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KvL CONY 5* I ci i <br />ERTIEICATION ON LASTPAGE <br />THREE PARTY ESCROW AGREEMENT R SMITH. CLERK <br />t� <br />o14)45—/d V 2. a 2 <br />THIS AGREEMENT is made and entered into by and between the State of Florida, <br />Department of Transportation ("FDOT"), INDIAN RIVER COUNTY ("Participant"), <br />and the State of Florida, Department of Financial Services, Division of Treasury ("Escrow <br />Agent"), and shall 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: Right of Way Appraisal, Consultant, Acquisition, and Relocation <br />Services <br />Project #: 431759-1-4B/42/43/45-01 <br />County: Indian River County <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 />1. 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 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 />