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- F- 00
<br />1 /t rl
<br />o p_d31
<br />Sea Oaks River Cottages, P.D. PLAN(cash)LEGAL(WGClnhm)
<br />for use with Contract for
<br />Construction of Required
<br />Improvements
<br />CASH DEPOSIT AND ESCROW AGREEMENT
<br />THIS AGREEMENT is entered into thisa-9*11 day ofF f ,
<br />2000, by and between Sea Oaks Investment, Ltd., a Florida tim{ted w rthership
<br />(Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida
<br />(County);
<br />WITNESSETH;
<br />WHEREAS, Developer is effecting a subdivision of certain property within
<br />Indian River County and is required to provide surety supporting a contract with the
<br />County for the construction of certain required improvements related thereto;
<br />NOW, THEREFORE, in consideration of the agreements, promises, and
<br />covenants set forth herein, and other good and valuable considerations, the parties
<br />hereto agree as follows:
<br />i. The Developer has tendered to the County Office of Management
<br />and Budget (Escrow Anent) the sum of TaLg
<br />ick rfirc=e lei 1nt�re[Y� 3� tl�� IIrS ($v�i.3G�C3i� ), the
<br />receipt whereof is hereby acknowledged, which sum shall be held to 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 agreement
<br />is attached hereto and incorporated herein by reference (Contract).
<br />2, Upon completion of any distinct or separable phase or improvement,
<br />or independent portion thereof, the developer may obtain a disbursement from the
<br />escrow account by making a written request to thw Board of County :.if
<br />indi-ar. Ri.,ur L;;w;iy iieuugii the County's Public Works Director. The request shall
<br />specify the amount of disbursement desired and shall be accompanied by a sealed
<br />certificate from Developer's engineer describing the work completed, the actual cost
<br />thereof, the estimated cost of all remaining work which is secured by the escrow
<br />account, and that the work for which disbursement is requested has been completed in
<br />accordance with the most recent set of plans and specificetions approved and on fila
<br />with the County,
<br />3. The amount of any given disbursement shall not exceed eighty (80%)
<br />percent of the total cost or improvements certified as being completed under the
<br />4W
<br />s
<br />f
<br />- F- 00
<br />1 /t rl
<br />o p_d31
<br />Sea Oaks River Cottages, P.D. PLAN(cash)LEGAL(WGClnhm)
<br />for use with Contract for
<br />Construction of Required
<br />Improvements
<br />CASH DEPOSIT AND ESCROW AGREEMENT
<br />THIS AGREEMENT is entered into thisa-9*11 day ofF f ,
<br />2000, by and between Sea Oaks Investment, Ltd., a Florida tim{ted w rthership
<br />(Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida
<br />(County);
<br />WITNESSETH;
<br />WHEREAS, Developer is effecting a subdivision of certain property within
<br />Indian River County and is required to provide surety supporting a contract with the
<br />County for the construction of certain required improvements related thereto;
<br />NOW, THEREFORE, in consideration of the agreements, promises, and
<br />covenants set forth herein, and other good and valuable considerations, the parties
<br />hereto agree as follows:
<br />i. The Developer has tendered to the County Office of Management
<br />and Budget (Escrow Anent) the sum of TaLg
<br />ick rfirc=e lei 1nt�re[Y� 3� tl�� IIrS ($v�i.3G�C3i� ), the
<br />receipt whereof is hereby acknowledged, which sum shall be held to 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 agreement
<br />is attached hereto and incorporated herein by reference (Contract).
<br />2, Upon completion of any distinct or separable phase or improvement,
<br />or independent portion thereof, the developer may obtain a disbursement from the
<br />escrow account by making a written request to thw Board of County :.if
<br />indi-ar. Ri.,ur L;;w;iy iieuugii the County's Public Works Director. The request shall
<br />specify the amount of disbursement desired and shall be accompanied by a sealed
<br />certificate from Developer's engineer describing the work completed, the actual cost
<br />thereof, the estimated cost of all remaining work which is secured by the escrow
<br />account, and that the work for which disbursement is requested has been completed in
<br />accordance with the most recent set of plans and specificetions approved and on fila
<br />with the County,
<br />3. The amount of any given disbursement shall not exceed eighty (80%)
<br />percent of the total cost or improvements certified as being completed under the
<br />
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