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SECOND PHASE CASH DEPOSIT AND ESCROW AGREEMENT FOR RESTORATION RE: WILD TURKEY SAND MINE SP -MA -07-10-34 (2004120019-59695) A TRUE COPY` CERTIFICATION ON LAST PA6 J.R. SMITH. CLERK ot, yo / ao 5- g C aal5'- Ila THIS AGREEMENT is entered into this 2nd day of JunP 2015, by and between Wild Turkey Estates of Vero, L.L.C., a Florida limited liability company (Developer), Duane C. Pankratz, party posting security (Funder), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH: WHEREAS, Developer is mining certain property within Indian River County and is required to post bonds insuring compliance with the requirements of the approved mining site plan; Indian River County Code Section 934.07; and restoration of the site; and WHEREAS, in March, 2011, Funder posted $83,867.74 cash to guarantee compliance with the restoration requirements of the approved mining site plan for Phases 1; and in May, 2011 the posted security was reduced to $67,710.90 due to a portion of the restoration requirements being already posted with Sebastian River Improvement District for canal right-of-way restoration; and WHEREAS, Phase 1 has since been restored to the satisfaction of the County based on site inspection; and WHEREAS, Developer is now desirous to move into the next phase and Developer and Funder wish to transfer the entire $67,710.90 cash being held by County, from Phase 1 to the next phase (second phase), 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 and Funder agree to the transfer of the entire $67,710.90 from Phase 1 to the next phase (second phase) as depicted on the attached map; said sum shall continue to be held in escrow by the County Office of Management and Budget (Escrow Agent), but earmarked/obligated for the second phase, subject to the terms, conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations of Indian River County Code Chapter 934 with respect to site restoration.