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03/14/2006 09:34 7725694317 COATTY PAGE 08 fl 4. At the end of the five (5) year period (03/14/11), the public works director may release the security under the terms of the warranty and guaranty agreement, upon a determination from the county engineer that required road and drainage meet applicable county performance standards. 5. Upon defect in the improvements guaranteed under the agreement, the County may elect to pursue any of the remedies made available therein- All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the agreement. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a letter from the County Administrator or designee to use the funds held pursuant to Section 913.10 of the Indian River County Code stating that Developer has defaulted under the agreement and that said funds are necessary to repair the improvements. All funds disbursed to County in excess of the final amount determined necessary by the County to repair the improvements shall be returned to Developer, its legal representatives, successors or assigns, at the end of the guaranty period. 6. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed to Developer at close of escrow. 7. The funds deposited hereunder exist solely for the protection, use and benefit of the County and, in the event required improvements are dedicated to a private homeowner's association, that association (after turnover of control from Developer), and shall not be construed or intended in any way, expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, laborer, materialman, architect, engineer, attorney or other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any lot purchaser, while such funds remain subject to this escrow agreement. The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required subdivision improvements. 8. This Agreement, together with the agreement referenced herein, is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement, discussion, or understanding, except as specifically mentioned herein. This Agreement shall not be assigned without the express written approval of the County. Any amendment, deletion, modification, extension, or revision hereof or hereto shall be in writing, and executed by authorized representatives of each party, IN WITNESS WHEREOF, the parties hereto have set their hands and seals the day and year first above written. 2 F:\Attorney\Nancy\DOCS\PLAN\woodfleld ph 1-A 5 yr flesh deposit for warranty road 8 drainage.doc