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CONSTRUCTION ESCROW AGREEMENT
This is a Construction Escrow Agreement entered into by and
among U.S. Bank National
Association (the "Trustee"), Pasco County, Florida, a political subdivision of the State of
Florida ("County"), and the Meadow Pointe
IV
Community Development District, a unit of
local special purpose government ("District" or "Meadow Pointe IV CDD") (the
"Construction Escrow Agreement"). (the County and the Meadow Pointe
IV
CDD are
soinetiines referred to herein collectively as the "Parties" and individually as a "Party".)
WITNESSETH:
WHEREAS, the County and the Meadow
Pointe
IV
CDD are parties to the Amended and
Restated Development Agreement (201
1)
approved June
7,
201 1 (the "DA") for the construction
of the S.R.
56
Eastern Segment (as defined in the DA); and
WHEREAS, the Cost Estimate to construct the S.R.
56
Eastern Segment as defined in
Section E.2. of the DA is attached hereto as Exhibit "A" and shall be updated prior to November
30,201
3,
as provided in the DA; and
WHEREAS, the WCL Landowilers and the Developer
of
the Wesley Chapel Lakes DRI
(the "Project"), as those terms are defined in the DA, have agreed to deposit funds into the
Escrow Account maintained by the Trustee in the amounts and at the times required in the DA to
pay for the costs of constructing the S.R.
56
Eastern Segment (the "Construction Costs"), as
detailed in the Cost Estimate; and