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4 , Notwithstanding the above disbursement limits, <br /> at no time shall the <br /> reduce <br /> below an amount equal to one hundred •flfteen <br /> escrow account balance be redpercent of the most recent approved cost estimate of the remaining cequlred <br /> (115%) <br /> improvements. <br /> 5 , Within seven (7) working days alto receipt f the wok ur which ; <br /> requement <br /> est, the Public Works Director shall cause an inspection <br /> paymin all respects With the <br /> ent is sought . If the Public Works Director <br /> is sa I s,i the Public Works Director <br /> work, the accompanying cost estimates and cert <br /> shall notify in writing the County office of Managementdisbursement as pproIFILdg�ed by the Public <br /> Management and Budget shall make the dish <br /> Works Director directly to Developer. <br /> g, Upon default by developer <br /> avaUab avthe ailable therein . Ail funds rthe emuair�iing �n <br /> elect to pursue any of the remedies <br /> the escrow account at the time default is declared by the t. Said <br /> idhflnds shall ble <br /> for use by the County in accordance with the Contract. <br /> disbursed to the County upon receipt by the Office of Management and Budget of a <br /> certified copy of a resolution of the Board of County Commissioners slating that <br /> Developer has defaulted under the Contract and that Saito andsCouna e n e9 of to <br /> complete the required improvements . 11 <br /> funds disbursed <br /> da complete the required <br /> final amount determined necessary Y <br /> improvements shalt be returned to Developer, its legal representatives , successors <br /> or assigns. ; <br /> 7 , Any interest earned during the term of escrow, less administrative <br /> expenses , shall be disbursed to Developers at close of escrow. <br /> 8 , 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, oub�ntr acipri , <br /> laborer, materiaiman , architect, engineer, attorney e reor quired i pro emen s , or to <br /> material, supplles , or services for construction of e4 <br /> benefit any lot purchase, while such funds <br /> o hErwisenin writing . The Cothis unty shalagreements <br /> not btQ <br /> unless and until the County shall agree <br /> arties for claims against the Developer or <br /> liable to any of the aforementioned p <br /> contractor relating to the required subdivision improvements . <br /> g , This Agreement, together with the attached Contract, is the Fula <br /> and complete understanding of the parties and shall not be d understanding ,g, aexcept od as <br /> reference to any prior agreement, discussion , without the <br /> specifically mentioned herein . This uAgreeAn ntamertlnot dmentedeletion�modif cation , <br /> express written approval of the Co Y y and executed by authorized <br /> extension , or revision hereof or hereto shall be In writing , a ; <br /> representatives of each party. <br /> 2 <br /> F:LUtomey\j=Cy�C5'��h deposit for sida K cownImmies Al bift' m.doa <br />