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SECOND PHASE <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> FOR <br /> RESTORATION <br /> RE: WILD TURKEY SAND MINE <br /> SP-MA-07-10-34 (2004120019-59695) <br /> THIS AGREEMENT is entered into this day of , <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 bonds 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 $83,867.74 cash to <br /> guarantee compliance with the restoration requirements of the approved mining <br /> site plan for Phases 1; and in May, 2011 the posted security was reduced to <br /> $67,710.90 due to a portion of the restoration requirements being already posted <br /> with Sebastian River Improvement District for canal right-of-way restoration; and <br /> WHEREAS, Phase 1 has since been restored to the satisfaction of <br /> the 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 $67,710.90 cash <br /> being held by County, from Phase 1 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 /> $67,710.90 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 <br /> restoration. <br /> I 52 <br />