2021-03-10 CC Packet - Laserfiche WebLink

Home Browse Search

theCityswatersystem.The Owneragrees to apply theFunds for this purpose and to connect the real estate to the Citywater systemunder these conditions.If the Funds are insufficient to accomplish the stated purpose of this agreement, the Owner agrees to supplementthe escrow with additional funds in order to accomplish the stated purpose of this agreement. 4.Upon receipt of the Funds,theCityshall deposit theFundsinto a non- interest earning account with a national banking association or other federally insured banking institution with which theCityhas established a banking relationship. 5.The Cityshall continue to hold the Fundsin said account until the earliest of the following events,whentheCityshall distribute the remainingFunds as set forth in paragraph 5. a.The Owner,the Owners agent, or the Cityshallcomplete the connectionofstructures on the real estate to the Citywater system, as evidenced by a physical inspectionperformed by the Citys Building Official or designee. b.TheAutomatic Termination Date of theEscrowis calculated as follows: i.The purpose of this agreement,namely, connecting thereal estateto the City water system,shall occurno later than five years from the effective date of this Agreement;and, ii.TheAutomaticTermination Date may be extended by obtainingwritten permission from the Centerville City Administrator. 6.Distribution of Escrow Funds: a.If, at the Automatic Termination Date, any Fundsremain in the escrow account,they shall be released tothe City for the purpose ofconnectingthereal estate to the Citywater systemin the manner set forth in paragraph6. b.If, prior to the Automatic Termination Date, Owner submits the following documentation to theCity,theCityis authorized by all parties to immediately release Fundsas set forth inparagraph (c), below: i.Owner to submit and gain approval of a plan toconnectthe real estate to the Citywatersystem; and, ii.Licensed contractor(s) to obtainpermit(s) to execute the approved plan, referenced above. c.Release of Fundsprior to Automatic Termination Date: i.Tolicensed contractor(s);the City shall make partialand periodic payments to contractor(s)until thepurpose of this 2 Centerville -7085 Centerville Road -ESCROW AGREEMENT -Version 03052021-1 18