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The Lakes at Sandridge Phase I <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this tf day of - <br /> 2006 , by and between IRC Development, L.L.C . , a Florida limited liability <br /> company ( Developer) , and INDIAN RIVER COUNTY, a political subdivision of <br /> the State of Florida (COUNTY): <br /> WITNESSETH : <br /> WHEREAS , Developer is effecting development of land within Indian River <br /> County and is required to provide surety supporting a modification to a contract <br /> with the County for the construction of certain required sidewalk improvements <br /> related thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , and <br /> 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 Twenty-Seven Thousand Seven <br /> Hundred Ninety-Five and Noll 00 Dollars ($27,795:00) , the receipt whereof is <br /> hereby acknowledged , which sum shall be held in escrow by said Office , subject <br /> to the terms , conditions and covenants of this escrow agreement as assurance <br /> that Developer shall perform in all respects the obligations set forth in the <br /> aforementioned Contract for Construction of Required Sidewalk Improvements , <br /> as modified , which agreement and modification (s) are attached hereto and <br /> incorporated herein by reference (Contract) . <br /> 2 . Upon completion , the Developer may obtain a disbursement from <br /> the escrow account by making a written request to the Board of County <br /> Commissioners of Indian River County through the County's Public Works <br /> Director. The request shall specify the amount of disbursement desired and shall <br /> be accompanied by a sealed certificate from Developer's engineer describing the <br /> work completed , the actual cost thereof, and that the work for which <br /> disbursement is requested has been completed in accordance with County <br /> policies for sidewalk construction as those policies relate to location , method , and <br /> type of construction . <br /> 3 . Disbursement shall occur only after issuance of a Certificate of <br /> Completion in accordance with the Indian River County Code . <br /> 1 <br /> F:1Attorney\Nancy\DOCSIPLAN%Iakes at sandridge ph 1 side cash dep.doc <br />