Inspection Escrow Deposits

The Developer shall cause his engineer to prepare an estimate of the cost of public utilities and public road construction. The Developer shall then deposit inspection fees with Walker equal to 15% of the sanitary sewer and watermain construction to cover work noted in paragraph 5 of the standard three party construction agreement (7% for GR administration and 8% for Walker field inspection). Additionally, the Developer shall deposit 8% of the road improvement cost with Walker to allow for field inspection, street light installation and any unexpected costs associated with acceptance of the new roadway as public.

The escrow deposit must be submitted along with the engineers estimate (with P.E. seal affixed) prior to Walker releasing the signed mylar cover sheet and three party construction agreements

Upon completion of the project and computation of the final costs of said work, any unexpended amount will be returned to the Developer or should the cost be greater than the amount deposited, the Developer will reimburse Walker for the additional costs. This language will be specifically addressed in the agreement.