|
IRuc 15 05 08 : OOa Indian River County 772 - 770 - 50i� 5 p . 34
<br /> Completion in accordance with the Indian River County Code ,
<br /> 4 . Within seven (7 ) working days after receipt of a isbursement
<br /> request , the Public Works Director shall cause an inspection ofhe 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 certification the Public
<br /> Works Director shall 'deliver` a `writferi "notice to disburse to the Cou Ity Office of
<br /> Management and Budget . Upon receipt of the notice to disburse , he Office of
<br /> Management and Budget shall make the disbursement described therein directly
<br /> to Developer .
<br /> 5 , Upon default by Developer under the Contract , the ounty may
<br /> elect to pursue any of the remedies made available therein , All func s remaining
<br /> in the escrow account at the time default is declared by the Cou ity 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 certified copy of a resolution of the Board of County Commissioners
<br /> stating that Developer has defaulte 4 underthe ; C,ontract and; that said funds are
<br /> necessary. .. . to complete ,the . required , improvements . . Al .funds disbursed to
<br /> County , in excess of the final amount determined necessary by the County to
<br /> complete the 'required improvements shall be returned to Develop its legal
<br /> representatives , successors or assigns .
<br /> 6 . Any interest earned during the term of escrow, less agministrative
<br /> expenses , shall be disbursed to Developers at close of escrow ,
<br /> 7 , 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, hi 'aterialman , architect , enganeer , attorney or other party
<br /> providing ,labor, material; supplies , or services for construction of the required
<br /> improvements , while suchunds , remain subject to,' this 'escrow' agreerr ent , 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 /> 8 . 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 Ar%y amendne'nt , deletion , modification ,
<br /> extension , or : revision hereon ' .or hereto, shat) be in .writing , and executed by
<br /> authorized representatives of each pa ty
<br /> IN WITNESS WHEREOF , the parties . hereto have set their hands and
<br /> 1 .
<br /> seals . The date of this agreement shali be the date of approval by the Board of
<br /> 2
<br /> F :\AttorneylNancy\DOCS\PLAN\brookfield at trillium b cash dep for side.doc
<br />
|