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<br />o <br />, <br /> <br />. <br /> <br />ESCROW AGREEMENT <br /> <br />DATE: <br /> <br />PROPERTY LEGAL DESCRIPTION: <br /> <br />Parcell <br /> <br />The East 410 feet of the South 205 feet of the SW 1/4 of the SW 1/4 of section 24,. Township 31, <br />Range 22, Anoka county, Minnesota, together with an easement over that part of the south 20 feet <br />of the SW 1/4 of the SW 1/4 of Section 24, Township 31, Range 22, lying between the point where <br />the south line of Section 24 intersects county Road 54, commonly known as Cedar Street and the <br />west line of the above descn"bed property. This easement shall be effective only in the event that <br />the grantees herein have no other access to said County road from the property conveyed herein. <br /> <br />Parcel 2 <br /> <br />The East 410 feet of the South 345 feet of the SW 1/4 of the SW 1/4 of Section 24, Township 31, <br />Range 22, Anoka County, Minnesota, except the south 205 feet. <br /> <br />Abstract property <br /> <br />Centerville, Minnesota <br /> <br />County of Anoka <br /> <br />1. The City of Centerville ("Buyer") will deposit the sum of $288,000.00 with <br />Centerstone Title, who will receive and hold these funds solely as escrow agent under <br />the terms of this agreement <br />2. The escrow agent will receive a fee of $ from for its <br />services under this agreement <br />3. The escrow agent will hold these funds as assurance of Dennis C. Shudy's ("Seller") <br />performance ~f the following: Prior to closing, Seller shall comply with all <br />requirements of Purchase Agreement entered into by the Parties, including but not <br />limited to, the satisfactory completion of the improvements and Building Extras to the <br />Property. <br />4. On receipt of written notice from Buyer to the escrow agent, at Centerstone Title, stating <br />that full performance has been rendered, the escrow agent will disburse the funds as <br />follows: Escrow Agent shall disburse funds to Seller in the amount specified in writing <br />by Buyer. Escrow agent understands that multiple disbursements will occur prior to <br />closing. Escrow agent shall be responsible for obtaining lien waivers from Seller for <br />improvements to the Property prior to the release of funds for work performed by <br />contractors. <br />5. If any funds held under this agreement remain at the time of closing, those remaining <br />funds will be paid to Seller. <br />6. This agreement will terminate on the full performance by each of the parties of their <br />respective obligations hereunder; provided, however, that if the performance required by <br />paragraph 3 has not been rendered on or before , the escrow <br />agent will be entitled to disburse the funds to Buyer; and on such disbursement this <br />escrow agreement will terminate and the escrow agent will have no further obligation <br />under this agreement to either party. <br /> <br />SELLER <br /> <br />BUYER <br /> <br />ESCROW AGENT <br /> <br />---------------~- ---~-------- -------- <br />