2020-09-09 CC Packet - Laserfiche WebLink

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ESCROW AGREEMENT AND RIGHT OF ENTRY AND CONSTRUCTION AGREEMENT This Escrow Agreement and Right of Entry dated September 9, 2020, is between the property owner(s), Jason Allen Cramer and Tressa Marian Cramer (ity of Centerville, Minnesota, ( 1880 Main Street, Centerville, Minnesota 55038. WHEREAS, the parties desire to escrow Funds with the City in connection with a transaction involving the sale, purchase and/or mortgaging of abstract property situated in the County of Anoka, State of Minnesota and is described as follows: Lots 10 and 11, Block 6, Centerville, Anoka County, Minnesota. NOW THEREFORE, in consideration of the various agreements between the parties and the mutual covenants set forth in this instrument, the parties agree as follows: 1.Contemporaneously with the execution of this agreement herein, the undersigned parties direct the City to hold Fifteen Thousand Dollars 2.Purpose of the Agreement. The Funds are held for the following purpose: At the time of sale, each parcel of real estate in the City must be connected to the City water system, or else, moneys must be held in escrow for the purpose of connecting the parcel to the water system. If moneys are held for this purpose, the landowner must make this connection in a manner approved by the City, and must grant the City permission to use said moneys for that purpose if the parcel is not connected in the manner approved by the City. If the City is required to connect the parcel to the City water system, the moneys will be used by the City to reimburse its costs related to connecting the parcel to the City water system. The Owner agrees to apply the Funds for this purpose and to connect the real estate to the City water system under these conditions. 3.Upon receipt of the Funds, the City shall deposit the Funds into a non- interest earning escrow account with a national banking association or other federally insured banking institution with which the City has established a banking relationship. 4.The City shall continue to hold the Funds in said account until the earliest of the following events, when the City shall distribute the remaining Funds as set forth in paragraph 5. a. structures on the real estate to the City water system, as evidenced Version 09012020-1 1