2020-09-09 CC Packet - Laserfiche WebLink

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by a physical inspection performed by or designee. b.The Automatic Termination Date of the Escrow is calculated as follows: i.The real estate shall be connected to the City water system no later than September 9, 2021; and, ii.This period may extend to September 9, 2022, in the event the Owner submits an application to develop the real estate with the City. This application shall consist of either a building permit application or a subdivision application. 5.Distribution of Escrow Funds: a.If, at the Automatic Termination Date, any Funds remain in the escrow account, they shall be released to the City for the purpose of connecting the real estate to the City water system in the manner set forth in paragraph 6. b.If, prior to the Automatic Termination Date, Owner submits the following documentation to the City, the City is authorized by all parties to immediately release Funds as set forth in paragraph (c), below: i.Owner to submit and gain approval of a plan to connect the real estate to the City water system; and, ii.Licensed contractor(s) to obtain permit(s) to execute the approved plan, referenced above. c.Release of Funds prior to Automatic Termination Date: i.To licensed contractor(s); the City shall make partial and periodic payments to contractor(s) until the purpose of this Agreement is completed. Thereafter, remaining Funds to Owner. 6.Right of Entry and Construction. In the event the City is required to connect the real estate to the City water system, the Owner grants the City and its employees, agents, and contractors the right of entry to the real estate and any structures on the real estate to effectuate such connection; and, similarly grants permission to temporarily or permanently change and alter the land or structures to effectuate this connection. The Owner agrees to compensate and reimburse the City for all of its connection costs, including, but not limited to collateral costs such as permits, planning, engineering, administrative, and legal fees. The City shall first apply the Funds toward this purpose, however, in the event of a shortfall of Funds, the Owner grants the City permission to assess the real estate to effectuate the purposes of this Agreement. 7.The City shall be liable only to hold the Funds and to deliver it to the parties named in this Agreement in accordance with the provisions of this Agreement. It is understood that by acceptance of this Agreement, the Version 09012020-1 2