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warranty road and drainage <br /> CASH DEPOSIT AND ESCROW AGREEMENT <br /> 1^r\ <br /> THIS AGREEMENT is entered into this � day of `� X2006 , <br /> by and between SEBASTIAN RIVER MEDICAL CENTER ( r), and <br /> INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): <br /> WITNESSETH : <br /> WHEREAS , Developer has constructed certain roadway improvements <br /> within Indian River County and is required to provide security supporting <br /> Warranty and Guaranty Agreement and Bill of Sale for Required Improvements <br /> (Contract No . 2005120303-52248W&G ) with the County for the warranty and <br /> guaranty of certain required improvements related thereto , namely: <br /> See Exhibit "A" attached hereto <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 Sixteen Thousand Four Hundred <br /> Thirty-One and 41 /100 Dollars ($ 16,431 .41 ) , 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, which agreement is incorporated herein by reference . <br /> 2 . At the expiration of the 3-year warranty and guaranty period , the <br /> Developer may request a disbursement from the escrow account by making a <br /> written request to the County's Public Works Director. The request shall specify <br /> the amount of disbursement, and shall be accompanied by certified inspection <br /> reports under seal from developer' s engineer that the work for which <br /> disbursement is requested remains in satisfactory condition in accordance with <br /> the most recent set of plans and specifications approved and on file with the <br /> County. <br /> 3 . At the end of the three (3 ) year period (6/21 /09) , the public works <br /> director may release the security under the terms of the warranty and guaranty <br /> agreement, upon a determination from the county engineer that required road <br /> and drainage meet applicable county performance standards . <br /> 1 <br /> F:VAttomeyWancy\DOCS\PLAN\136th Place cash escrow.doc <br />