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THREE PARTY ESCROW AGREEMENT <br />THIS AGREEMENT is made and entered into by and between the State of Florida, <br />Department of Transportation ("FDOT"), Indian River County ("Participant"), and the State of <br />Florida, Department of Financial Services, Division of Treasury ("Escrow Agent"), and shall <br />become effective upon the Agreement's execution by Escrow Agent. <br />WHEREAS, FDOT and Participant are engaged in the following project ("Project"): <br />Project Name: CR-510/85th Street to 87th St. to West of 8211 Ave. <br />Project #: 405606-8-56-01 <br />County: Indian River <br />WHEREAS, FDOT and Participant desire to establish an escrow account for the project. <br />NOW THEREFORE, in consideration of the premises and the covenants contained <br />herein, the parties agree to the following: <br />An initial deposit will be made into an interest-bearing escrow account established <br />hereunder for the purposes of the Project. The escrow account will be opened <br />with the Escrow Agent on behalf of FDOT upon Escrow Agent's receipt and <br />execution of this Agreement. <br />2. Other deposits to the escrow account may be made during the life of this <br />agreement. <br />3. Deposits will be delivered in accordance with instructions provided by the Escrow <br />Agent to the FDOT for deposit into the escrow account. A wire transfer or ACH <br />deposit is the preferred method of payment and should be used whenever <br />possible. <br />4. FDOT's Comptroller or designee shall be the sole signatory on the escrow account <br />with the Escrow Agent and shall have sole authority to authorize withdrawals from <br />the account. Withdrawals will only be made to FDOT or the Participant in <br />accordance with the instructions provided to the Escrow Agent by FDOT's <br />Comptroller or designee. <br />5. Moneys in the escrow account will be invested in accordance with section 17.61, <br />Florida Statutes, The Escrow Agent will invest the moneys expeditiously. Income <br />is only earned on the moneys while invested. There is no guaranteed rate of <br />return. Investments in the escrow account will be assessed a fee in accordance <br />with Section 17.61(4)(b), Florida Statutes. All income of the investments shall <br />accrue to the escrow account. <br />6. Unless instructed otherwise by FDOT, all interest accumulated in the escrow <br />account shall remain in the account for the purposes of the Project. <br />72 <br />