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4 . Within seven ( 7 ) working days after receipt of a disbursement <br /> request , the Public Works Director shall cause an inspection of the work for <br /> which payment is sought . If the Public Works Director is satisfied in all respects <br /> with the work , the accompanying cost estimates and certifications , the Public <br /> Works Director shall deliver a written notice to disburse to the County Office of <br /> Management and Budget . Upon receipt of the notice to disburse , the Office of <br /> Management and Budget shall make the disbursement described therein directly <br /> to Developer. <br /> 5 . Upon default by Developer under the Contract , the County may <br /> elect to pursue any of the remedies made available therein . All funds remaining <br /> in the escrow account at the time default is declared by the County shall be <br /> available for use by the County in accordance with the Contract . Said funds shall <br /> be disbursed to the County upon receipt by the Office of Management and <br /> Budget of a certified copy of a resolution of the Board of County Commissioners <br /> stating that Developer has defaulted under the Contract and that said funds are <br /> necessary to complete the required improvements . All funds disbursed to <br /> County in excess of the final amount determined necessary by the County to <br /> complete the required improvements shall be returned to Developer, its legal <br /> representatives , successors or assigns . <br /> 6 . Any interest earned during the term of escrow , less administrative <br /> expenses , shall be disbursed to Developer at close of escrow . <br /> 7 . The funds deposited hereunder exist solely for the protection , use <br /> and benefit of the County and shall not be construed or intended in any way , <br /> expressly or impliedly , to benefit or secure payment to any contractor, <br /> subcontractor, laborer, materialman , architect , engineer, attorney or other party <br /> providing labor, material , supplies , or services for construction of the required <br /> improvements , while such funds remain subject to this escrow agreement , unless <br /> and until the County shall agree otherwise in writing . The County shall not be <br /> liable to any of the aforementioned parties for claims against the Developer or <br /> contractor relating to the required improvements . <br /> 8 . This Agreement , together with the attached Contract , is the full and <br /> complete understanding of the parties and shall not be construed or amplified by <br /> reference to any prior agreement , discussion , or understanding , except as <br /> specifically mentioned herein . This Agreement shall not be assigned without the <br /> express written approval of the County . Any amendment , deletion , modification , <br /> extension , or revision hereon or hereto shall be in writing , and executed by <br /> authorized representatives of each party . <br /> 2 <br /> F :\Attorney\Nancy\DOCS\PIAN\side k cash deposit cert complet abington woods .doc <br />