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<br />ESCROW AGREEMENT <br />AND <br />RIGHT OF ENTRY AND CONSTRUCTION AGREEMENT <br /> <br /> <br />This Escrow Agreement and Right of Entry and Construction Agreement <br />dated March 10, 2021, is between the property owner(s), Propel Investment, a Limited <br />Liability Company, (Owner and the City of Centerville, a Minnesota Municipal <br />Corporation, City. <br /> <br />WHEREAS, the parties desire to escrow Funds with the City in connection with a <br />transaction involving the sale, purchase and/or mortgaging of the eawhich is <br />abstract property situated in the County of Anoka, State of Minnesota and is described as <br />follows: The East 100 feet of Lot 4, Block 8, Centerville, Anoka County, Minnesota, and <br />subject to easement of record. Also known as located at 7087 Centerville Road, <br />Centerville, Minnesota. <br /> <br />WHEREAS, the parties desire to obtain Funder to escrow for this stated purpose <br />as part of the closing and transfer of this real estate to the Owner. The Closing <br />Company, responsible for closing the transfer of the property to the Owner is: <br /> <br />Closing Company: Attorneys Title Group, LLC <br />1054 Centerville Circle <br />Vadnais Heights, MN 55127 <br />cgeorge@attorneystitlemn.com <br /> <br />NOW THEREFORE, in consideration of the various agreements between the <br />parties and the mutual covenants set forth in this instrument, the parties agree as follows: <br /> <br />1. The Owner directs the City to hold Funds in accordance with the terms <br />of this agreement. <br /> <br />2. The Owner states that as a condition of closing and transferring the real <br />estate to the Owner, the Closing Company shall transfer Funds, in the <br />amount of Ten Thousand Two Hundred Thirty-Seven Dollars And Ninety <br />Cents ($10,237.90) to the City, for the purposes stated in this agreement. <br /> <br />3. After the date of closing, Owner shall periodically provide updated quotes <br />from a bonafide contractor for the work stated in paragraph 8 of this <br />agreement. Until the purposes stated in this agreement have been <br />accomplished, the Owner shall provide updated quotes on or before <br />December 31, 2021, and again by December 31, 2023; and shall, in each <br />case add to the escrowed Funds to match the more current quote, as <br />necessary. <br /> <br /> <br />1 <br /> <br />Centerville - 7087 Centerville Road - ESCROW AGREEMENT - Version 03092021 <br /> <br /> <br />