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Home My WebLink About2008-429C t oS 3 � G . CZ) Verona Trace Subdivision and The Villas at Verona Trace 1.kje .. ' y CASH DE AND ESCROW AGREEME THIS AGREEMENT is entered into this 23rd day of pprpn )pr 2008 , by and between MS Rialto Verona Trace FL , LLC , a Delaware limited liability company ( Successor Developer) , and INDIAN RIVER COUNTY, a Political subdivision of the State of Florida ( COUNTY) : WITNESSETH : WHEREAS , Successor Developer has assumed all the obligations of Verona Trace Subdivision and The Villas at Verona Trace , and Is required to provide substitute surety supporting Contract for Construction of Required Sidewalk Improvements No . SD - 04 -09 -39 - CFCSIDE ( 2003070038 - 46952 ) , as modified and assigned , 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 Succt;ssor Developer has tendered to the C01 ' r-4 Of-(ice of Management and Budget ( Escrow Agent ) the sum of Three Hundred Eighty- Three Thousand Nine Hundred Six and 251100 Dollars ( $ 383 , 906 . 25 ) , 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 Successor Developer shall perform in all respects the obligations set forth in the aforementioned Contract for Construction of Required Sidewalk Improvements , as modified and assigned , which agreement and modification (s ) are attached hereto and incorporated herein by reference ( Contract) . 2 . Upon completion , the Successor 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 Successor 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 . 1 F:1Attorney\Nancy\DOCSIPLANIsidewalk cash deposit & escrow verona trace. doc Y ,I 3 , 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 Successor Developer . 4 . Upon default by Successor 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 Successor Developer has defaulted under the Contract and that said funds arees ary to complete s of the final required t improvements . All funds disbursed to County determined necessary by the County to complete the required improvements shall be returned to Successor Developer , its legal representatives , successors or assigns . 6 . Any interest earned during the term of escrcw , less administrative expenses , shall be disbursed to Successor Developer at close of escrow . 6 . 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 Successor Developer or contractor relating to the required improvements . 7 . 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 . 2 F :\Attorney\Nancy\DOCS\PLAN\sidewalk cash deposit & escrow verona trace .doc . s 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 . MS RIALTO VERONA TRACE FL , LLC , a Delaware limited liability company By : MS Rialto Residential Holdings , LLC , a Delaware limited liability company , its member By : MSR Holding Company , LLC , a Delaware limited liability company , its member By : Lennar I tomes , LLC , a Florida limited liability company , its Florida Manager a ' 183 'Iq Y j e ame : QKaham Jones Title : vico res BOARD OF COUNTY COMMISSIONERS OF IINDI.AN RIVER COUNTY , FLORIDA 000 a Wesley S . Davis , Cairman ATTEST : Mary Louise Scheidt, Clerk, Ad Interim By : S � do .� Deputy Clerk OFFICE OF MANAGEME BUDGET By : s Jason . Bro , OMB Dir r APPROVED AS TO FORM AND LEGAL SUFFICIENCY : BY: ,) �-t��t/� William G . Collins II County Attorney 3 F :1Attorney\Nancy\DOCSIPLANIsidewalk cash deposit & escrow verona trace . doc I Previous Day Account Detail Repo t Report Date 12/5/( 8 Page 2 of 2 cracit Debit Text Field r1214/08 Date 'Type Code Description Bank Ref Customer Value Date Ref 425 ,255 . 50 OUTGOING WIRE TRANSFER 1 495 Outgoing Wire XFER 0000000000 0000000000 / ,11 0000000000 0000000410 441 , 247 . 23 000000000041003 FLA DEPT R � 12/4/08 451 ACH Debit 163 . 00 ZBA TRF FROM 7680027224f 12/4/08 275 ZBA Credit 0000000000 0000000000 41 ,657 . 00 STATE OF FLORIDA PAYMENTS . 0 �� 12/4/08 142 ACH Credit 0000000000 0000000000 ZBA TRF FROM 7680027208 000000000 / 0 0000000000 58 , 877 . 46 / 12/4/08 275 ZBA Credit r U / 0000000000 90 ,956 . 37 ZBA TRF FROM 7680039436 0000000000 12/4/08 275 ZBA Credit 383 , 906 .'25 INCOMING WIRE TRANSFER 12/4/08 195 Incoming Wire Tran 0000000000 0000000000 / it Information presented is unaudited and reflects the close , of business on the date indicated .