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2000-262
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2000-262
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Last modified
7/16/2024 10:29:14 AM
Creation date
7/16/2024 10:29:10 AM
Metadata
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Template:
Official Documents
Official Document Type
Cash Deposit and Escrow Agreement
Approved Date
09/05/2000
Control Number
2000-262
Agenda Item Number
7.M.
Entity Name
GHA Harbor Island, Inc.
Subject
Surety Supporting Contract for Required Improvements
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Harbor Island — Grand Harbor Plat 23, <br />a Planned Residential Development <br />JJ <br />FORMS(cash)LEGAI_'(WGC/nhm) t�C)&- <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 5th day of <br />September , 2000, by and between GHA Harbor Island, Inc., a Florida <br />corporation (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 Twenty -Five Thousand Three Hundred <br />Thirty -One and 63/100 Dollars ($25,331.63), the receipt whereof is hereby <br />acknowledged, which sum 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 set forth in the aforementioned <br />Contract for Construction of Required Improvements, which agreement is attached <br />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 Developer 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 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 />final reduction, which shall occur only after issuance of a Certificate of Completion in <br />accordance with the County's Subdivision and Platting Ordinance. <br />
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