Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
a � <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS CASH DEPOSIT AND ESCROW AGREEMENT (Agreement) is entered <br /> into this 22"d day of March , 2004 , by and between Boys and Girls Clubs of Indian <br /> River County , Inc . , a Florida not-for-profit corporation ( User Group) , and the Indian <br /> River County Board of County Commissioners , a political subdivision of the State of <br /> Florida (County) , <br /> BACKGROUND RECITALS : <br /> 1 . On October 21 , 2003 , the County approved the use by User Group of the <br /> Stadium (as such term is fined in the Holman Agreement) pursuant to that <br /> certain Indian River County Holman Stadium Use Agreement ( Holman <br /> Agreement) , a copy of which is attached hereto as Exhibit "A" and incorporated <br /> herein by this reference in its entirety . <br /> 2 . Pursuant to Paragraph G of the Holman Agreement, User Group has tendered a <br /> check and has agreed to enter into this Agreement in connection therewith . <br /> NOW, THEREFORE , in consideration of the agreements , promises , and <br /> covenants set forth herein and in the Holman Agreement, and other good and valuable <br /> consideration , the parties hereto agree as follows : <br /> 1 . The User Group has tendered to the County the sum of $ 20 , 000 . 00 <br /> (Security Deposit) , the receipt whereof is hereby acknowledged . The Security Deposit <br /> shall be held in escrow by the County Budget Office as Escrow Agent, subject to the <br /> terms , conditions , and covenants of this Agreement and the Holman Agreement. <br /> 2 . Upon compliance by User Group with the terms and conditions of the <br /> Holman Agreement, the Security Deposit shall be returned to the User Group by the <br /> User Group making a written request to the County through the Escrow Agent. Within <br /> seven (7) days of receipt of such written request, the Escrow Agent shall approve the <br /> disbursement . <br /> 3 . Any interest earned during the term of escrow shall be disbursed to User <br /> Group at the end of escrow less any administrative expenses . <br /> 4 . The Security Deposit exists solely for the protection , use , and benefit of <br /> the County and shall not be construed or intended in any way , expressly or impliedly, to <br /> benefit or secure payment to any person or party in connection with the Holman <br /> Agreement, The County shall not be liable to any of the aforementioned parties for <br /> claims against the User Group . <br /> C :\DOCUME~1 \CIRCUI~1 \LOCALS~1 \Temp\cash escrow boys and girls club holman s .doc 1 <br />