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CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this day of Ar 2004 , by and between Chase Meadows , L . L . C . , a Florida limited liability company ( Developer) , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida ( County) : WITNESSETH ; WHEREAS , Developer has effected a subdivision of certain property within Indian River County known as Chase Meadows Subdivision and was required to provide surety supporting a Contract for Construction of Required Improvements No . SD-00-06 -07- CFC (93050013-26511 ) with the County for the construction of certain required improvements related thereto ; WHEREAS , Developer completed the required improvements with the exception of internal sidewalks and the Contract was modified on April 2 , 2002 to extend the completion date to May 14 , 2003 and reduce the security in place ; and WHEREAS , on August 5 , 2003 the Contract was modified by Second Modification , to extend the completion date for the internal sidewalks to May 14 , 2004 , and the security in place was amended to extend the expiration date ; and WHEREAS , all internal sidewalks have been constructed with the exception of a segment across Lot 42 , and Developer wishes to substitute security currently in place with cash for the remaining sidewalk segment and extend the completion date to May 14 , 2005 . NOW , THEREFORE , in consideration of the agreements , promises , and covenants set forth herein , and other good and valuable considerations , the parties hereto agree as follows : 1 . The Developer has tendered to the County Office of Management and Budget ( Escrow Agent) the sum of Six Hundred Eighty-Seven and 701100 Dollars , U . S . ( $ 687 . 70 ) 7 the receipt whereof is hereby acknowledged , which sum shall be held in escrow by said Office , subject to the terms , conditions and covenants of this escrow agreement as assurance that Developer shall perform in all respects the obligations set forth in the aforementioned Contract for Construction of Required Improvements as modified , which agreement and modifications are attached hereto and incorporated herein by reference ( Contract) . 2 . Upon completion of the sidewalk segment across Lot 42 , the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of I FAAttomey\Nancy\DOCS\PLAN\cash deposit for K chase meadows. doc