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i C-3 40 preceding paragraph; i.e., twenty (20%) percent of the cost of each phase, improvement, or portion thereof, shall be retained in the escrow account until the final reduction, which shall occur only after issuance of a Certificate of Completion in accordance with the County's Subdivision and Platting Ordinance. 4. Notwithstanding the above disbursement limits, at no time shall the escrow account balance be reduced below an amount equal to one hundred fifteen (115%) percent of the most recent approved cost estimate of the remaining required imnrnvements. 5. Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects with the work, the accompanying cost estimates and certifications, the Public Works Director shall notify in writing the County Office of Management and Budget. The Office of Management and Budget shall make the disbursement as approved by the Public Works Director directly to Developer. 5. Upon default by developer under the Contract, the County may elect to pursue any of the remodies made available therein. All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the Contract. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a certified copy of a resolution of the Board of County Commissioners stating that Developer has defaulted under the Contract and that said funds are necessary to complete the required improvements. All funds disbursed to County in excess of the final amount determined necessary by the County to complete the required improvements shall be returned to Developer, its legal representatives, successors or assigns. 7. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed to Developers at close of escrow. B. The funds deposited hereunder exist solely for the protection, use and benefit of the County and shall not be construed or intended in any way, expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, laborer, materialman, architect, engineer, attorney or other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any lot purchase, while such funds remain subject to this escrow agreement, unless and until the County shall agree othcrsiise In writing, Thus Coeuriiy };w.11 " -A be .. ;arty Of the aforementioned parties for claims against the Developer or contractor relating to the required subdivision improvements. 9, This Agreement, together with the attached Contract, Is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement, discussion, or understanding, except as specifically mentioned herein. "rhis Agreement shall not be assigned without the express written approval of the County. Any amendment, rlelrtinn, mum ifif,; ii-, aY.i[ n. 1Crt, or revision hereof or hereto shall be in writing, and executed by authorized representatives of each party.