Laserfiche WebLink
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 , the parties hereto have set their hands and <br /> seals . The date of this agreement shall be the date of approval by County . <br /> ATLANTIC COAST CONSTRUCTION AND <br /> DEVELOPMENT, INC . , a Florida <br /> corporation <br /> Developer <br /> Witnesses: <br /> tiJAa .r I " By <br /> printed name . Alr eph Pa din , President <br /> . e , Jr <br /> pf inted name : SAND 0 L . WttR 4 O <br /> 2 <br /> F :\Attorney\Nancy\DOCS\PLAN\paladin place ii sidewalk cash deposit & escrow.doc <br />