2021-03-10 CC Packet - Laserfiche WebLink

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ESCROW AGREEMENT AND RIGHT OF ENTRY AND CONSTRUCTION AGREEMENT ThisEscrowAgreementand Right of Entry and Construction Agreement datedMarch 10, 2021,isbetweenthe property owner(s),Propel Investment, a Limited LiabilityCompany, (Ownerand the Cityof Centerville, aMinnesotaMunicipal Corporation,City. WHEREAS, the parties desire to escrow FundswiththeCityin connection with a transaction involving the sale, purchase and/or mortgaging of theeawhich is abstract property situated in the County of Anoka, State of Minnesotaand is described as follows:Lot3, Block 8, Centerville, Anoka County, Minnesota, and subject to easement of record.Also known aslocated at7085Centerville Road, Centerville, Minnesota. WHEREAS, the parties desire toobtain Funder to escrow for this stated purpose as part of the closing and transfer of this real estate to the Owner.The Closing Company,responsible for closing the transfer of the property to the Owner is: Closing Company:Attorneys Title Group, LLC 1054 Centerville Circle Vadnais Heights, MN 55127 cgeorge@attorneystitlemn.com NOW THEREFORE, in consideration ofthevariousagreements between the parties and the mutual covenants set forth in this instrument, the parties agree as follows: 1.The OwnerdirectstheCityto holdTwelveThousand Six Hundred Fifty Dollarsand Eighty FiveCents($8,433.90x 150% = $12,650.85) Fundsin accordance with the terms of this agreement. 2.The Owner statesthat as a condition of closing and transferringthe real estate to the Owner, the Closing Company shall transfer Funds, in the amount stated above, to the City, for the purposes stated in this agreement. 3.Purpose of the Agreement. The Fundsare held for the following purpose: At the time of sale,eachparcelofreal estatein the Citywhich contains a principal structure must be connected to the Citywatersystem, or else, moneysmust be held in escrowfor thepurposeof making that connection to the water system.Ifmoneysare held for this purpose,thelandowner must make this connection in a manner approved by the City, and must grantthe City permission to use said moneys for that purpose if theparcel is not connected in the manner approved by the City. If the City is required to connect the parcelto the Citywater system, the moneyswill be used by the City to reimburse its costs related to making this connection to 1 Centerville -7085 Centerville Road -ESCROW AGREEMENT -Version 03052021-1 17