2016-10-17_EDA_Agenda_Packet - Laserfiche WebLink

Home

9b. Attachment C EXHIBIT B Escrow Agreement THIS AGREEMENT entered into this _____ day of October, 2016,by and betweenEvelyn M. Sands, a single person (the “Seller”), the ROSEVILLE ECONOMIC DEVELOPMENT AUTHORITY, apublic body corporate and politic under the laws of the State of Minnesota (the “Buyer”), and KENNEDY & GRAVEN, CHARTERED (“Escrow Agent” or “Agent”). RECITALS A. The Seller andtheBuyer have entered into a Purchase Agreement dated October _____, 2016 (the “Purchase Agreement”) for the sale of property located at 196 McCarrons Boulevard South, Roseville, Minnesota and legally described on the attached Exhibit One (the “Property”). B.The parties desire to close the sale of the Property onor before ________________. AGREEMENT The parties agree as follows: 1.Delivery of Possession.The Seller shall deliver possession of the Property tothe Buyer in accordance with the Purchase Agreement entered into by the parties. The Purchase Agreement requires the Seller to pay all utilities and to remove all personal property and debris from the Property upon closing. 2.Escrow.(a) Upon closing and execution of this Agreement, the Seller agrees to deposit into escrow the sum of _______(the “Escrowed Funds”) from the purchase price, to be held by Agent in a non-interest bearing account. (b) Within sevendays after requested by Agent, the Buyer shall provide to Agent (with copy to the Seller) evidence of expenses incurred for the removal and disposal ofanypersonal propertyand debrisand for payment of utility charges for services provided to the Property prior to date of possession, if any. Agent shall reimbursetheBuyer for the incurred expenses from the Escrowed Funds within 7 days following receipt of such evidence from the Buyer. (c) Agent shall deliver to the Seller the balance of the Escrowed Funds on deposit, less deductions provided for in paragraph 2(b) above, no later than 30 days following vacation of the Property by the Seller. (d) The sole duties of Agent shall be those described herein, and Agent shall be under no obligation to determine whether the other parties hereto are complying