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Last modified
3/22/2024 12:21:28 PM
Creation date
3/22/2024 12:21:17 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Contract
Approved Date
04/18/2000
Control Number
2000-016
Agenda Item Number
7.G.
Entity Name
Custoer Servicer, Inc.
Subject
Contract/Construction of required Improvements
Request for Fianl Plat Approval for Laurel Pointe Subdivision
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• <br />• <br />s <br />Laurel Pointe Subdivision PLAN(cash)LEGAL(WGC/nhm <br />SD -99-05-07-A(99010167-002) for use with Contract for <br />Construction of Required <br />Improvements <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />THIS AGREEMENT is entered into this I&L day of <br />Apiw. , 2000, by and between C+a�{otnEtG ` ctZVTctZ,Ti+C•a Florida <br />corporation (Developer), and INDIAN RIVER COLIN rY, 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 Managerr.ant <br />and Budget (Escrow Agent) the sum of <br />j�pusc.an— C1yE. }{r�e�lRtd� S�xrV-EtreFr�' Dollars ($ 25L6. oo ), 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 indepenr',ent portion thereof, the Developer may obtain a <br />disbursement from the escrov. 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 cei?ificate 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 not 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 />
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