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2008-169
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2008-169
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Last modified
4/4/2016 12:29:46 PM
Creation date
10/1/2015 12:12:15 AM
Metadata
Fields
Template:
Official Documents
Official Document Type
Contract
Approved Date
06/03/2008
Control Number
2008-169
Agenda Item Number
8.N.
Entity Name
Atlantic Coast Construction and Development
Subject
Modification to Contract required sidewalk improvements Paladin Place
Area
Paladin Place II
Project Number
SD-04-06-25-SIDE
Supplemental fields
SmeadsoftID
7042
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Paladin Place 11 �j , <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 3rd day of June , 2008 , by and <br /> between Atlantic Coast Construction and Development, Inc. , a Florida <br /> corporation ( Developer) , and INDIAN RIVER COUNTY , a political subdivision of <br /> the State of Florida ( COUNTY) : <br /> WITNESSETH : <br /> WHEREAS , Developer is required to provide surety supporting a <br /> modification to a contract with the County for the construction of certain required <br /> sidewalk improvements related thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , and <br /> 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 Ten Thousand Three Hundred One and <br /> 251100 Dollars ($ 10 ,301 .25) , the receipt whereof is hereby acknowledged , which <br /> sum shall be held in escrow by said Office , subject to the terms , conditions and <br /> covenants of this escrow agreement as assurance that Developer shall perform <br /> in all respects the obligations set forth in the aforementioned Contract for <br /> Construction of Required Sidewalk Improvements , as modified , which agreement <br /> and modification (s ) are attached hereto and incorporated herein by reference <br /> (Contract) . <br /> 2 . Upon completion , the Developer may obtain a disbursement from <br /> the escrow account by making a written request to the Board of County <br /> Commissioners of Indian River County through the County' s Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall <br /> be accompanied by a sealed certificate from Developer' s engineer describing the <br /> work completed , the actual cost thereof, and that the work for which <br /> disbursement is requested has been completed in accordance with County <br /> policies for sidewalk construction as those policies relate to location , method , and <br /> type of construction . <br /> 3 . Within seven (7 ) working days after receipt of a disbursement <br /> request , the Public Works Director shall cause an inspection of the work for <br /> which payment is sought. If the Public Works Director is satisfied in all respects <br /> with the work, the accompanying cost estimates and certifications , the Public <br /> Works Director shall deliver a written notice to disburse to the County Office of <br /> Management and Budget. Upon receipt of the notice to disburse , the Office of <br /> Management and Budget shall make the disbursement described therein directly <br /> to Developer. <br /> 1 <br /> F:\Attorney\Nancy\DOCS\PLAN\paladin place ii sidewalk cash deposit & escrowcoc <br />
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