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This Agreement, entered into this day of , 20 between , hereinafter referred to as Developer's, and the City Commission of Lake Mary, Florida, a political subdivision of the State of Florida, hereinafter referred to as "City".
WHEREAS, the Developer desires to develop certain real property located in Lake Mary, more particularly described in Exhibit A, attached hereto, and
WHEREAS, for the purpose of developing the subject property, the Developer has submitted to Lake Mary a subdivision plan and specifications for a subdivision to be known as , and
WHEREAS, the City has required the Developer to post a bond insuring the satisfactory completion of all improvements to the subject property in accordance with the Subdivision Plans and Specifications,
NOW THEREFORE, the parties agree as follows:
1. The Developer hereby binds and obligates himself to complete all improvements as shown on the Subdivision Plans and Specifications as approved by the City Commission on , 20 within twelve (12) months from the date of this Agreement or such date as may be extended by the City Commission.
2. The Developer hereby deposits in escrow with the City Commission of Lake Mary, Florida, the penal sum of dollars, to insure and guarantee that all improvements set forth on the plans and specifications for the Subdivision will be fully completed and paid for.
3. The City agrees to hold said funds in escrow and to pay same out in the following manner:
A. Progress payments will be made to the Developer upon written request by the Developer and upon satisfactory proof to the City that the improvement or improvements or portion thereof for which payment is requested have been satisfactorily completed. A 10% retainage will be withheld from each progress payment. Said sums will be paid to Developer along with the final payment at such time as the improvements shall be accepted by the City for maintenance.
B. Upon a determination by the City that any portion or all of the improvements have not been performed by the Developer within twelve months from the date of this Agreement or such date as may be extended by the City Commission, the City is hereby authorized, but not obligated, to take over and perform any such uncompleted work and to use for such purposes the funds so deposited in escrow with the City.
C. The City is furthermore authorized to pay any bills for said improvements upon proof satisfactory to the City that such claims are just and unpaid, and the Developer hereby consents to any such payments and authorizes and ratifies any such action on the part of the City, and agrees to protect and save harmless the City from any claims of any persons on account of any improvements which have not been completed or paid for.
D. Ten percent (10%) of the entire escrow deposit shall be held by the City pending final completion of all improvements and certification by the City that the improvements have been completed satisfactorily and in accordance with the subdivision plans and specifications, and that all work and materials have been paid in full and acceptance of same by the City Commission for maintenance.
E. If at any time the City determines that the balance remaining in the escrow account is insufficient to pay the cost of completion of improvements to the subdivision, the City at its option, may require the Developer to deposit with the City such additional funds as may be necessary to pay for completion of the subdivision improvements. In no event does the City make any representation that the funds placed in escrow with the City pursuant to the terms of this Agreement are sufficient to pay the costs of development and improvement of the property owned by the Developer. In no event shall the City become liable to Developer, the Developer's contractor, or the Developer's engineer for payments of any funds not in accordance with this Agreement.
F. Upon completion of all subdivision improvements to the satisfaction of the City, and the payment of all bills for work and materials, the City shall return to the Developer any funds remaining in the escrow account with the City.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as to the day and year first above written.
(Ord. 241, passed 11-27-85; Am. Ord. 547, passed 6-6-91)