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HomeMy WebLinkAbout2003-241 t Sep 04 03 04 : 49p Indian River County 772 - 770 - 5095 p . 2 FORMS (cash )LEGAL(WGC/nhm ) CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT Is entered into this day of , 2003, by and between SDG KINGS , INC . , a Florida carp ration (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 Eighty-Eight Thousand Three Hundred Sixty-One and 12/100 Dollars , U .S , ($88 ,361 . 12) , the receipt whereof is hereby acknowledged , which gum shall be held in escrow by said Office , subject to the terms , conditions and covenants of 0 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 pians 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 . i FAattorney4naneyOOMPLAMush deposit for K for con oaks of vero.doe Sep 04 03 04 : 49p Indian River County 772 - 770 - 5095 p . 3 i 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. z F:lattomeylnancylD0CSTLANlcash deposit for K for con oaks of vcro.doc Sep 04 03 04 : 5Op Indian River Counts 772 - 770 - 5095 p , 4 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 . SDG KINGS , INC . , a F corporation Devel By: Brett Soverel , Pr4skhrni BOARD OF COUNTY COMMISSIONERS OF INDIAN IVER COUNTY, FLORIDA By. nneth R. Maclht, Chairman BCC Approved : September 16 , 2003 Attest: An % & / ipe- 'Jeffrey K. Barton , Clerk Approv a Budget M e By: Jason . B n , BudgeTManager Office Ma gement and Budget JAPPROWD AS " P61010 AND LVAAL S"oiENctr 3 FAattomeylnancy\DOCS\PLANlcash deposit for K for con oaks of vero.doc