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Res_11487
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Res_11487
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Last modified
2/20/2018 2:49:32 PM
Creation date
2/20/2018 2:47:43 PM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/29/2018
Resolution #
11487
Resolution Title
Resolution Approving the Purchase/Sale of Certain Land by the City of Roseville
Resolution Date Passed
1/29/2018
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I <br /> I <br /> EXHIBIT A ESCROW <br /> AGREEMENT <br /> The undersigned, Land Title, Inc, ("Title Company"), acknowledges receipt of$10,000.00 (the "Initial Earnest <br /> Money") to be held by it pursuant to the Purchase Agreement to which this Escrow Agreement is attached. Title <br /> Company will hold the Initial Earnest Money and the Additional Earnest Money, if any(collectively the"Earnest <br /> Money") in accordance with the terms of the Purchase Agreement and disburse the same strictly in accordance <br /> with such terns, Title Company will invest the Earnest Money in such interest-bearing accounts, instruments, <br /> corporate paper,or money market fiends as approved by both Buyer and Seller.Interest will accrue for the benefit of <br /> Buyer,unless the Purchase Agreement is tennviated by reason of the default of Buyer,in which case the interest will <br /> be paid to Seller.Prior to the Contingency Date,Buyer may direct the Title Company to return the Initial Earnest <br /> Money to it if Buyer elects to tenuinate the Purchase Agreement,in which event Title Company will promptly return <br /> the Initial Earliest Money to Buyer. <br /> Seller and Buyer represent that their respective Tax I,D.Numbers are as follows: Seller, ; Buyer, <br /> Title Company is not responsible for any decision concerning performance or effectiveness of the Purchase <br /> Agreement or for resolution of any disputes concerning the Purchase Agreement.Title Company is responsible only <br /> to act in accordance with the joint and mutual direction of both Seller and Buyer,or in lieu thereof,the direction of a <br /> court of competent jurisdiction except as to Buyer's right to direct the return of the Initial Earnest Money prior to the <br /> Contingency Date. Seller and Buyer will hold Title Company harmless from all claims for damages arising out of <br /> this Escrow Agreement and do hereby agree to indemnify Title Company for all costs and expenses in connection <br /> with this escrow,including court costs and attorney's fees,except for Title Company's failure to account for the funds <br /> held hereunder,or acts in conflict with the terms hereof. <br /> The fees and charges of the Title Company in connection with this Escrow Agreement will be paid one-half by Seller <br /> and one-half by"Buyer,except as otherwise provided in the Purchase Agreement, <br /> TITLE COMPANY <br /> Land Title,Inc. <br /> By: <br /> Its: <br /> SELLER: <br /> Roseville Center Limited Partnership, <br /> a Minnesot limited part rship <br /> By: <br /> atric au an <br /> It : Gene al P tier <br /> Page 27 of 38 <br />
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