HomeMy WebLinkAbout2005-079Arbor Trace - Phase II - P.D.
CASH DEPOSIT AND ESCROW AGREEM
THIS AGREEMENT is entered into this 24tl
March 2005, by and between Arbor Trace Developm,
Florida corporation (Developer), and INDIAN RIVER COUNTY,
subdivision of the State of Florida (County):
WITNESSETH;
WHEREAS, Developer has effected a subdivision of c
within Indian River County and is required to provide surety supporting
the County for the construction of certain required sidewalk imprc
buffers related thereto;
NOW, THEREFORE, in consideration of the agreeme
and covenants set forth herein, and other good and valuable cons
parties hereto agree as follows:
1. The Developer has tendered to the County Office of M
and Budget (Escrow Agent) the sum of Thirty -Two Thousand Eigh
Forty -Seven and 80/100 Dollars, U.S. ($32,847.80), the receipt wherec
acknowledged, which sum shall be held in escrow by said Office, sut
terms, conditions and covenants of this escrow agreement as assn
Developer shall perform in all respects the obligations set forth in the C
Construction of Required Sidewalk Improvements (as modified) and the C
Construction of Required Improvements (as modified), which agree
incorporated herein by reference (Contracts).
2. Upon completion of any distinct or separable
improvement, or independent portion thereof, the Developer may
disbursement from the escrow account by making a written request to the
County Commissioners of Indian- River County through the County's Put
Director. The request shall specify the amount of disbursement desired ar
accompanied by a sealed certificate from Developer's engineer describinc
completed, the actual cost thereof, the estimated cost of all remaining wor
secured by the escrow account, and that the work for which disbun
requested has been completed in accordance with the most recent set of
specifications approved and on file with the County.
3. The amount of any given disbursement shall not exc
(80%) percent of the total cost of improvements certified as being compl(
the preceding paragraph; i.e., twenty (20%) percent of the cost of ea
improvement, or portion thereof, shall be retained in the escrow account ur
I
FAAttorney\Nancy\DOCS\PLAN\cash deposit for side & buffer arbor trace ii.doc
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day of
it, Inc., a
a political
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tracts with
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ect to the
ance that
)ntract for
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id shall be
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final reduction, which shall occur only after issuance of a Certificate of Completion in
accordance with the County's Subdivision and Platting Ordinance.
4. Notwithstanding the above disbursement limits, at no time shall the
escrow account balance be reduced below an amount equal to one hundred fifteen
(115%) percent of the most recent approved cost estimate of the remaining required
improvements.
5. 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 notify in writing the t hallymOffice of ake the disburgement and Buget. The sement as appaoved by the OffP Public
ice of
Management and Budge
Works Director directly to Developer.
6. Upon default by developer under the Contracts, 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 Contracts. 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 defaulted under the Contracts 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.
7. Any interest earned during the term of escrow, less administrative
expenses, shall be disbursed to Developers at close of escrow.
8. 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 purchase, 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 subdivision improvements.
9. This Agreement, together with the above-mentioned Contracts, 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.
2
F:\Attorney\Nancy\DOCS\PLAN\cash deposit for side & buffer arbor trace ii.doc
41
IN WITNESS WHEREOF, the parties hereto have set their
seals. The date of this agreement shall be the date of approval by th
County Commissioners, as first stated above.
Attest: ffrey K. Barton,
By
Deputy Clerk
7j, 07
• a • . Iwo-gom we$ •o -
APPROVED AS TO FORM
AND LEGAL SUFFICIENCY
BY tti/ �'
By
G. COLLINS it
COUNTY ATTORNEY
ARBOR TRACE DEVEL
Florida rp ration
By:
Charles Mechling,
BOARD OF COUNTY COMMISSIC
OF INDIAN RIVER COUNTY, FLOI
By:
K
Thomas S. Lowther, Chairm
lands and
Board of
T, INC., a
BCC approved: 3/15/05
FAAttomey\Nancy\DOCS\PLAN\cash deposit for side & buffer arbor trace ii.doc
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Arbor Trace - Phase II - P.D.
MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK
IMPROVEMENTS
NO. PD-99-09-13PH2-CFCSIDE (98090107)
THIS MODIFICATION, made and entered into this 24th day of
Mdrrh 2005, by and between Arbor Trace Development, Inc., a
Florida corporation, hereinafter referred to as "Developer", and INDIAN RIVER
COUNTY, a political subdivision of the State of Florida, by and throug its Board
of County Commissioners, hereinafter referred to as "County".
