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2006-399C
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2006-399C
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Last modified
9/1/2016 3:41:27 PM
Creation date
9/30/2015 10:18:54 PM
Metadata
Fields
Template:
Official Documents
Official Document Type
Cash Deposit and Escrow Agreement
Approved Date
11/15/2006
Control Number
2006-399C
Agenda Item Number
Administrators signature
Entity Name
IRC Development, LLC
Subject
Sidewalk improvements-The Lakes at Sandridge Phase I
Supplemental fields
SmeadsoftID
5962
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4 . Within seven (7) working days after receipt of a disbursement <br /> request, the Public Works Director shall cause an inspection of the 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 certifications , the Public <br /> Works Director shall deliver a written notice to disburse to the County Office of <br /> Management and Budget. Upon receipt of the notice to disburse, the 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 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 /> 6 . Any interest earned during the term of escrow, less administrative <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, 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 /> 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. 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 /> 2 <br /> F:Wdtomey\Nancy\DOCS\PLANUakes at sandridge ph i side cash dep.doc <br />
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