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0x3/14/2006 09:34 7725694317 COATTY �7 2 PAGE 07 4 Woodfleld P.D., Phase 1-A (5-yrwarranty ofoffsite improvements) warranty road and drainage CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this day of MA4t,N2006, by and between Centex / Lennar at Woodfield, LLC, a Delaware limited liability company (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH: WHEREAS, Developer has subdivided certain property within Indian River County and is required to provide security supporting Warranty and Guaranty Agreement and Bill of Sale for Required Improvements (Contract No. PD-03-04- 11-W&GPH1-AOFFSITE (2002120063-47103) with the County for the warranty and guaranty of certain required improvements related thereto, namely: See Exhibit `rArr attached hereto 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 has tendered to the County Office of Management and Budget (Escrow Agent) the sum of Eighteen Thousand Three Hundred Twenty -Five and No/100 Dollars ($18,325.00), the receipt whereof is hereby acknowledged, which sum shall be held in escrow by said Office, subject to the terms, conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Contract, which agreement is incorporated herein by reference. 2. 90 days prior to completion of the 5 -year warranty and guaranty period, the Developer may request a disbursement from the escrow account by making a written request to the County's Public Works Director. The request shall specify the amount of disbursement, and shall be accompanied by certified inspection reports under seal from developer's engineer that the work for which disbursement is requested remains in satisfactory condition in accordance with the most recent set of plans and specifications approved and on file with the County. 3. Upon receipt of a request to release warranty and guaranty security to a developer, and within approximately 30-60 days prior to a county inspection of required improvements scheduled at the end of the warranty and guaranty period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. 1 F;Wttorney�Nancy\DOCS\PLAN\woodfield ph 1-A 5 yr cash deposit for warranty road & drainage.doc