R2004-143 AUTHORIZING EXECUTION OF ESCROW AGREEMENT

Home Browse Search

the Escrow Fund, all investment earnings shall be allocated to REID. For purposes of such re,porting, the Taxpayer ldentification Number of REID is: �Z- I"��33�1� (To be provided.). 2.3 Escrow Fund. The cash or assets deposited hereunder pursuant to Section 2.1 shall constitute an Escrow Fund for the purpose of providing a source of funds to reimburse REID for the costs to install the sidewalks on the east haff of Cardwell Crossing pursuant to the drawings submitted to City by Developer's Engineer. 3. DUTIES OF THE ESCROW AGENT AS TO ESCROW FUND: Upon completion of the sidewalks, constructed in accordance with City standards, in whole or in part, and acceptance of the sidewalks by the CITY, REID shall dedicate the sidewalks and the CITY shall provide written verification to the Escrow Agent the percentage of sidewalks that have been completed, accepted and dedicated. Upon written verification from the City that all or part of the sidewalks on the east half of Cardwell Crossing have been installed, accepted and dedicated, REID shall receive the Escrow Funds that equal the percentage of the sidewalks that have been installed. Therefore, if REID has installed twenty percent (20%) of the required sidewalks pursuant to the engineer's plans for this development, then REID shalf receive twenty percent (20%) of the Escrow Fund. The Escrow Agent shall pay to the CITY the funds remaining in the Escrow Fund two (2) years following the date of this Agreement representing the amount necessary to build the remaining sidewalk improvements if sidewalk construction, acceptance or dedication remains. If all sidewalks have been completed, accepted and dedicated, the CITY shall notify the Escrow Agent to release any remaining funds from the Escrow Fund to REID. 4. ESCROW OPERATIONS. The parties hereto (which term "parties" or"Party" as used in this Section 4 shall not include the Escrow Agent) for themselves, their successors, heirs and personal representatives do hereby agree with the Escrow Agent that: 4.1 Assignment. No assignment or attempted assignment of this Escrow Agreement or any interest hereunder by any party hereto shall be of any force or effect unless and until the Escrow Agent, in its sole discretion, shall give its written consent thereto. 4.2 Successors. No person, firm or corporation will be recognized by the Escrow Agent as a successor, heir, or personal representative of any party hereto until there shall be presented to the Escrow Agent evidence satisfactory to it of such succession. 4.3 Liabilities and Duties. The Escrow Agent shall have no duties or responsibilities except as expressly set forth in this Escrow Agreement and shall neither REID_City_Escrow Agreement_9/20/04