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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"), <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 /> 112 <br />