HomeMy WebLinkAbout2004-042B -75
i Pelican Bay Estates
for use with Contract for a eo 6 00
Construction of Required Improvements
CASH DEPOSIT AND ESCROW AGREEMENT
THIS AGREEMENT is entered into this 9th day of
March , 2004 , by and between Pelican Bay, LLC , an Illinois limited
liability company qualified to do business in the State of Florida ( Developer) ,
and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County) :
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 certain required improvements related
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 Agent) the sum of Twenty- Four Thousand Two Hundred
Eight and 08/ 100 Dollars ( $24 , 208 . 08 ) , the receipt whereof is hereby
acknowledged , which sum shall be held in escrow by said Office , subject to the
terms , conditions and covenants of this escrow agreement as assurance that
Developer shall perform in all respects the obligations set forth in the
aforementioned Contract for Construction of Required Improvements , which
agreement is attached hereto and incorporated herein by reference (Contract) .
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
the preceding paragraph ; i . e . , twenty (20 % ) percent of the cost of each phase ,
improvement , or portion thereof, shall be retained in the escrow account until the
final reduction , which shall occur only after issuance of a Certificate of Completion in
accordance with the County's Subdivision and Platting Ordinance .
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4 . Notwithstanding the above disbursement limits , at no time shall the
escrow account balance be reduced below an amount equal to one hundred fifteen
( 115 % ) percent of the most recent approved cost estimate of the remaining required
improvements .
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 the
work , the accompanying cost estimates and certifications , the Public Works Director
shall notify in writing the County Office of Management and Budget . The Office of
Management and Budget shall make the disbursement as approved by the Public
Works Director directly to Developer.
6 . Upon default by 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
certified copy of a resolution of the Board of County Commissioners stating that
Developer has defaulted under the Contract and that said funds are necessary to
complete the required improvements . All funds disbursed to County in excess of the
final amount determined necessary by the County to complete the required
improvements shall be returned to Developer, its legal representatives , successors
or assigns .
7 . Any interest earned during the term of escrow, less administrative
expenses , shall be disbursed to Developers at close of escrow.
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 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 , or to
benefit any lot purchase , 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
contractor relating to the required subdivision improvements .
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 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.
2
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E
IN WITNESS WHEREOF , the parties hereto have set their hands and
seals . The date of this agreement shall be the date of approval by the Board of
County Commissioners , as first stated above .
PELICAN BAY, LLC
DEVELOPER
RodrIck L . Schmidt Manager
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY , FLORIDA
By:
x
Caroline D . Ginn , Cha man
Attest : Jeffrey K . Barton , Clerk BCC approved : 03 - 09 - 2004
By: j 0716,
Deputy Clerk
Officeranl ement dget
By:
Jason t7ro n , Budget Manager
Approved as to form and legal
sufficiency :
By:
William G . Collins IIJ
County Attorney
3
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i
- _ �3-9851860
DeNiro &. Company, LLCNORTWJM TRUST RANK
.
5099 Nath Highway AIA, Suite 5 OF FLOR1Nk. N A 10,49
Vero Beach, Florida, , 32963 . ;
Check Number. 1049 DATE
Feb 12, 2004
Memo; Pelican Bay Estates - Bond
AMOUNT
22252.50
PAY Twenty-Two Thousand .Two Hundred Fifty-Two and 50/100 Dollars
TO THE
ORDER
Indian River County:
OFF:::
Vero; Beach , FL
USA
D pBcate .
fin 00 , 10 (� 90 1 ' 066.009, 6 0 � 20, 29 .2- ? AUTHOAIZEDSIGNATUxE
NP
Northern Trust Bank Of ,Florida , N;A. z $ 9
JCD REAL ESTATE , INC . .
828 EAST ATLANTIC AVENUE
DELRAY BEACH, FL. 33483` 63-965/660
"AY r
10 THE
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ORDER OF gJ 1 4
DOLLARS l� a
AL ""ORVM SIGNATURE Ir `
11800 L89611' 11000660096501 : 5310004 19 4118