any given disbursement shall riot exceed eighty <br />(80%) percent of the total cost of improvements certified as being completed under <br />the preceding paragraph; i.e., twenty (20%) percent of the cost of each phase, <br />improvement, or portion thereof, shall be retained in the escrow account until the <br />