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Home My WebLink About2019 - Cash Deposit & Escrow Agreement - Shade HangarsCASH DEPOSIT AND ESCROW AGREEMENT Re: Sebastian Airport Shade Hangars UCP #3461 THIS CASH DEPOSIT AND ESCROW AGREEMENT (Agreement) is entered into this day of June, 2019, by and between CITY OF SEBASTIAN, a municipal corporation of the State of Florida, having a mailing address of 1225 Main Street, Sebastian, Florida 32958 (Developer), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida (County), having a mailing address of 1801 27th Street, Vero Beach, FL 32960, WITNESSETH: WHEREAS, Developer is required to provide financial surety for a one-year period for the warranty of the utility improvements as set out in the Easement and Bill of Sale attached hereto as Exhibit "A" and incorporated herein by this reference in its entirety (Bill of Sale). 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. Cash has been tendered to the County Budget Office (Escrow Agent) in the sum of $3,400.30, the receipt whereof is hereby acknowledged, which sum shall be held in escrow by the Escrow Agent, subject to the terms, conditions and covenants of this Agreement as assurance that Developer shall perform in all respects the obligations set forth in the Bill of Sale. 2. Upon completion of the warranty period specified in the Bill of Sale, the Developer may obtain a disbursement from the escrow account by making a written request to Indian River County through the County's Director of Utility Services (Director). The request shall specify the amount of disbursement, and shall be accompanied by a sealed engineer's certificate 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. Within seven (7) working days after receipt of a disbursement request, the Director shall cause an inspection of the work for which payment is sought. If the Director is satisfied in all respects with the work and certifications, the Director shall approve the disbursement. Approval of any disbursement shall be in writing delivered to the Escrow Agent. Upon receipt of the written approval of the disbursement, the Escrow Agent shall make the disbursement described therein directly to the party that posted the funds, Its legal representatives, successors or assigns, absent bankruptcy, court order, dissolution or an assignment. 4. Upon defect in the improvements warrantied under the Bill of Sale, the County may utilize any and all funds remaining in the escrow at the time default is declared by the County. Such funds shall be disbursed to the County upon receipt by the Escrow Agent of a written statement from the Utilities Director that Developer has defaulted under the Bill of Sale and that such 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 the party that posted the funds, its legal representatives, successors or assigns, at the end of the warranty period, absent bankruptcy, court order, dissolution or an assignment. 5. Any interest earned during the term of escrow shall be disbursed at the end of escrow less administrative expenses. 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 any other party providing labor, material, supplies, or services for construction of the required improvements, or to benefit any purchaser, while such funds remain subject to this Agreement. The County shall not be liable to any of the aforementioned parties for claims against the Developer or contractor relating to the required improvements. 7. This Agreement, together with the Bill of Sale 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 effective date of this Agreement shall be the date of execution by the County Administrator on behalf of the Board of County Commissioners of Indian River County, Florida. ATTEST: By: CtVLQ i & i).r l.LL6-0iQ nette ams, MMC, City Clerk CITY OF SEBASTIAN, a municipal corporation of the State of Flo r" a l i By: / Paul arlisle, City anager EXHIBIT 'A' EXIST. '8' WM 6' N1264489.04 EB 17173. 35 60 AIRPORT DRIVE WEST cn W CD n ry ------------- ASB 6' GV WM N1264346.99 Ea 17176.66 1 OFT. WATERLINE EASEMENT Y SB 6' Pyo WAI POINT OF BEGINNING �\ CONNECTION 81Ni WM AND 61N. WM N1264347.03 \ ,y E817175.18 ASB 645 Deg BEND WM N1264290.21 EXIST. a' WM N1264262.53 E817174.69 1/4 BEND 50 O 50 100 150 GRAPHIC—SCAT :1"=50' ASB - AS -BUILT DATA GV GATE VALVE WM - WATER MAIN DEG DEGREE OF BEND HYD FIRE WDRAW P.O.T.- POINT OF TERMINUS P.O.B. - POINT OF BEGNING NGS CONTROL MARK 'SEBAPORT' PID: AF -74-21 OFSCRIPDONOFSO FOOT WLDE WATERUNE EASEMENTBEINGS FEETON FACN MOP ME FOLLOWING CEN UNE D6 RIPIION, A TEN FOOT WOE WATERLINEEASEMENTSITUATED IN ME WESTERN PORNON OF S£RA MN AIR➢OFT IN WOMN RIVER OW , FLORIDA BEGMNINGATA PIX ATMECONNECTRJN OFAN EXLSTNL 8ftN WAT£RUN£ANDA 6 INCH PVC WATERUNELOCR ED ATACOORO/NATE FOSOION RELRMW TO TME FLORIM EASTCOAS'T PRO/ECRON ANO B ASED ON THE NORTM AMERKAN OATUM OF 19ffi (NAD B3) OF ME UNN EO STATES NATR]NAL SPATUILREFERENCESYSTEM OF NAp 63 (1p]]/MM1L1/Pgllf EPOCl/3 a=AT NOfiMl 430].DS FEETAND EASTBSTST518FEET SA/O MNNTOF9EGINNMG BEING NORTH 6130''?'WESTAOLSTANCE OF 4165.63 FEET FROM NGS CONTROL AUN EBGNRT PID - A"42; TMENCESOU 84DEG4759' EASTALONG TME CENTER IRVE OFA IO FOOT WOE EASEMEWMD ALONG ME CENTER OFA 6INCH PVC WATERUNE A DL4TA/AT OF 14316 FEET TO A P WAND CHANGEOFDIRECTXSN. THENCEWUM 67DEG 012' EAST MO NU/NGALONG THE CENTER OF 20 FCOT EASEMENTA DLSTANC£OF1Zi FEET TOA M/NTAND CHANGE OFOM£CRON MEWS NORM 750£G46' 41' 6A WWMUING ALONG ME CEMER UNE OF SAND 20 FOOT WIDE FASEMEWA OLSFANCE OF 40.17 FEET TO ME FOIWOF TERMINUS AND ME CEWER OFAN EMSILNG "RENVO .. SAID FASEMFMSHAU EXTEND 5 FE£TFROM FACE OF NYORAW CO WNING 3,13501/ARE FE£TOF IANO, BE MESAME MORE OR LESS TBI' 17 NOT .4 BOUNDARY SZWP" SHEET 1 of 1 pp jjjj n `I/Z� -1 LVE KY hi ND SIMV G BL56 98 MAY TERRACE HOHE 90UND. ll. 33466 -Ta=ll & DESCRIPTION WAMYLLVE 695U0I6'NT SM614SMX AJRPORT oxAL suxver h LLLNAPPers (P}7J nz-sze-vTLe EmnB: yn seat7"+C'^_ Z.Dv. L RiP 4' O.ty A REGSS MOX WO 4 5 S h&stfB . *70jy . Approved: By: Dylan Reingol fRttorney By: Vincent Burke, Utilities Director INDIAN RIVER COUNTY by its Board of County Commissioners COUNTY By Ajl� Jaion Br*n, Coun ylAdministrator (under authl—Yof Resolution No. 2003-028) Date r Ca 9