ESCROW AGREEMENT
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E S C ROW
A G R E E MEN T
This Escrow Agreement made and entered into on the date
hereinafter set forth by, between and among the CITY OF CLEAR-
WATER, FLORIDA, hereinafter referred to as "CITY", the follow-
ing named Contributing Property OWners:
1. UNITED STATES STEEL CORPORATION,
a Delaware corporation.
2 . BERNARD F. POWELL, ROGER L. STEVENS,
and. N. M. PEABODY INVrlST.tf.1Ei~T COMPANY,
a Delaware corporation.
3. CHEEZEI-1 DEVELOPMENT CORPORATION,
a Florida corporation.
4. HARBOUR LIGHT TOiiERS ASSOCIATION.
5. CLEARWATER SAND KEY CLUB, INC. NUMBER 1.
6. CLEARWATER KEY ASSOCIATION-SOUTH BEACH II, INC.
7. CLEARWATER KEY ASSOCIATION-SOUTH BEACH, INC.
hereinafter referred to as "CONTRIBUTING PROPERTY OWNERS", and
FIRST NATIONAL BANK OF CLEARWATER, hereinafter referred to as
"ESCROW AGENT" ,
WIT N E SSE T H:
THAT \'lHEREAS, the CONTRIBUTING PROPERTY OWNERS have entered
into that certain "Contract For Beach Erosion Control Project"
between the CITY and the property owners listed in said contract,
including the undersigned CONTRIBUTING PROPERTY OWNERS, and
WHEREAS, this Escrow Agreement is entered into pursuant to
;:mn ;n ~onformit:v with !=laid "Contri'i~t, Fnr Rpilrh M'rn&;nn rnntrnl
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NOW, THEREFORE, In Consideration ,of the Premises, these
agreements, and other good and valuable considerations, It is
Herewith and Hereby agreed by, between and among the CITY, the
ESCROW AGENT, and the CONTRIBUTING PROPERTY OWNERS as follows:
1. Concurrently with the execution of this Escrow Agree-
ment, the CONTRIBUTING PROPERTY OWNERS will execute the aforesaid
"Contract For Beach Erosion Control Project" and will deposit the
sum of Two Hundred Twenty-Five Thousand ($225,000.00) Dollars with
the ESCROW AGENT, the receipt of which is herewith acknowledged by
the ESCROW AGENT. This $225,000.00 will be and is 'contributed to
the ESCROW AGENT by the following nam~d CONTRIBUTING PROPERTY
OWNERS in the following amounts:
ESCROW ACCOUNT ($225,000.00):
1. United States Steel Corporation.....$ 81,090.00
2. Bernard F. Powell, et als...........$ 53,527.50
3. Cheezem Development Corporation.....$ 44,145.00
4. Harbour Light Towers Association....$ 13,815.00
5. Clearwater Sand Key Club, Inc.No.l..$ 9,832.50
6. Clearwater Key Association-South....$ 11,295.00
Beach II, Inc.
7. Clearwater Key Association-South....$ 11,295.00
Beach, Inc. TOTAL.....$225,000.OO.
2. The ESCROW AGENT is to hold these escrow funds in an
interest bearing account and will disburse these funds in pur-
chase payment for capital equipment and pipes consisting of a
booster pump, approximately a mile and a half mile of dredge pipes,
and a barge for the hauling of the pipes that will be needed by the
CITY to complete the beach erosion control project as provided fo~
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a list of the capital equipment and pipes and the cost of the
same is atta~hed and made apart of this Escrow Agreement as
Exhibit One.
3. Upon execution of this Escrow Agreement and receipt
by the ESCROW AGENT of the aforesaid, the CITY will proceed to
order the aforesaid capital equipment and pipes as are needed for
the erosion control project. Upon written certification by the
CITY through its City Manager that payment for such capital
equipment and pipes is due, the ESCROW AGENT shall disburse funds
to the CITY for payment by the CITY for the same. Title to this
capital equipment and pipes will be vested in the CITY upon such
payment. Upon delivery of the capital equipment and pipes, the
CITY will take possession and provide for the storage of the same.
