7/15/2016 9:44:41 AM
9/30/2015 8:37:33 PM
Official Document Type
Agenda Item Number
Mizner Grande at Vero Beach II
Mizner Grande at Vero Beach III
Construction of Required Improvements Cash deposit & Escrow
Replat of Eagle Trace Subdivision
Replat of Eagle Trace Subdivision
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4 . Notwithstanding the above disbursement limits , at no time shall the <br /> escrow account balance be reduced below an amount equal to one hundred fifteen <br /> ( 115 % ) percent of the most recent approved cost estimate of the remaining required <br /> improvements . <br /> 5 . Within seven ( 7 ) working days after receipt of a disbursement <br /> request , the Public Works Director shall cause an inspection of the work for which <br /> payment is sought . If the Public Works Director is satisfied in all respects with the <br /> work , the accompanying cost estimates and certifications , the Public Works Director <br /> shall notify in writing the County Office of Management and Budget . The Office of <br /> Management and Budget shall make the disbursement as approved by the Public <br /> Works Director directly to Developer . <br /> 6 . Upon default by developer under the Contract , the County may <br /> elect to pursue any of the remedies made available therein . All funds remaining in <br /> the escrow account at the time default is declared by the County shall be available <br /> for use by the County in accordance with the Contract . Said funds shall be <br /> disbursed to the County upon receipt by the Office of Management and Budget of a <br /> certified copy of a resolution of the Board of County Commissioners stating that <br /> Developer has defaulted under the Contract and that said funds are necessary to <br /> complete the required improvements . All funds disbursed to County in excess of the <br /> final amount determined necessary by the County to complete the required <br /> improvements shall be returned to Developer , its legal representatives , successors <br /> or assigns . <br /> 7 . Any interest earned during the term of escrow, less administrative <br /> expenses , shall be disbursed to Developers at close of escrow. <br /> 8 . 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, subcontractor , <br /> laborer , materialman , architect , engineer, attorney or other party providing labor, <br /> material , supplies , or services for construction of the required improvements , or to <br /> benefit any lot purchase , while such funds remain subject to this escrow agreement , <br /> unless 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 subdivision improvements . <br /> 9 . This Agreement , together with the attached Contract , is the full <br /> and 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 hereof or hereto shall be in writing , and executed by authorized <br /> representatives of each party . <br /> 2 <br /> F :\Attorney\Nancy\DOCS\PLAN\cash deposit for K replat of eagle trace i .doc <br />
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