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Home My WebLink About2005-231 7, o maintenance road and drainage CASH DEPOSIT AND ESCROW 8GREEMENT THIS AGREEMENT is entered into this Ire+ day of , 2005 , by and between Double R & D Inc . , a Florida corporati ( 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 , Guaranty and Maintenance Agreement and Bill of Sale for Required Improvements (Contract No . SD-03 -03- 11 -MAINT/SIDE (2002070178-35959 ) with the County for the maintenance of certain required improvements related thereto , namely : See Exhibit "A" attached hereto and incorporated herein by reference 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 Eleven Thousand Eighteen and 90/100 Dollars ($ 11 , 018 . 90 ) , 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 3-year maintenance period specified in Section 913 . 10 (2 ) , Subdivisions and Plats , Indian River County Code , 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 maintenance security to a developer, and within approximately 30-60 days prior to a county inspection of required improvements scheduled at the end of the maintenance period , the county shall notify subdivision residents of the request and inspection . Notice may be provided by sign posting , mail , flyers , or advertisement . 4 . At the end of the three (3 ) year period.. , the public works director may release the security under the terms of the warranty and maintenance 1 F:\Attorney\Nancy\DOCS\FORMS\maint cash grand oak estates.doc 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 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 . Signed in the presence of: DOUBLE R & D INC . , a Florida corporation ow� printed name : CDAoc� aniel P . Hess , Sr. , President rinted name �HNllR- L . Z ' ff7 2 F :\Attorney\Nancy\DOCS\FORMS\maint cash grand oak estates .doc 4r BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY , FLORIDA By: S . Thomas S . Lowther, Chairman ATTEST : By : I ., Jeffrey K . Barton , Clerk (SEAL ) OFFICE OF MANAGEM T AND B T BCC approved : July 12 , 2005 By: Jason . Br n , Direc APPRO D A TO FORM AND LEGAL S F CIENCY: By: lvio William G . 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