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Diamond Lake Subdivision , Phase Three U/( to z f " 1 CASH DEPOSIT AND ESCROW AGREEMENT per - yam THIS AGREEMENT is entered into this 15th day of Fphrnaru , 2005 , by and between SUNLAND DEVELOPMENT, INC . , a Florida corporation ( Developer) , and INDIAN RIVER COUNTY , a political subdivision of the State of Florida ( County) : WITNESSETH ; WHEREAS , Developer is effecting a subdivision of certain property within Indian River County and is required to provide surety supporting a contract with the County for the construction of certain required improvements related thereto ; 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 Thirty-Four Thousand Eight Hundred Seventy-One and 21 / 100 Dollars ($34 , 871 .21 ) , 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 , which agreement is attached hereto and incorporated herein by reference (Contract) . 2 . Upon completion of any distinct or separable phase or improvement , or independent portion thereof, 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 disbursement desired and shall be accompanied by a sealed certificate from Developer' s engineer describing the work completed , the actual cost thereof, the estimated cost of all remaining work which is secured by the escrow account , and that the work for which disbursement is requested has been completed in accordance with the most recent set of plans and specifications approved and on file with the County . 3 . The amount of any given disbursement shall not exceed eighty ( 80 % ) percent of the total cost of improvements certified as being completed under the preceding paragraph ; i . e . , twenty (20 % ) percent of the cost of each phase , improvement , or portion thereof, shall be retained in the escrow account until the final reduction , which shall occur only after issuance of a Certificate of Completion in accordance with the County's Subdivision and Platting Ordinance . F:\Attomey\Nancy\DOCS\PLAN\cash deposit for K diamond lake iii.doc