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PHASE 1 <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />FOR <br />RESTORATION <br />RE: Ditch 5 Sand Mine <br />SP -MA -95-02-12 (94060179) <br />THIS AGREEMENT is entered into this 22nd day of April , 2025, <br />by and between BABCOCK COQUINA MINE, LLC, a Florida limited liability <br />company (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State <br />of Florida (County): <br />WITNESSETH: <br />WHEREAS, Developer is mining certain property within Indian River <br />County and is required to post bonds insuring compliance with the requirements of the <br />approved mining site plan; Indian River County Code Section 934.07; and restoration of <br />the site. <br />NOW, THEREFORE, in consideration of the agreements, promises, and <br />covenants set forth herein, and other good and valuable considerations, the parties <br />hereto agree as follows: <br />1. The Developer has tendered to the County Office of Management and <br />Budget (Escrow Agent) the sum of Thirteen Thousand Two Hundred Dollars <br />($13,200.00), the receipt whereof is hereby acknowledged, which sum shall be held in <br />escrow by said Office, subject to the terms, conditions and covenants of this escrow <br />agreement as assurance that Developer shall perform in all respects the obligations of <br />Indian River County Code Chapter 934 with respect to site restoration. <br />2. Upon completion of the restoration of each mine phase, the Developer <br />may obtain a disbursement from the escrow account by making a written request to <br />Indian River County's Community Development Director. The request shall specify the <br />amount of disbursement, and shall be accompanied by a sealed certificate from <br />Developer's engineer that the mine is in compliance and has been restored in <br />accordance with the most recent set of plans approved and on file with the County. <br />3. Within seven (7) working days after receipt of a disbursement request, <br />the Community Development Director shall cause an inspection of the work for which <br />payment is sought. if the Community Development Director is satisfied in all respects <br />with the condition of the site and certifications, the <br />