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e — I ru-0uUD l disbursement, the Office of Management and Budget shall make the disbursement described therein directly to Developer, at the address specified in the request for disbursement. 4. Upon defect in the improvements warranteed under the Bill of Sale, the county may utilize all funds remaining in the escrow account at the time default is declared by the County. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a written statement from the Utilities Director that Developer has defaulted under the Bill of Sale and that said funds are necessary to repair the improvements. All funds disbursed to County in excess of the final amount determined necessary by the County to repair the Improvements shall be returned to Developer, its legal representatives, successors or assigns, at the end of the guaranty period. 5. Any interest earned during the term of escrow shall be disbursed to Developer at close of escrow less administrative expenses. 6. The funds deposited hereunder exist solely for the protection, use and benefit of the County and shall not be construed or intended in any way, expressly or impliedly, to benefit or secure payment to any contractor, subcontractor, laborer, materialman, architect, engineer, attomey or other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any lot purchaser, while such funds remain subject to this escrow agreement. The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required improvements. 7. This Agreement, together with the Bill of Sale referenced herein, is the full and complete understanding of the parties and shall not be construed or amplified by reference to any prior agreement, discussion, or understanding, except as specifically mentioned herein. This Agreement shall not be assigned without the express written approval of the County. Any amendment, deletion, modification, extension, or revision hereof or hereto shall be in writing, and executed by authorized representatives of each party. IN WITNESS WHEREOF, the parties hereto have set their hands and seals. The effective date of this Agreement shall be the date of approval by the Board of County Commissioners, KENWOOD DEVELOPMENT CORPORATION 1 By: Mark A. Brackett, President DEVELOPER Date: l I �( 2