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St. Joseph's Island — Grand Harbor Plat 22, i 0j) _3Q a Planned Residential Development utility maintenance for use with Bill of Sale CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this 43A!_ day of Ah M&r , 2000. by and between GHA St. Joseph's Island, Inc., a Florida corporation (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH: WHEREAS, Developer is effecting a subdivision of certain property within Indian River County and is required to provide surety supporting a Bill of Sale of Utility Facilities within an easement for the maintenance of certain required utility improvements related thereto, namely: See Exhibit "A" attached hereto. NOW, THEREFORE, in consideration of the agreements, promises, and covenants set forth herein, and other good and valuable considerations, the parties hereto agree as follows: 1. The Developer has tendered to the County Office of Management and Budget (Escrow Agent) the sum of u 1 �� .y `/ao Dalfars ($4� Ilei 90 the re elpt 4ihereof is hereby acknowledged, which sum shall be held in escrow by said Office, subject to the terms, conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Bill of Sale, which is incorporated herein by reference. 2. Upon completion of the maintenance period specified in the Bill of Sale, the Developer may obtain a disbursement from the escrow account by making a written request to Indian River County through the County's Utilities Director. The request shall specify the amount of disbursement, and shall be accompanied by a sealed certificate from Developer's engineer that the work for which disbursement is requested remains in satisfactory condition in accordance with the most recent set of plans and specifications approved and on file with the County.