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SECOND PHASE <br />CASH DEPOSIT AND ESCROW AGREEMENT <br />FOR <br />COMPLIANCE <br />RE: WILD TURKEY SAND MINE <br />SP -MA -07-10-34 (2004120019-59695) <br />hbE 6u0 <br />'ERTIFlCATIWN ON LST PAG <br />J.R. SMITH. CLERK <br />THIS AGREEMENT is entered into this Ind day of June <br />2015, by and between Wild Turkey Estates of Vero, L.L.C., a Florida limited <br />liability company (Developer), Duane C. Pankratz, party posting security <br />(Funder), and INDIAN RIVER COUNTY, a political subdivision of the State of <br />Florida (County): <br />WITNESSETH: <br />WHEREAS, Developer is mining certain property within Indian <br />River County and is required to post security insuring compliance with the <br />requirements of the approved mining site plan; Indian River County Code <br />Section 934.07; and restoration of the site; and <br />WHEREAS, in March, 2011, Funder posted $49,800.00 cash to <br />guarantee compliance with the requirements of the approved mining site plan for <br />Phase I; said Phase I having since been restored to the satisfaction of the <br />County based on site inspection; and <br />WHEREAS, Developer is now desirous to move into the next <br />phase and Developer and Funder wish to transfer the entire $49,800.00 cash <br />being held by County, from Phase I to the next phase (second phase), <br />NOW, THEREFORE, in consideration of the agreements, <br />promises, and covenants set forth herein, and other good and valuable <br />considerations, the parties hereto agree as follows: <br />1. The Developer and Funder agree to the transfer of the entire <br />$49,800.00 from Phase 1 to the next phase (second phase) as depicted on the <br />attached map; said sum shall continue to be held in escrow by the County Office <br />of Management and Budget (Escrow Agent), but earmarked/obligated for the <br />second phase, subject to the terms, conditions and covenants of this escrow <br />agreement as assurance that Developer shall perform in all respects the <br />obligations of Indian River County Code Chapter 934 with respect to site plan <br />compliance. <br />2. Upon completion of the restoration of each mine phase, the <br />Developer or Funder may obtain a disbursement from the escrow account by <br />making a written request to Indian River County's Community Development <br />