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Home My WebLink About2006-399C The Lakes at Sandridge Phase I CASH DEPOSIT AND ESCROW AGREEMENT THIS AGREEMENT is entered into this tf day of - 2006 , by and between IRC Development, L.L.C . , a Florida limited liability company ( Developer) , and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (COUNTY): WITNESSETH : WHEREAS , Developer is effecting development of land within Indian River County and is required to provide surety supporting a modification to a contract with the County for the construction of certain required sidewalk improvements related thereto ; 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-Seven Thousand Seven Hundred Ninety-Five and Noll 00 Dollars ($27,795:00) , 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 for Construction of Required Sidewalk Improvements , as modified , which agreement and modification (s) are attached hereto and incorporated herein by reference (Contract) . 2 . Upon completion , the Developer may obtain a disbursement from the escrow account by making a written request to the Board of County Commissioners of Indian River County through the County's Public Works Director. The request shall specify the amount of disbursement desired and shall be accompanied by a sealed certificate from Developer's engineer describing the work completed , the actual cost thereof, and that the work for which disbursement is requested has been completed in accordance with County policies for sidewalk construction as those policies relate to location , method , and type of construction . 3 . Disbursement shall occur only after issuance of a Certificate of Completion in accordance with the Indian River County Code . 1 F:1Attorney\Nancy\DOCSIPLAN%Iakes at sandridge ph 1 side cash dep.doc 4 . Within seven (7) working days after receipt of a disbursement request, the Public Works Director shall cause an inspection of the work for which payment is sought. If the Public Works Director is satisfied in all respects with the work, the accompanying cost estimates and certifications , the Public Works Director shall deliver a written notice to disburse to the 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. 5 . Upon default by Developer under the Contract, 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 Contract. Said funds shall be disbursed to the County upon receipt by the Office of Management and Budget of a memorandum from the County Public Works Director or County Engineer stating that Developer has defaulted under the Contract and that said funds are necessary to complete the required improvements. All funds disbursed to County in excess of the final amount determined necessary by the County to complete the required improvements shall be returned to Developer, its legal representatives , successors or assigns . 6 . Any interest earned during the term of escrow, less administrative expenses , shall be disbursed to Developers 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 , while such funds remain subject to this escrow agreement, unless and until the County shall agree otherwise in writing . The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required improvements . 8 . This Agreement, together with the attached Contract, 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 hereon 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 date of this agreement shall be the date of approval by County. 2 F:Wdtomey\Nancy\DOCS\PLANUakes at sandridge ph i side cash dep.doc IRC DEVELOPMENT, L.L. C . , a Florida limited liability company Developer Witnesses : By. ��- printed name : 2454 R. EL- William J .,Sims , Jr. , Mi ger a -ke . � J'r .printed name : si4IyDesi - . Wlei�yfl BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA By: seph A. Baird unty Administrator Authority: Resolution No . 2006- 17 3 OFFICE ANAGEME AND BUDGET By: Jason E Brow , 0 B hector APPROVED AS TO FORM AND LEGAL SUFFICIENCY:_ By: W l/((�y(1 ��/tAt4 William G. Collins II County Attorney 3 F:1Attomey\NancyID0CS\PLANVakes at sandridge ph i side cash dep.doc I� I yy 7 �yay fj tNT Ufx,TB%TH� 618 ,LNC✓@ W �k :r T 7 1 V �MAi1N lJ F C0 'Ic �1 A 2341711620 Ndyembei ; 6J 2OQ6 PAY TO ;7HE OAoLh or, ** Id j-1 -i RT.yer , ounLy , .F'lgr. Aa . * * * $ 2 .7, 1; -:cin ffP� d1 , fIF. ' l �f J p xp av L DOLLAFM NAME OF pEMRTER ' f , DhER 'db0JiIAL hANK, IN AWA. LE.I� sakes ( Satad idge , ;Fh 1 ADDRE53 ,$ -dbWalk_ $ ftd, RElfleb:al= Issiled bylmegfzted PB enf 9vSiefP§ Ihc , EngleWbbd CbbF6tltl ! _ ,i JPMargerl Che9e 96nk N.A. 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