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Paladin Place 11�j, CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this 3rd day of June, 2008, by and between Atlantic Coast Construction and Development, Inc., a Florida corporation (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (COUNTY): WITNESSETH: WHEREAS, Developer is required to provide surety supporting a modification to a contract with the County for the construction of certain required sidewalk improvements related thereto; 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 Ten Thousand Three Hundred One and 251100 Dollars ($10,301.25), 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 for Construction of Required Sidewalk Improvements, as modified, which agreement and modification(s) are attached hereto and incorporated herein by reference (Contract). 2. Upon completion, the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer's engineer describing the work completed, the actual cost thereof, and that the work for which disbursement is requested has been completed in accordance with County policies for sidewalk construction as those policies relate to location, method, and type of construction. 3. Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects with the work, the accompanying cost estimates and certifications, the Public Works Director shall deliver a written notice to disburse to the County Office of Management and Budget. Upon receipt of the notice to disburse, the Office of Management and Budget shall make the disbursement described therein directly to Developer. 1 F:\Attorney\Nancy\DOCS\PLAN\paladin place ii sidewalk cash deposit & escrowcoc