HomeMy WebLinkAbout1999-150GASH D'EP'OSIT AND ESCROW AGREEMENT
THIS AO REENIENT is entered into this e2-6 day of + -1999,
by and between RIVERSIDE NATIONAL. BANK OF FLORIDA {Deva)bper), and
INDIAN RIVER COUNTY, a political subdivision of they State of Florida
(County):
WITNESSETH:
WHEREAS, Developer is effecting a development of certain property
within Indian River County and is required to provide surety supporting a Bill of
Sale of Utility Facilities within an easement for the maintenance of certain
required improvements related 'thereto, namely:
Sanitary sewer and water fines set out in the attached
Bill of Sale.
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 Four Thousand One Hundred Eighteen.
and No/100 Dollars (`54,118.06), 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 Bill of Sale.
which is incorporated herein by reference.
2. Upon completion of the maintenance period specified in the Bill of
Sale, the Developer may obtain a disbursement from the escrow account by
making a written request to Indi^n River County through the County's Utilities
Director. The request shall specify the amount of disbursement, and shall be
accompanied by a sealed certificate from Developer's engineer that the work for
which disbursement is requested remains in satisfactory condition in accordance
with the most recent set of plans and specifications approved and on file with the
County.
3. Within seven (7) working days after receipt of a disbursement
request, the Utilities Director shall cause an inspection of the work for which
payment is sought. If the Utilities Director is satisfied in all respects with the
work and certifications, the Utilities Director shall approve the disbursement.
Approval of any disbursement shall be in writing delivered to the County Office of
Management and Budget. Upon receipt of the written approval of the
disbursement, the Office of Management and Budget shall make the
disbursement described therein directly to Developer, at the address specified in
the request for disbursement.
4. Upon defect in the improvements warranteed under the Bill of Sale,
the county may utilize all funds remaining in the escrow account at the time
defarrlt is declared by the County. Said funds shall be disbursed to the Cour'ily
upon receipt by the Office of Management and Budget of a written statement
from tiie Utilities Director that Developer has defaulted under the Bill of Sale and
that said funds are necessary to repair the improvements. All funds disbursed to
Counly in excess of the final amount determined necessary by the County to
repair the improvements shall he returners to nevelnper, its legal representative,;,
successors or assigns, at the end of the guaranty period.
5. Any interest earned during the term of escrow shall be disbursed to
Developer at close of escrow less administrative expenses.
G. 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 purchaser, while such funds remain subject
to this escrow agreement. The County shall not be liable to any of the
aforementioned parties for claims against the Developer or contractor relating to
the required improvements.
7. This Agreement, together with the Bill of Sale referenced herein, is
the full and complete understanding of the parties and shall riot 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.
IN WITNESS WHEREOF, the parties hereto have set their hands and
seals. The effective date of this Agreement shall be the date of approval by the
Board of County Commissioners.
Signed in the presence of:
sign: ccs �Q- -
print name: �R- —;;71— E�cC
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print name: iY1L2-
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RIVERSIDE NATIONAL SANK OF
FLORIDA j
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title:
(President, V.P or CEO)
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APPROVED AS TO FORM
AND LEGAL SUFFICIENCY:
By:?, &—e '64 �
William G. Collins It
Deputy County Attorney
OFFICE OF MANAGEMENT AND
BUDGET
By: OLD- I
13 � septi A. Baird, Director
20 OF COUNTY
COMMISSIONERS OF INDIAN RIVER
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