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2004-065
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2004-065
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Last modified
8/25/2016 1:48:02 PM
Creation date
9/30/2015 7:23:44 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Contract
Approved Date
03/23/2004
Control Number
2004-065
Agenda Item Number
7.O.
Entity Name
Abingdon Woods LLC
Subject
Required improvements, cash deposit and escrow agreement
Area
Abington Woods
Archived Roll/Disk#
3209
Supplemental fields
SmeadsoftID
3675
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Abington Woods PD <br /> for use with Contract for <br /> Construction of Required Improvements <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this � � day of <br /> 1 G,11 2004 , by and between Abington Woods , LLC , a Florida <br /> limited liability company ( Developer) , and INDIAN RIVER COUNTY, a political <br /> subdivision of the State of Florida (County) : <br /> WITNESSETH ; <br /> WHEREAS , Developer is effecting a subdivision of certain property <br /> within Indian River County and is required to provide surety supporting a contract <br /> with the County for the construction of certain required improvements related <br /> thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , <br /> and covenants set forth herein , and other good and valuable considerations , the <br /> parties hereto agree as follows : <br /> 1 . The Developer has tendered to the County Office of Management <br /> and Budget ( Escrow Agent) the sum of <br /> SCC --moi qhl dalat'S @rte n o <br /> Dollars ($ the receipt whereof is hereby acknowleVedAhi6H sum shall ;r6U r Mels <br /> be held in escrow by said Office , subject to the terms , conditions and covenants of <br /> this escrow agreement as assurance that Developer shall perform in all respects the <br /> obligations set forth in the aforementioned Contract for Construction of Required <br /> Improvements , which agreement is attached hereto and incorporated herein by <br /> reference ( Contract) . <br /> 2 . Upon completion of any distinct or separable phase or <br /> improvement , or independent portion thereof, the Developer may obtain a <br /> disbursement from the escrow account by making a written request to the Board of <br /> County Commissioners of Indian River County through the County' s Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall be <br /> accompanied by a sealed certificate from Developer's engineer describing the work <br /> completed , the actual cost thereof, the estimated cost of all remaining work which is <br /> secured by the escrow account , and that the work for which disbursement is <br /> requested has been completed in accordance with the most recent set of plans and <br /> specifications approved and on file with the County . <br /> 3 . The amount of any given disbursement shall not exceed eighty <br /> ( 80 % ) percent of the total cost of improvements certified as being completed under <br /> the preceding paragraph ; i . e . , twenty (20 % ) percent of the cost of each phase , <br /> improvement , or portion thereof, shall be retained in the escrow account until the <br /> final reduction , which shall occur only after issuance of a Certificate of Completion in <br /> accordance with the County' s Subdivision and Platting Ordinance . <br /> F:\attomey\nancy\DOCS\PLAN\cash deposit for K abington woods.doc <br />
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