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4 . At the end of the three (3 ) year - period , the public works director may release the security under the terms of the warranty and maintenance agreement , upon a determination from the county engineer that required road and drainage meet applicable county performance standards . 5 . Upon defect in the improvements guaranteed under the agreement , the County may elect to pursue any of the remedies made available therein . All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the agreement . Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a letter from the County Administrator or designee to use the funds held pursuant to Section 913 . 10 of the Indian River County Code stating that Developer has defaulted under the agreement and that said funds are necessary to repair the improvements . All funds disbursed to County in excess of the final amount determined necessary by the County to repair the improvements shall be returned to Developer, its legal representatives , successors or assigns , at the end of the guaranty period . 6 . Any interest earned during the term of escrow , less administrative expenses , shall be disbursed to Developer at close of escrow . 7 . The funds deposited hereunder exist solely for the protection , use and benefit of the County and shall not be construed or intended in any way , expressly or impliedly , to benefit or secure payment to any contractor, subcontractor, laborer, materialman , architect , engineer, attorney or other party providing labor, material , supplies , or services for construction of the required improvements , or to benefit any lot purchaser, while such funds remain subject to this escrow agreement . The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required subdivision improvements . 8 . This Agreement , together with the agreement referenced herein , is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement , discussion , or understanding , except as specifically mentioned herein . This Agreement shall not be assigned without the express written approval of the County . Any amendment , deletion , modification , extension , or revision hereof or hereto shall be in writing , and executed by authorized representatives of each party. IN WITNESS WHEREOF , the parties hereto have set their hands and seals the day and year first above written . Signed i the pre sen of: r ' sign : 7 print na e */. Randall S . Flinchum sign : print name : 2 F :\Attorney\Nancy\DOCS\PLAN\cash deposit for banana hammock warranty.doc