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t oS 3 <br /> � G . <br /> CZ) <br /> Verona Trace Subdivision and The Villas at Verona Trace <br /> 1.kje .. ' y <br /> CASH DE AND ESCROW AGREEME <br /> THIS AGREEMENT is entered into this 23rd day of pprpn )pr <br /> 2008 , by and between MS Rialto Verona Trace FL , LLC , a Delaware limited <br /> liability company ( Successor Developer) , and INDIAN RIVER COUNTY, a <br /> Political subdivision of the State of Florida ( COUNTY) : <br /> WITNESSETH : <br /> WHEREAS , Successor Developer has assumed all the obligations of <br /> Verona Trace Subdivision and The Villas at Verona Trace , and Is required to <br /> provide substitute surety supporting Contract for Construction of Required <br /> Sidewalk Improvements No . SD - 04 -09 -39 - CFCSIDE ( 2003070038 - 46952 ) , as <br /> modified and assigned , with the County for the construction of certain required <br /> sidewalk improvements related thereto ; <br /> NOW , THEREFORE , in consideration of the agreements , promises , and <br /> covenants set forth herein , and other good and valuable considerations , the <br /> parties hereto agree as follows : <br /> 1 The Succt;ssor Developer has tendered to the C01 ' r-4 Of-(ice of <br /> Management and Budget ( Escrow Agent ) the sum of Three Hundred Eighty- <br /> Three Thousand Nine Hundred Six and 251100 Dollars ( $ 383 , 906 . 25 ) , the receipt <br /> whereof is hereby acknowledged , which sum shall be held in escrow by said <br /> Office , subject to the terms , conditions and covenants of' this escrow agreement <br /> as assurance that Successor Developer shall perform in all respects the <br /> obligations set forth in the aforementioned Contract for Construction of Required <br /> Sidewalk Improvements , as modified and assigned , which agreement and <br /> modification (s ) are attached hereto and incorporated herein by reference <br /> ( Contract) . <br /> 2 . Upon completion , the Successor Developer may obtain a <br /> disbursement from the escrow account by making a written request to the Board <br /> of County Commissioners of Indian River County through the County' s Public <br /> Works Director . The request shall specify the amount of disbursement desired <br /> and shall be accompanied by a sealed certificate from Successor Developer's <br /> engineer describing the work completed , the actual cost thereof, and that the <br /> work for which disbursement is requested has been completed in accordance <br /> with County policies for sidewalk construction as those policies relate to location , <br /> method , and type of construction . <br /> 1 <br /> F:1Attorney\Nancy\DOCSIPLANIsidewalk cash deposit & escrow verona trace. doc <br />