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416 <br />40 <br />CI <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 />4, Notwithstanding the above disbursement limits, at no time shall the <br />escrow account balance be reduced below an amount equal to one hundred fifteen <br />(115%) percent of the most recent approved cost estimate of the remaining required <br />improvements. <br />5. Within seven (7) working days after receipt of a disbursement <br />request, the Public Works Director shall cause an inspection of the work for which <br />payment is sought.. If the Public Works Director is satisfied in all respects with the <br />work, the accompanying cost estimates and certifications, the Public Works Director <br />shall notify in writing the County Office of Management and Budget. The Office of <br />Management and Budget shall make the disbursement as approved by the Public <br />Works Director directly to Developer. <br />G. Upon default by developer under the Contract, the County may <br />elect to pursue any of the remedies made available therein. Ail funds remaining in <br />the escrow account at the time default is declared by the County shall be available <br />for use by the County in accordance with the Contract. Said funds shall be <br />disbursed to the County upon receipt by the Office of Management and Budget of a <br />certified copy of a resolution of the Board of County Commissioners stating that <br />Developer has defaulted under the Contract and that said funds are necessary to <br />complete the required Improvements. All funds disbursed to County in excess of the <br />final amount determined necessary by the County to complete the required <br />improvements shall be returned to Developer, its legal representatives, successors <br />or assigns. <br />7. Any interest earned during the term of escrow, less administrative <br />expenses, shall be disbursed to Developers at close of escrow. <br />B. 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, subcontractor, <br />laborer, materialman, architect, engineer, attorney or other party providing labor, <br />material, supplies, or services for construction of the required improvements, or to <br />benefit any lot purchase, while such funds remain subject to this escrow agreement, <br />unless and until the County shall agree otherwise in writing. The County shall not be <br />liable to any of the aforementioned parties for claims against the Developer or <br />contractor relating to the required subdivision improvements. <br />9, This Agreement, together with the attached Contract, is the full and <br />complete understanding of the parties and shall not be construed or amplified by <br />reference to any prior agreement, discussion, or understanding, except as <br />specifically mentioned herein. This Agreement shall not be assigned without the <br />express written approval of the County. Any amendment, deletion, modification, <br />extension, or revision hereof or hereto shall be in writing, and executed by <br />authorized representatives of each party, <br />