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Harbor Island — Grand Harbor Plat 23, utility maintenance for use
a Planned Residential Development with Dill of Sale
CASH DEPOSIT AND ESCROW AGREEMENT
THIS AGREEMENT is entered into this 5th day of .Sat.emnar , 2000,
by and between GHA Harbor Island, Inc., a Florida corporation (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 Bill of Sale of
Utility Facilities within an easement for the maintenance of certain required utility
improvements related thereto, namely:
See Exhibit "A" attached hereto.
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 i j— T, 1J,,, 4"J
i. �d , /, 0 c� Dollars ($ 1 � ay4 .
the rec6ibt 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 Indian 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
1
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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
default is declared by the County. Said funds shall be disbursed to the County
upon receipt by the Office of Management and Budget of a written statement
from the 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
County in excess of the final amount determined necessary by the County to
repair the improvements shall be returned to Developer, its legal representatives,
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.
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,
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 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.
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: GHA HARBOR ISLAND, INC., a
Florida corporation
/ %%�/�/�,�� DEVELOPER
sign: 6���2L. �%i� . IU�Q.C.U7 � /��`
print name: DAWN M. DALTON By:
printed name: r p/,q 13 Ca„_•16
sign. ( AX title:_y,� P" -C a,w-t
prin(tWa-m_e:DFwFi (President, V.P or CEO)
Date:! c j
OFFICE OF MANAGEMENT AND
BUDGET
Date: ;� ; �% (_ By: .
Jason . Brown, Bu get Manager
BOARD COUNTY
COMMISSIONERS OF INDIAN RIVER
COUNTY
Date: -09-05-2000 By:1 00 e
Fran B. Adams, Chairman
ATTEST: Jeffrey K. Barton, Clerk
Y
<LG -"Lt -w--
Deputy Clerk
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY:
By: y ,1
--ar William G. 01fis II
Deputy Cou ity Attorney