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Brookfield at Trillium Phase 'A' <br /> for use with Contract for <br /> Construction of Required Improvements <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 6th day of <br /> Jul v , 2004 , by and between GHO VERO BEACH VIII , INC. , a Florida <br /> corporation ( Developer) , and INDIAN RIVER COUNTY , a political subdivision of the <br /> State of Florida (County) : <br /> WITNESSETH ; <br /> WHEREAS , Developer is effecting a subdivision of certain property <br /> within Indian River County and is required to provide surety supporting a contract <br /> with the County for the construction of certain required improvements related <br /> thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , <br /> and 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 Three Hundred Twenty-One Thousand <br /> Nine Hundred Seventeen and 321100 Dollars ( $ 3210917 . 32) , the receipt whereof is <br /> hereby acknowledged , which sum shall be held in escrow by said Office , subject to <br /> the terms , conditions and covenants of this escrow agreement as assurance that <br /> Developer shall perform in all respects the obligations set forth in the <br /> aforementioned Contract for Construction of Required Improvements , which <br /> agreement is attached hereto and incorporated herein by reference (Contract ) . <br /> 2 . Upon completion of any distinct or separable phase or . <br /> improvement , or independent portion thereof , the Developer may obtain a <br /> disbursement from the escrow account by making a written request to the Board of <br /> County Commissioners of Indian River County through the County's Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall be <br /> accompanied by a sealed certificate from Developer's engineer describing the work <br /> completed , the actual cost thereof, the estimated cost of all remaining work which is <br /> secured by the escrow account , and that the work for which disbursement is <br /> requested has been completed in accordance with the most recent set of plans and <br /> specifications approved and on file with the County . <br /> 3 . The amount of any given disbursement shall not exceed eighty <br /> ( 80 % ) percent of the total cost of improvements certified as being completed under <br /> the preceding paragraph ; i . e . , twenty ( 20 % ) percent of the cost of each phase , <br /> improvement, or portion thereof, shall be retained in the escrow account until the <br /> final reduction , which shall occur only after issuance of a Certificate of Completion in <br /> accordance with the County's Subdivision and Platting Ordinance . <br /> t <br /> F :li1tomey\rAncy\D0C5\FLAMcash deposit for K broolTteld at thl a.doc <br />