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40 <br />40 <br />3. Within seven (7) working days after receipt of a disbursement <br />request, the Utilities Director shall cause an inspection of the work for which <br />payment is sought. If the Utilities Director is satisfied in all respects with the <br />work and certifications, the Utilities Director shall approve the disbursement. <br />Approval of any disbursement shall be in writing delivered to the County Office of <br />Management and Budget. Upon receipt of the written approval of the <br />disbursement, the Office of Management and Budget shall make the <br />disbursement described therein directly to Developer, at the address specified in <br />the request for disbursement. <br />4. Upon defect in the improvements warranteed under the Bili of Sale, <br />the county may utilize all funds remaining in the escrow account at the time <br />default is declared by the County. Said funds shall be disbursed to the County <br />upon receipt by the Office of Management and Budget of a written statement <br />from the Utilities Director that Developer has defaulted under the Bill of Sale and <br />that said funds are necessary to repair the improvements. All funds disbursed to <br />County in excess of the final amount determined necessary by the County to <br />repair the improvements shall be returned to Developer, its legal representatives, <br />successors or assigns, at the end of the guaranty period. <br />5. Any interest earned during the term of escrow shall be disbursed to <br />Developer at close of escrow less administrative expenses. <br />6. The funds deposited hereunder exist solely for the protection, use <br />and benefit of the County and shall not be construed or intended in any way, <br />expressly or impliedly, to benefit or secure payment to any contractor, <br />subcontractor, laborer, materialman, architect, engineer, attorney or other party <br />providing labor, material, supplies, or services for construction of the required <br />improvements, or to benefit any lot purchaser, while such funds remain subject <br />to this escrow agreement. The County shall not be liable to any of the <br />aforementioned parties for claims against the Developer or contractor relating to <br />the required improvements. <br />7. This Agreement, together with the Bill of Sale referenced herein, is <br />the full and complete understanding of the parties and shall not be construed or <br />amplified by reference to any prior agreement, discussion, or understanding, <br />except as specifically mentioned herein. This Agreement shall not be assigned <br />without the express written approval of the County. Any amendment, deletion, <br />modification, extension, or revision hereof or hereto shall be in writing, and <br />executed by authorized representatives of each party.. <br />