2021-03-10 CC Packet - Revised Escrow Agreement & Right of Entry - 7087 Centerville Road

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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. 8. 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 change and alter the land or structures to effectuate this connection temporarily or permanently. 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. 9. 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 City is only acting in the capacity of a depository, and it shall not be liable or responsible to anyone for any damages, loss or expense unless caused by the negligence or willful malfeasance of the City. 10. In the event of any disagreement among any of the parties to this Agreement, or among any of them and any other person, resulting in adverse claims and demands being made in connection with or for any property involved in or affected by this Agreement, the City shall be entitled to refuse to comply with any such claims or demands as long as the disagreement continues, and in refusing, shall make no delivery or other disposition of any property then held by it under this Agreement, and in so doing, the City shall not become liable for such refusal. The City shall be entitled to continue to refrain from acting until (a) the right of adverse claimants is finally settled by binding arbitration or finally adjudicated in a court assuming jurisdiction of the property involved in this Agreement or affected by this Agreement or (b) all differences are adjusted by agreement and the City is notified in writing of such an agreement signed by the other parties to this Agreement. Furthermore, the 3 Centerville - 7087 Centerville Road - ESCROW AGREEMENT - Version 03092021