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4. Upon default by Developer under the Contract, the County may <br />elect to pursue any of the remedies made available therein. All funds remaining <br />in the escrow account at the time default is declared by the County shall be <br />available for use by the County in accordance with the Contract. Said funds shall <br />be disbursed to the County upon receipt by the Office of Management and <br />Budget of a memorandum from the County Public Works Director or County <br />Engineer stating that Developer has defaulted under the Contract and that said <br />funds are necessary to complete the required improvements. All funds disbursed <br />to County in excess of the final amount determined necessary by the County to <br />complete the required improvements shall be returned to Developer, its legal <br />representatives, successors or assigns. <br />5. Any interest earned during the term of escrow, less administrative <br />expenses, shall be disbursed to Developers at close of escrow. <br />6. The funds deposited hereunder exist solely for the protection, use <br />and benefit of the County and shall not be construed or intended in any way, <br />expressly or impliedly, to benefit or secure payment to any contractor, <br />subcontractor, laborer, materialman, architect, engineer, attorney or other party <br />providing labor, material, supplies, or services for construction of the required <br />improvements, while such funds remain subject to this escrow agreement, unless <br />and until the County shall agree otherwise in writing. The County shall not be <br />liable to any of the aforementioned parties for claims against the Developer or <br />contractor relating to the required improvements. <br />7. This Agreement, together with the attached Contract, is the full and <br />complete understanding of the parties and shall not be construed or amplified by <br />reference to any prior agreement, discussion, or understanding, except as <br />specifically mentioned herein. This Agreement shall not be assigned without the <br />express written approval of the County. Any amendment, deletion, modification, <br />extension, or revision hereon or hereto shall be in writing, and executed by <br />authorized representatives of each party. <br />IN WITNESS WHEREOF, <br />the parties <br />hereto <br />have set <br />their hands and <br />seals. The date of this agreement <br />shall be the <br />date of <br />approval <br />by County. <br />ATLANTIC COAST CONSTRUCTION AND <br />DEVELOPMENT, INC., a Florida <br />corporation <br />Developer <br />Witnesses: <br />ti 4�1 <br />JA v r iw By: <br />printed name:, eph Paj idin, President <br />2 <br />F:\Attorney\Nancy\DOCS\PLAN\paladin place ii sidewalk cash deposit & escrow.doc <br />