1698 FDOT 17-92 Shepard Rd to LMB: FDOT SR 15/600 (US 17 -92) from Shepard Rd to Lake Mary Blvd Signed Agreement
The item(s) noted below is /are attached and forwarded to your office for the following action(s):
❑
Development Order
❑
❑
Final Plat (original mylars)
❑
❑
Letter of Credit
❑
❑
Maintenance Bond
❑
Ordinance
❑
❑
Performance Bond
❑
Resolution
El
Once completed, please:
❑ Return original
❑ Return copy
El
Special Instructions:
Mayor's signature
Recording
Rendering
Safe keeping (Vault)
Attached please find one original FDOT SR 15/600 (US 17 -92) from Shepard Rd to Lake Mary
Blvd Signed Agreement
Please advise if you have any questions regarding the above.
Thank youl
i
From
- �D - 6-
Date
THREE PARTY ESCROW AGREEMENT
THIS AGREEMENT is made and entered into by and between the State of Florida,
Department of Transportation ( "FDOT "), CITY OF SANFORD ( "Participant "), and the State of
Florida, Department of Financial Services, Division of Treasury ( "Escrow Agent "), and shall
become effective upon the Agreement's execution by Escrow Agent.
WHEREAS, FDOT and Participant are engaged in the following project ( "Project'):
Project Name: SR 15/600 (US 17/92) from Shepard Road to Lake Mary Blvd.
Project #: 240196- 1 -56 -01
County: Seminole
WHEREAS, FDOT and Participant desire to establish an escrow account for the project.
NOW THEREFORE, in consideration of the premises and the covenants contained
herein, the parties agree to the following:
An initial deposit will be made into an interest bearing escrow account
established hereunder for the purposes of the Project. The escrow account will
be opened with the Escrow Agent on behalf of FDOT upon Escrow Agent's
receipt and execution of this Agreement.
2. Other deposits to the escrow account may be made during the life of this
agreement.
3. Deposits will be delivered in accordance with instructions provided by the Escrow
Agent to the FDOT for deposit into the escrow account. A wire transfer or ACH
deposit is the preferred method of payment and should be used whenever
possible.
4. FDOT's Comptroller or designee shall be the sole signatory on the escrow
account with the Escrow Agent and shall have sole authority to authorize
withdrawals from the account. Withdrawals will only be made to FDOT or the
Participant in accordance. with the instructions provided to the Escrow Agent by
FDOT's Comptroller or designee.
5. Moneys in the escrow account will be invested in accordance with section 17.61,
Florida Statutes. The Escrow Agent will invest the moneys expeditiously.
Income is only earned on the moneys while invested. There is no guaranteed
rate of return. Investments in the escrow account will be assessed a fee in
accordance with Section 17.61(4)(b), Florida Statutes. All income of the
investments shall accrue to the escrow account.
6. Unless instructed otherwise by FDOT, all interest accumulated in the escrow
account shall remain in the account for the purposes of the Project.
7. The Escrow Agent agrees to provide written confirmation of receipt of funds to
FDOT. MOT agrees to provide a copy of such written confirmation to
Participant upon request.
8. The Escrow Agent further agrees to provide quarterly reports to FDOT
concerning the escrow account. MOT agrees to provide a copy of such
quarterly reports to Participant upon request.
9. The Escrow Agent shall not be liable for any error of judgment or for any act
done or omitted by it in good faith, or for anything which it may in good faith do or
refrain from doing in connection herewith.
10. Escrow Agent shall have no liability for any claim, cost, expense, damage or loss
due to the acts or omissions of FDOT and Participant, nor from any separate
agreements between FDOT and Participant and shall have no responsibility to
monitor or enforce any responsibilities herein or in any separate agreements
associated with this Agreement between FDOT and Participant.
11. This Agreement shall be governed by and interpreted in accordance with the
laws of the State of Florida.
12. This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the
same instrument.
13. This Agreement shall terminate upon disbursement by the Escrow Agent of all
money held by it in the escrow account in accordance with the instructions given
by FDOT's Comptroller or designee and notification from FDOT to Escrow Agent
that the account is to be closed.
The remainder of this page is blank.
IN WITNESS WHEREOF, the parties have duly executed the Agreement on the date(s)
below.
F'OOT (signature)
Name and Title
59-3024028 601
Federal Employer I.D. Number
Date
Fof Escrow Agent (signature)
Name and Title
1 1215
Date
Jeff Triplett. Mayor
Name and Title
59-6000425 06Z
Federal Employer I.D. Number
Z--
Date
Attest:
CWALti.=2 ulw�
Cynthia Porter, City Clerk
Approved as to form and Legality: