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LaoSvechin <br />Mayor <br />r <br />E. The sand placement should be completed as soon as practicable, however, to ensure <br />Alex Lama <br />the completion of the sand placement, Developer, including its successors and <br />Vice Mayor <br />assigns, shall be bound by the following: <br />Jerry Joseph <br />Commissioner <br />1. If all applicable permits for the sand placement have not been applied for at <br />Fabiola Stuyvesant <br />the time a Temporary Certificate of Occupancy ("TCO") for the Project is <br />Commissioner <br />requested from the City, Developer will deposit 100% of the estimated cost <br />Jeniffer Viscarra <br />of the sand placement into escrow, in trust for the City and Developer, to be <br />Commissioner <br />held and distributed by the escrow agent selected by mutual agreement <br />Stan Morris <br />between Developer and City, in accordance with the terms of this Agreement <br />City Manager <br />and an Escrow Agreement to be entered into and executed by Developer and <br />Mauricio Betancur <br />the City; or <br />City Clerk, CMC <br />2. If all applicable permits for the sand placement have been applied for, but <br />not yet issued, at the time a TCO for the Project is requested from the City, <br />Developer will deposit 50% of the estimated cost of the sand placement into <br />escrow, in trust for the City and Developer, to be held and distributed by the <br />escrow agent selected by mutual agreement between Developer and City, in <br />accordance with the terms of this Agreement and an Escrow Agreement to <br />be entered into and executed by Developer and the City; or <br />3. If all applicable permits for the sand placement have been approved and <br />issued at the time a TCO for the Project is requested from the City, Developer <br />will deposit 25% of the estimated cost of the sand placement into escrow, in <br />trust for the City and Developer, to be held and distributed by the escrow <br />agent selected by mutual agreement between Developer and City, in <br />accordance with the terms of this Agreement and an Escrow Agreement to <br />be entered into and executed by Developer and the City; and <br />4. The estimated cost of the sand placement shall be agreed upon by both <br />Developer and the City. In the event Developer and the City cannot agree <br />upon an estimated cost, the City's estimated cost shall prevail; and <br />5. The escrow amount held pursuant to this Agreement and any ensuing escrow <br />agreement shall be held as a trust fiend and shall not be subject to any lien, <br />attachment, trustee process or any other judicial process of any creditor of <br />any party hereto. <br />If the terms and conditions set forth above are satisfactory, please execute and date this letter <br />in the space provided below and return it to me on or before 12:00 pm on Wednesday, <br />January 24, 2024. <br />CITY OF SUNNY ISLES BEACH GOVERNMENT CENTER • 18070 COLLINS AVENUE - SUNNY ISLES BEACH, FL 33160 • SIBFL.NET <br />