HomeMy WebLinkAbout2003-187A. Jun 05 03 12 : 55p Indian River County 772 - 770 - 5095
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Lindsey Lanes Subdivision — Phase 11
NO . SD-98 -06-06 (98010101 -34528) FORMS (cash) LEGAL(WGC/nhm
for use with Contract for
Construction
of Required Improvements
CASH DEPOSIT AND ESCROW AGREEMENT
THIS AGREEMENT is entered into this 5th day of
20031 by and between GHO VERO BEACH V, INC. ~-
(Developer) , and INDIAN RIVER COUNTY , a Florida corporation
Florida (County) : . apolitical subdivision of the State of
WITNESSETH ;
WHEREAS , Developer is effecting a subdivision of certain property
within Indian River County and is required to provide surety supporting a contract
With the County for the construction of ents rel
certain required improvemated
thereto ;
NOW , THEREFORE , in consideration of the agreements , promises ,
and covenants set forth herein , and other good and valuable considerations , the
parties hereto agree as follows :
1 . The Developer has tendered to the County Office of Management
and Budget ( Escrow
- , Y, �c. d i Agent) the sum of
LV
the receipt whereof is hereby acknowledged, which sum Dollars
be held in escrow by said Office, subject to the terms , conditions and covenant hof
this escrow agreement as assurance that Developer shall perform in all respects the
obligations set forth in the aforementioned Contract for Construction of Re u '
Improvements, which agreement is attached hereto and incorporated hereinrrbd
reference (Contract) . y
2 • Upon completion of any distinct or separable phase or
improvement, or independent portion thereof, the Developer may obtain a
disbursement from the escrow account by making a written request to the Board of
County Commissioners of Indian River County through the County's Public Works
Director. The request shall specify the amount of disbursement desired and shall be
accompanied by a sealed certificate from Developer's engineer describing the work
completed , the actual cost thereof, the estimated cost of all remaining work which is
secured by the escrow account , and that the work for which disbursement is
requested has been completed in accordance with the most recent set of plans and
specifications approved and on file with the County.
3 . The amount of any given disbursement shall not exceed eighty
(80%) percent of the. total cost of improvements certified as being completed under
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the preceding paragraph ; i . e .
, twenty (20 % ) percent of the cost of each
improvement, or portion thereof, shall be retained in the escrow acro Phase,
final reduction , which shall occur only after issuance of a Certificate of Com
accordance with the County's Subdivision and PlattingOrdinance .
account until the
Completion in
once .
4 . Notwithstanding the above disbursement limits , at no time shall the
( 115 %) percent of the most recent approved
account balance be reduced below an amount equal to one hundred fifte
pproved cost estimate of the remaining en
g required
5 . 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 th
work, the accompanying cost estimates and certifications , the Public Works Di
shall notify in writing the Countye
Management and Budget shall ake the disbursement as
ement dapprove The OfPubli f
Works Director directly to Developer. approved by the Public
s • Upon default by developer under the Contract, the County
elect to pursue any of the remedies made available therein . All funds remains may
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 mll in
disbursed to the County upon receipt by the Office of Management and Budget of a
certified copy of a resolution of the Board of Count funds shall be
Developer has defaulted under the Contract and that said funds are necessary
to
complete the required improvements . All fu y Commissioners stating that
final amount determined necessaryby the funds disbursed to County in excess ohe
to
improvements shall be returned to Developer, its �egaY represencomplet esths required
or assigns, successors
r
7. Any interest earned during the term of escrow, less admi
expenses, shall be disbursed to Developers at close of escrow, nistrative
8 . The funds deposited hereunder exist solely for the protection use
and benefit of the County and shall not be construed or intended in any wa
expressly or impliedly, to benefit or secure payment to any contractor, subcontractor,y�
laborer, materialman , architect, engineer, attorney or other art
material , supplies , or services for construction of the required improvements or
benefit any lot purchase, while such funds remain sub ' s Party providing labor,
unless and until the County shall agree otherwise in writing , to
subject to this escrow agreement,
liable to any of the aforementioned parties for claims against the Developer
contractor relating to the required subdivision ' g ' The County shall not be
improvements . or
9 . 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
specifically mentioned herein . This Agreement shall not be assigned without the
express written approval of the County. Any amendment , deletion , modification ,
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Jun 05 03 12 : 56p Indian River County 772 - 770 - 5095
P . 8
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 date of this agreement shall be the d to of approval b the B
County Commissioners , as first stated above, y oard of
GHO VERO CH V, INC. , a Florida
corporation
By.
Will ' er r t
Of,> is�e of Management nd
Date : Budget
7 ���1 (�� �
Jason E . Brown , udget Manager
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
By *
nn th R. Macht, Chairman
Atet
t _.,leffrey K. Barto le BCC approved : 08 /05Z2003
BY, ,
Deputy Clerk
APPROVED AS TO FORM
AND LN& 4FIGIENCY
Iwox
o
WILLIAM Go OOLUIN$ p
COYNTY ATTORNEY
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