HomeMy WebLinkAbout2004-208 cif - z cog,
For use with Contract for
Construction of Required
Sidewalk Improvements
High Hawk of Vero Beach Phase 2
CASH DEPOSIT AND ESCROW AGREEMENT
THIS AGREEMENT is entered into this 14th day of September ,
2004 , by and between Trade Wind Coast 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 has effected development of land within Indian
River County and is required to provide surety supporting 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 Eleven Thousand Four Hundred
Forty-One and 931100 Dollars ($ 11 , 441 . 93 ) , 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 ,
which agreement is 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 .
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3 . Disbursement shall occur only after issuance of a Certificate of
Completion in accordance with the Indian River County Code .
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 certified copy of a resolution of the Board of County Commissioners
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.
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IN WITNESS WHEREOF , the parties hereto have set their hands and
seals . The date of this agreement shall be the date of approval by the Board of
County Commissioners , as first stated above .
TRADE WIND COAST DEVELOPMENT ,
L. L . C . , a Florida limited liability company
Witnesses :
printed na e : t QSSQIr Richard Marcello , Manager/Member
DEVELOPER
printed name : -� tc)2 � bK t Date : -
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY , FLORIDA
By :
Arthur R . Neu g r , Vic C airman
ATTEST : Jeffrey K . Barton , Clerk BCC approved : September 2004
By:
Deputy Clerk
OFFICE MANAGE AND BUDGET :
By:
Jas n 7wn , Budget Director
APPROVED AS TO FORM AND
LEGAL FICIEN
i iam G . Collins II
County Attorney
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