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Y ,I 3 , Within seven (7 ) working days after receipt of a disbursement request , the Public Works Director shall cause an inspection of the work for which payment is sought . If the Public Works Director is satisfied in all respects with the work , the accompanying cost estimates and certifications , the Public Works Director shall deliver a written notice to disburse to the County Office of Management and Budget . Upon receipt of the notice to disburse , the Office of Management and Budget shall make the disbursement described therein directly to Successor Developer . 4 . Upon default by Successor Developer under the Contract , the County may elect to pursue any of the remedies made available therein . All funds remaining in the escrow account at the time default is declared by the County shall be available for use by the County in accordance with the Contract . Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a memorandum from the County Public Works Director or County Engineer stating that Successor Developer has defaulted under the Contract and that said funds arees ary to complete s of the final required t improvements . All funds disbursed to County determined necessary by the County to complete the required improvements shall be returned to Successor Developer , its legal representatives , successors or assigns . 6 . Any interest earned during the term of escrcw , less administrative expenses , shall be disbursed to Successor Developer at close of escrow . 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 , attorney or other party providing labor , material , supplies , or services for construction of the required improvements , while such funds remain subject to this escrow agreement , unless and until the County shall agree otherwise in writing . The County shall not be liable to any of the aforementioned parties for claims against the Developer or Successor Developer or contractor relating to the required improvements . 7 . This Agreement , together with the attached Contract , 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 hereon or hereto shall be in writing , and executed by authorized representatives of each party . 2 F :\Attorney\Nancy\DOCS\PLAN\sidewalk cash deposit & escrow verona trace .doc