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9/30/2015 7:46:39 PM
Official Document Type
Agenda Item Number
The Suntree Partners
Cash Deposit and Escrow Agreement
Citrus Springs Village "C"
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�3 <br /> 7 <br /> Certificate of Completion <br /> Citrus Springs Village "C" (Phase 1 ) C <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> THIS AGREEMENT is entered into this 8th day of _ February , <br /> 2005 , by and between The Suntree Partners , a Florida general partnership <br /> ( Developer) , and INDIAN RIVER COUNTY, a political subdivision of the State of <br /> 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 contract with the County for <br /> the construction of certain required sidewalk improvements 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 Two Thousand Nine Hundred Sixty= <br /> Two and 401100 Dollars ($29962 .40) , the receipt whereof is hereby <br /> acknowledged , which sum shall be held in escrow by said Office , subject to the <br /> terms , conditions and covenants of this escrow agreement as assurance that <br /> Developer shall perform in all respects the obligations set forth in the <br /> aforementioned Contract for Construction of Required Sidewalk Improvements <br /> No . PD-01 -02-0&CFCSIDE-C1 (99100114-27447) , as modified , which <br /> agreement is 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 for sidewalks in accordance with the Indian River County Code . <br /> 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 /> 1 <br />
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