Laserfiche WebLink
Arbor Trace - Phase II - P.D. <br />CASH DEPOSIT AND ESCROW AGREEM <br />THIS AGREEMENT is entered into this 24tl <br />March 2005, by and between Arbor Trace Developm, <br />Florida corporation (Developer), and INDIAN RIVER COUNTY, <br />subdivision of the State of Florida (County): <br />WITNESSETH; <br />WHEREAS, Developer has effected a subdivision of c <br />within Indian River County and is required to provide surety supporting <br />the County for the construction of certain required sidewalk imprc <br />buffers related thereto; <br />NOW, THEREFORE, in consideration of the agreeme <br />and covenants set forth herein, and other good and valuable cons <br />parties hereto agree as follows: <br />1. The Developer has tendered to the County Office of M <br />and Budget (Escrow Agent) the sum of Thirty -Two Thousand Eigh <br />Forty -Seven and 80/100 Dollars, U.S. ($32,847.80), the receipt wherec <br />acknowledged, which sum shall be held in escrow by said Office, sut <br />terms, conditions and covenants of this escrow agreement as assn <br />Developer shall perform in all respects the obligations set forth in the C <br />Construction of Required Sidewalk Improvements (as modified) and the C <br />Construction of Required Improvements (as modified), which agree <br />incorporated herein by reference (Contracts). <br />2. Upon completion of any distinct or separable <br />improvement, or independent portion thereof, the Developer may <br />disbursement from the escrow account by making a written request to the <br />County Commissioners of Indian- River County through the County's Put <br />Director. The request shall specify the amount of disbursement desired ar <br />accompanied by a sealed certificate from Developer's engineer describinc <br />completed, the actual cost thereof, the estimated cost of all remaining wor <br />secured by the escrow account, and that the work for which disbun <br />requested has been completed in accordance with the most recent set of <br />specifications approved and on file with the County. <br />3. The amount of any given disbursement shall not exc <br />(80%) percent of the total cost of improvements certified as being compl( <br />the preceding paragraph; i.e., twenty (20%) percent of the cost of ea <br />improvement, or portion thereof, shall be retained in the escrow account ur <br />I <br />FAAttorney\Nancy\DOCS\PLAN\cash deposit for side & buffer arbor trace ii.doc <br />NT <br />day of <br />it, Inc., a <br />a political <br />n property <br />tracts with <br />lents and <br />promises, <br />tions, the <br />Hundred <br />is hereby <br />ect to the <br />ance that <br />)ntract for <br />:)ntract for <br />lents are <br />phase or <br />obtain a <br />Board of <br />flic Works <br />id shall be <br />1 the work <br />k which is <br />%ement is <br />plans and <br />1 eighty <br />d under <br />phase, <br />the <br />