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f 7 -- <br /> J , <br /> Corrigan Ridge -Phases 2 & 3 <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> SP -MA-95 -01 -02 <br /> THIS AGREEMENT is entered into this � day of rn <br /> 2005 , by and between THE EDDIE HUGGINS LAND GRADING CO , LLC , a <br /> Florida limited liability company ( Developer), and INDIAN RIDER COUNTY , a <br /> political subdivision of the State of 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 . <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 has tendered to the County ffice of <br /> Management and Budget (Escrow Agent) the sum of Fifty-Three Thousand <br /> One Hundred and No1100 Dollars ($ 53, 100 . 00 ) , the receipt whereof i hereby <br /> acknowledged , which sum shall be held in escrow by said Office , subj ct to the <br /> terms , conditions and covenants of this escrow agreement as assurance that <br /> Developer shall perform in all respects the obligations of Indian River County <br /> Code Chapter 934 with respect to site plan compliance and site restoration . <br /> 2 . Upon completion of the restoration of each mine phase , the <br /> Developer may obtain a disbursement from the escrow account by aking a <br /> written request to Indian River County's Community Development Direc or . The <br /> request shall specify the amount of disbursement , and shall be accomp 3nied by <br /> a sealed certificate from Developer's engineer that the mine is in complize nce and <br /> has been restored in accordance with the most recent set of plans approved and <br /> on file with the County. <br /> 3 . Within seven (7 ) working days after receipt of a disbursement <br /> request, the Community Development Director shall cause aninspection of the <br /> work for which payment is sought . If the Community Development Director is <br /> satisfied in all respects with the condition of the site and certifications , the <br /> Community Development Director shall deliver written notice to disburse to the <br />