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