At such time as the CITY secures all permits necessary to con-
struction of the erosion control project and the Board of Trustees
approves the erosion control line pursuant to the .Contract por
Beach Erosion Control Project", as aforesaid, and the CITY notifies
the property owners that it has the permits and is ready to commence
construction of the project, the CITY will commence to use the
capital equipment and pipes for the construction under the "Con-
tract For Beach Erosion Control Project".
4. In the event that the "Contract For Beach Erosion Con-
trol Project" becomes null and void under the provisions of para-
graph 5 of the general provisions of that contract, then the
ESCROW AGENT shall refund all of the funds which it holds in
escrow to the CONTRIBUTING PROPERTY OWNERS on a pro-rata basis to
each CONTRIBUTING PROPERTY OWNER proportionate to the amount of
contribution of each CONTRIBUTING PROPERTY OWNER and the CITY shall
sell the capital equipment and pipes f~r the CONTRIBUTING PROPERTY'
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5. The ESCROW AGENT is acting for and on behalf of the
CONTRIBUTING PROPERTY OWNERS and has no duty or liability other
than as set forth in this Escrow Agreement. All costs and ex-
penses of the ESCROW AGENT shall be paid by the CONTRIBUTING
PROPERTY OWNERS in proportion to their contributions to the escrow
funds, and the CONTRIBUTING PROPERTY OWNERS will protect, save
harmless, and indemnify the ESCROW AGENT from any claim, expense,
cost, or liability arising out of the ESCROW AGENT'S acts in
performing this Escrow Agreement.
IN WITNESS WHEREOF, the CITY, the CONTRIBUTING PROPERTY
OWNERS, and the ESCROW AGENT have hereunto set their hands and
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seals this L day of 7 A.D.. 1980.
Counter signed.
By:
Attest:
~~'WJA~J
,.' _~ Clerk.
[SEAL]
CONTRIBUTING PROPERTY OWNERS
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UNITED STATES STEEL CORPORATION,
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Attest: /7 /Jl. \'./ ~
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W1tnesses-Powell.
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BE ARD-(.. PO~LL. 1
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ROGER . STEVENS.
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N .M. PEABODY INVESTMENT COMPANY,
a Delaware corporation
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CHEEZEM DEVELOPMENT CORPORATION,
a Flerida corporation
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By:
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HARBOUR LIGHT TOWERS ASSOCI1\.TION
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CLEARWATER KEY ASSOCIATION-
SOUTH BEACH, INC.
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CLEARWATER SAND KEY CLUB, INC.
NUMBER 1
-ebBARWA~ER-KEY-ASSee~AT~eN-
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[SEAL}
. ESCROW AGENT:
FIRST NATIO"i.~AL BANK OF CLEARWATER
By:
Ass~stant
Trust Officer
[SEAL]
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ESCROW ACCOUNT EXHIBIT ONE
Cn"_~t_~_l F.quipment/COfl't F.!ltimnte List
Unit
OI1:1n. lTnit __..._. __~~~c;cr ipt ion Price Extension
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1 1 F.nch 14/12 Diesel Booster Pump (New) $112,000 $112,.000
? 7~no TJo F. 14" Dia.Ahrnsion Rr.sistnnt 'Pipe (New) $14.00 $105,000
:l I,n m p Pipe Fittin~s . Connectio.ns $ 10,000 $ 10,000
Sum
t1 ] A.Y. Y - Valve Ass'y $ 2,000 $ 2,000
!l 1 F.ach nu 11 dm7,er (Used) $ 15,000 $ 15,000
fl 1 Rach Fron t Rnd Loa.der (Used) $ 10,000 $ 10,000
7 ] Each Cr-:lne Truck (Used) $ 4,000 $ 4,000
Tota.1 - $259,000
NOTI:: Price cstimnles exceed escrow amount. Excess to be
rl1nded by Cl ty ~\1hj('(~t to reimbursement upon second payment
11 nelf't- contract t.('rms, nnd subjcc t to pro-rata refund in case
of contract tcrminntion.
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