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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: