R2004-143 AUTHORIZING EXECUTION OF ESCROW AGREEMENT

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i { � � � � ESCROW AGREEMENT . This Escrow Agreement is made and effectiv ��t ��U, 2004, by and among Real Estate tnvestors of Decatur, L.L.C. ("REID"), City of Decatur, an Illinois Municipal Corporation ("CITY"), and First National Bank of Decatur("Escrow Agent"). In consideration of the mutual obligations and undertakings contained herein, the parties agree as follows: 1. RECITALS. 1.1 REID and CITY are parties to a certain Developer Agreement dated as of the 2nd day of April, 2001 and an Addendum dated the 6th day of May, 2002. 1.2 This Escrow Agreement is entered into to create an escrow fund for purposes of guaranteeing the construction of sidewalks on the east half of the property platted as Cardwell Crossing. 2. ESCROW. 2.1 Closing Escrow Deposit. (a) There is hereby deposited by REID with the Escrow Agent the sum of Fifty-Four Thousand Dollars ($54,000.00) which shall be held by the Escrow Agent in an Escrow Fund only for the purpose of constructing the remaining sidewalks at Cardwell Crossing pursuant to the engineering drawing. The Escrow Agent is authorized and directed to hold all deposits in the Escrow Fund in accordance with the terms and conditions of this Escrow Agreement. (b) Sums or assets constituting the Escrow Fund may be withdrawn only in accordance with the terms herein. 2.2 Investments. All cash deposits in the Escrow Fund shall be invested in any one or more of the following types of investments: (i) direct obligations of the United States of America; (ii) securities or obligations with the prompt payment of the principal and interest of which is guaranteed by a pledge of the full faith and credit of the United States of America; (iii) certificates of deposit or time deposits of any bank (as defined by the Illinois Banking Act), provided that the full amount of such certificates of deposit or time deposits are insured by the Federal Deposit Insurance Corporation; or (iv) in any common trust fund maintained by a bank which includes only assets of the type described in (i), (ii) and (iii) above. All such investments shall be made in obligations that mature on or before the Distribution Date defined below. Said ' investments shall be made by the Escrow Agent within the guidelines described above, pursuant to written instructions signed by REID designating specific securities, financial institutions or government obligations in which such funds should be invested. If and to the extent that the Escrow Agent is required to file an information return with the Internal Revenue Service with respect to the investment earnings on the amounts on deposit in RFlrl f:ihi Ferrn�ei Gnraomcnfi Q/7(1/fld