WITNESSETH:
WHEREAS, Developer entered into a Contract for Construction of
Required Sidewalk Improvements No. PD-99-09-13PH2-CFCSIDE ( 8090107)
guaranteeing the completion of certain required sidewalk improvements and
posted a letter of credit for the required amount; and
WHEREAS, the required sidewalk improvements are not completed; and
WHEREAS, the Indian River County Code requires the developer to
construct required sidewalk improvements, within two years from the date of final
plat approval with the ability to extend the contract for construction arid posted
security beyond the initial two year period at a rate of two years for every eight
project lots, but for no longer than ten years; and
WHEREAS, the final plat for Arbor Trace - Phase II - P.D. was approved
by the Board of County Commissioners of Indian River County on ugust 6,
2002; and
WHEREAS, the Developer wishes to extend the contract date it
complete the remaining required sidewalk improvements in Phase II to
2006 which is within the code requirement; and
WHEREAS, adequate security is currently in place,
NOW, THEREFORE, IN CONSIDERATION OF THE
COVENANTS AND PROMISES HEREIN CONTAINED, the parties
follows:
1. The date for completion of the required sidewalk improve
outlined in the Contract for Construction of Required Sidewalk Improver
PD-99-09-13PH2-CFCSIDE (98090107) is extended to August 6, 2006,
which to
kugust 6.
UTUAL
gree as
as
No.
2. Acceptable security in the amount of $32,847.80 representing the
amount required to guarantee completion of the required sidewalk improvements
has been posted and is to remain in place.
3. All other terms set out in the Contract for Construction of Required
Sidewalk Improvements No. PD-99-09-13PH2-CFCSIDE (98090107) remain in
full force and effect.
IN WITNESS WHEREOF, the parties hereto have set their hands and
seals on the day and year first above written.
ATTESL: J. K. Barton,
Deputy Clerk
of Court
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
By: � /
William G. Collins II
County Attorney
ARBOR TRACE DEVELOPMENT,
INC., a F rida corporation,
DEVEL PER
By
Charles Mechling, Presid
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
By: �4
S,
Thomas S. Lowther, Chairman
7
BCC approved: 3/15/05
F:\Attorney\Nancy\DOCS\PLAN\MODIFICATO K for side con arbor trace ph 2.doc
Arbor Trace = Phase 11 - P.D.
SECOND MODIFICATION TO
CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEM
NO. PD-99-09-13PH2CFC (98090107)
THIS MODIFICATION, made and entered into this 241
March , 2005, by and between Arbor Trace Developmer
Florida corporation, hereinafter referred to as "Developer', and INDI
COUNTY, a political subdivision of the State of Florida, by and throug
of County Commissioners, hereinafter referred to as "County".
WITNESSETH:
WHEREAS, Developer entered into a Contract for Const
Required Improvements No. PD-99-09-13PH2CFC (98090107) gu
the completion of certain required improvements and posted a letter o
the required amount; and
WHEREAS, a Modification to Contract for Construction of
Improvements No. PD-99-09-13PH2CFC (98090107) was approved
the completion date to December 31, 2004; and
WHEREAS, the required improvements are not completed; and
WHEREAS, the Developer wishes to extend the completion dai
to complete the remaining required improvements in Phase II to Augu;
and
WHEREAS, adequate security is currently in place,
NOW, THEREFORE, IN CONSIDERATION OF THE
COVENANTS AND PROMISES HEREIN CONTAINED, the parties
follows:
1. The date for completion of the required improvements a
in the Modification to Contract for Construction of Required Improver
PD-99-09-13P12-CFCSIDE (98090107) is extended to August 6, 2006.
S
day of
Inc., a
N RIVER
its Board
action of
banteeing
credit for
Required
extending
in which
6, 2006;
MUTUAL
agree as
outlined
ents No.
2. Acceptable security in the amount of $32,847.80 representing the
amount required to guarantee completion of the required improvements has
been posted and is to remain in place.
3. All other terms set out in the Contract for Construction of Required
Improvements No. PD-99-09-13PH2CFC (98090107), as modified, remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have set their hands and
seals on the day and year first above written.
ATTK. Ba
By: �-�-�-
rton, CICourt
Deputy Clerk
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
By: X 4/1 * WK.
William G. Collins II
County Attorney
ARBOR TRACE DEVELOPMENT,
INC., a FI a corporation,
)Z7 ELYB _ PE �t
Charles Mechling, President
INDIAN RIVER COUNTY, FLORIDA
by and through its Board of County
Commissioners
BY. 5. CrE �
Thomas S. Lowther, Chairman
OA,
BCC approved: 3/15/05
F:\Attorney\Nancy\DOCS\PLAN\MODIFICATO K for con arbor trace ph 2.doc