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PHASE IV
CASH DEPOSIT AND ESCROW AGREEMENT
SP -MA -95-04-17
THIS AGREEMENT is entered into this t 7 Ltti day of August, 1999,
by and between Atlantic Coast Enterprises, Inc., a Florida corporation
(Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of
Florida (County):
WITNESSETH:
WHEREAS, Developer is mining certain property within Indian
River County and is required to post bonds insuring compliance with the
requirements of the approved mining site plan; Indian River County Code
Section 934.07; and restoration of the site.
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 -Six Thousand
Four Hundred and No/100 Dollars ($26,400.00), 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 of Indian River County
Code Chapter 934 with respect to site plan compliance and site restoration.
2. Upon completion of the restoration of each mine phase, the
Developer may obtain a dishursPmPnt frnm tha asrrnw arrnunt by m.9kinn n
written request to Indian River County's Community Development Director. The
request shall specify the amount of disbursement, and shall be accompanied by
a sealed certificate from Developer's engineer that the mine is in compliance and
has been restored in accordance with the most recent set of plans approved and
on file with the County.
3. Within seven (7) working days after receipt of a disbursement
request, the Community Development Director shall cause an inspection of the
work for which payment is sought. If the Community Development Director is
satisfied in all respects with the condition of the site and certifications, the
Community Development Director shall deliver written notice to disburse to the
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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 Developer, at the address specified in the request
for disbursement.
4. Upon failure to comply with all the requirements of the site plan
approval, including but not limited to unapproved off-site discharge of water,
failure to confine hauling to approved hauling routes, operating in violation of the
safety security plan, excavating within required setbacks, mining of additional
phases prior to restoration of the previous phase, and activity riot consistent with
permits issued by other jurisdictional agencies; or if Developer fails to perform all
or any part of the obligations of restoration and reclamation, including, but not
limited to mine abandonment prior to restoration, restoration not completed
within the approved time frame, restoration riot consistent with Nater
Management Standards as contained in Section 934.05 of the Indian River
County Code, and restoration activity not consistent with permits issued by other
jurisdictional agencies, the County may utilize escrowed funds to achieve
compliance or restoration. All funds remaining in the escrow account at the time
default is declared by the County shall be available for use by the County. 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 failed to comply with Indian
River County Code Chapter 934 site plan or restoration conditions of the mining
approval, and that said funds are necessary to achieve compliance. All funds
disbursed to County in excess of the final amount determined necessary by the
County shall be returned to Developer, its legal representatives, successors or
assigns, at the completion of site restoration.
5. Any interest earned during the term of escrow, less
administrative expenses, shall be disbursed to Developer at close of escrow
unless necessary for County to utilize in cure of developer's default.
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,
P_.X f1rPCCIV or i--liori1 f, Fionoflf nr c..-C.--rc payment tv any Contractor,
subcontractor, laborer, materialman, architect, engineer, attorney or other party
providing labor, material, supplies, or services to Developer 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 relating to the
approved mining site.
7. Alternate security, in the form of performance bonds or letters
of credit, may be substituted with the approval of the County Attorney.
8. This Agreement 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
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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: ATLANTIC COAST
ENTERPRISES, INC.
sign name:; r1��! .�l/ 1f, ��'1'��,ll�j:��.e. By: `%'_,_ - !; ,, •,, �.�
print name: Marylou Brown
Vice President
sign name: '
print name:
Date:
Date: l_ I i - t -)r
AND L.::UAL
:y
LEPU C7
Date: S- I"1- (1 19
ATTEST:
OFFICE OF MANAGEMENT
AND GET
By:
Jos A. Baird, DirectC
BOARD OF COUNTY
COMMISSIONERS OF
INDIAN RIVER COUNTY,
FLORIDA
By:
enneth . Macht
Chairman
By: ' `� (SEAL)
Je Barton, Clergy-