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Home My WebLink About2006-1110x3/14/2006 09:34 7725694317 COATTY �7 2 PAGE 07 4 Woodfleld P.D., Phase 1-A (5-yrwarranty ofoffsite improvements) warranty road and drainage CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this day of MA4t,N2006, by and between Centex / Lennar at Woodfield, LLC, a Delaware limited liability company (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County): WITNESSETH: WHEREAS, Developer has subdivided certain property within Indian River County and is required to provide security supporting Warranty and Guaranty Agreement and Bill of Sale for Required Improvements (Contract No. PD-03-04- 11-W&GPH1-AOFFSITE (2002120063-47103) with the County for the warranty and guaranty of certain required improvements related thereto, namely: See Exhibit `rArr 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 Eighteen Thousand Three Hundred Twenty -Five and No/100 Dollars ($18,325.00), 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 set forth in the aforementioned Contract, which agreement is incorporated herein by reference. 2. 90 days prior to completion of the 5 -year warranty and guaranty period, the Developer may request a disbursement from the escrow account by making a written request to the County's Public Works Director. The request shall specify the amount of disbursement, and shall be accompanied by certified inspection reports under seal 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. Upon receipt of a request to release warranty and guaranty security to a developer, and within approximately 30-60 days prior to a county inspection of required improvements scheduled at the end of the warranty and guaranty period, the county shall notify subdivision residents of the request and inspection. Notice may be provided by sign posting, mail, flyers, or advertisement. 1 F;Wttorney�Nancy\DOCS\PLAN\woodfield ph 1-A 5 yr cash deposit for warranty road & drainage.doc 03/14/2006 09:34 7725694317 COATTY PAGE 08 fl 4. At the end of the five (5) year period (03/14/11), the public works director may release the security under the terms of the warranty and guaranty agreement, upon a determination from the county engineer that required road and drainage meet applicable county performance standards. 5. Upon defect in the improvements guaranteed under the agreement, 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 agreement. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a letter from the County Administrator or designee to use the funds held pursuant to Section 913.10 of the Indian River County Code stating that Developer has defaulted under the agreement 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. 6. Any interest earned during the term of escrow, less administrative expenses, shall be disbursed to Developer at close of escrow. 7. The funds deposited hereunder exist solely for the protection, use and benefit of the County and, in the event required improvements are dedicated to a private homeowner's association, that association (after turnover of control from Developer), 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 subdivision improvements. 8. This Agreement, together with the agreement 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 day and year first above written. 2 F:\Attorney\Nancy\DOCS\PLAN\woodfleld ph 1-A 5 yr flesh deposit for warranty road 8 drainage.doc G 0.'3/14/2006 09:34 7725694317 COATTY PAGE 09 CENTEX / LENNAR AT WOODFIELD, LLC., a Delaware, limited liability company By CENTEX HOMES, a Nevada Partnership; Managing Member By: CENTEX REAL ESTATE CORPORATION, a Nevada corporation, Managing Partner R_ David Abrams Division President Southeast Florida AND By LENNAR HOMES INC., a Florida corporation, Mana Ing,Mem p er By f_ / (President or V. P.) BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER C UNTY, FLORIDA Arthur R. Neu r er Chairman BCC approved: April 4, 2006 Plat approved: September 13, 2005 ATTEST: Jeffrey K. Barton, Clerk of Court By: Nle c -v c� ��o %+ RSG. (SEAL) Deputy Clerk OFFICE OF M, AND BUDGET I 'IAPP VED AS TO FORM By: EGAL SU IC NCY Jaso . B win, Dire i M RIA L 3 ASSISTANT COUNTY ATTORNEY F:\Attorney\Nancy\DOCS\PLAN\woodfield ph 1•A 5 yr cash deposit for warranty road 8 drainage.doc 03/14/2006 09:34 7725694317 COATTY PAGE 10 C DATE: INDIAN RIVER COUNTY MEMORANDUM February 28, 2006 T0: William G. Collins, II, County Attorney THROUGH: Christopher J. Kafer, Jr., P.E., County Engine FROM: Wilson Wetherington, Senior Engineering Inspector SUBJECT: Woodfield at Vero Beach, Phase 1-A, Offsite Five year Maintenance Security Bond REFERENCE: Land Development No. 2002120063-38980 / PD -03-04-11 The enclosed engineers certified cost estimate and quantities have been reviewed for the five year security of onsite and offsite improvements and are found to be satistactory. I he total amount of the bond is $18,325.00 ;($73,300.00 x 25 %) This site has not requested a Certificate of Completion at this time. If you have any questions please call me at extension 1451. M cc: Jason E. Brown, Budget Manager D. E. Howard, Jr., Manager, Construction Coordination David B. Cox, P.E., Senior Civil Engineer Mark Zans, Staff Planner, Current Development James G. Vitter, P.E., Kimley-Horn and Associates, Inc. File --- Page 1 of 2 F:\En9ineer1ng\Land Development Permits\Woodfield%Woodfield at Vero Beach Phase 1A Memo -Maintenance Bond -will col li ns-2-27-06-ww,doo 03/14/2006 09:34 7725694317 KIMLEYJIORN AND ASSOCIATES. INC. 601 21E1 STREET, SUITE 000 VERO BEACH, FLORIDA 52060 (772)662-1¢61 COATTY Opinion of Probable Construction Cost - Phase 1A (lots 162 - 269) OFF-SITE IMPROVEMENTS 26th Street Right and Left Turn lanes PAGE 11 V21R006 Woodfleld at Vero Beach KNA JOB NO. 04716aN6 AaphaR•1.6•S+ 11009 S.Y. $7.00 $7,000.00 Aaphell-1.0.6411 11000 S.Y. $7.00 $7,000.00 Baas (6-Coquim) 11000 S.Y. $15.30 $15,500.00 SUWIwd Babgm"(12- Bllaa) 1,250 S.Y. $6.00 $5.000.00 Dninaga Iniala 2 EA. $3,000.00 $61000100 PraMege Manhole 1 E.A. $3,000.00 $3.000.00 Underonln.q don 1 L.S. $30,000.00 $30,000.00 Sub -mol $73,300.00 OFF-SITE IMPROVEMENTS TOTAL sT3,3oo.Do 5 -YEAR BOND AMOUNT FOR PHASE 1 (25%) S19 326.00 Page 2 of 2 0