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4. Purpose of the Agreement. The Funds are held for the following purpose: <br />At the time of sale, each parcel of real estate in the City which contains a <br />principal structure must be connected to the City water system, or else, <br />moneys must be held in escrow for the purpose of making that connection <br />to the water system. If moneys are held for this purpose, the landowner <br />must make this connection in a manner approved by the City, and must <br />grant the City permission to use said moneys for that purpose if the parcel <br />is not connected in the manner approved by the City. If the City is <br />required to connect the parcel to the City water system, the moneys will be <br />used by the City to reimburse its costs related to making this connection to <br />the Citys water system. The Owner agrees to apply the Funds for this <br />purpose and to connect the real estate to the City water system under these <br />conditions. If the Funds are insufficient to accomplish the stated purpose <br />of this agreement, the Owner agrees to supplement the escrow with <br />additional funds in order to accomplish the stated purpose of this <br />agreement. <br /> <br />5. Upon receipt of the Funds, the City shall deposit the Funds into a non- <br />interest earning account with a national banking association or other <br />federally insured banking institution with which the City has established a <br />banking relationship. <br /> <br />6. The City shall continue to hold the Funds in said account until the earliest <br />of the following events, when the City shall distribute the remaining Funds <br />as set forth in paragraph 5. <br /> <br />a. The Owner, the Owners agent, or the City shall complete the <br />connection of structures on the real estate to the City water system, <br />as evidenced by a physical inspection performed by the Citys <br />Building Official or designee. <br />b. The Automatic Termination Date of the Escrow is calculated as <br />follows: <br />i. The purpose of this agreement, namely, connecting the real <br />estate to the City water system, shall occur no later than <br />five years from the effective date of this Agreement; and, <br />ii. The Automatic Termination Date may be extended by <br />obtaining written permission from the Centerville City <br />Administrator. <br /> <br />7. Distribution of Escrow Funds: <br />a. If, at the Automatic Termination Date, any Funds remain in the <br />escrow account, they shall be released to the City for the purpose <br />of connecting the real estate to the City water system in the manner <br />set forth in paragraph 6. <br />b. If, prior to the Automatic Termination Date, Owner submits the <br />following documentation to the City, the City is authorized by all <br /> <br />2 <br /> <br />Centerville - 7087 Centerville Road - ESCROW AGREEMENT - Version 03092021 <br /> <br /> <br />