94-01 Escrow Agrmnt«�.. :. s tic».... � •
.--o•.e-s •- u�
•T� .� ���f ^ �.�+�f ► (
.. __�• ....isc-. ea.a:
�� `�c? �� c j ��� (� �
��,
���>r���
ESCRO�: A2r'D Ih'���II'?CAT10'� AGFE�*iEhT
f �' �. �'sT �j.�
THIS ACRi�'L :? is made this da�• of �
between the City of Fridle5 (vhich shall be called the "Escre�:
� .d� I�. C�A�D �� �z �f' 1��
Agent") and �p� of F✓'�/ Fridle�•.
Ninnesota (vho shall be called the '�ovner").
BECAL'SE the rn.-ner has contracted uith HdS Asphalt, Inc. for
the construction of a paved driveva}• at theiz above address,
BE.C,�!'SL. H65 Asphalt Inc. is requiring advance F�:�"�"�� I'"i•,r ;�
co--.e-�cinc the con�'ructic�n nf this d.-i�•c�a�•� and
BECAI;SE the "Escrov Agent" believes it is in the best interest
of the public to encourage the paving of unPaved dri��ewa�•s.
IT IS AGRTi.D B�' Tiii PARTIES AS FOLLO�S:
1. That upon the signing of this agree�ent L}lE� OL.TIET shall
��_
pa�• to the Escro�: Ager.t the s� o: S�, �t���}�
su� is the anount required to pa�• in full for the drive-
�a�• pa��ing to ht perfoi-t�ed b� '�HbS". This sur sha]1 be
held b�• the Escrow Agent in trust until the constructi�n
of the drivewa�• is completed. Further this a^our.: s�,alJ
not earn ar.�• interest.
2, t'pon the "EsczoL Agent" recei�•ing �:ritten co-:sert fro�
the "o�-ner" that the paving of the drive�:a� is co�plete�
then the "Esczov Agent" shall Telease to "H6S" the a^�ur.t
ref�rre� t� Yae para�ra�+h I above. The or.-ner shall nct
unreasonabl}' �aithhold the gic�in� of this vTitten cor.se^t.
3, �n �h� e�rent that Lhe Escso�s: Agent receives vritter,
notice fro� eithez the ovner oz "HbS" that they car.no:
agree as to vhether the funds shall be released to "Hi.S",
then the Escrov Agent may deposit all r�air.ing fun�'s ir
�
►
�r.. c• � •.e...... • � �
•^.—•�c-s •• 1..
•7`� .� .f�f ^ ���►�t � • ��
• :_[. Y ��[S:"� SL77
��
l�
�
Anoka County Disirict Court, and all costs and e�cpenses
and attorney's fees of the Escrrn: Agent may be paid or
retained by said Escrow Agent out of this sum.
4. The ovner acknovledges that the Escrov Agent has not
made any ex press or implied varranties to the owner ahout
the qualit}• oz nature of vozk vhich HbS Asphali, Inc.
agzees to perform. For this zeason, the ovner agrees to
release and hold harmless the City of Fridle}• foz an�•
injury oz da:..a�e vhich the oL�ner ma�• sustain as a result
of the vozk being done b�• Hb5 A.��halt Inc.
D a t e d:`��'�-� )
Cit}• of Fridle}• ��
By_�-
B�•
Cr.-n c z — - - -
B}• _
U,-ner
hs
►
�
� ; : „ � �a :
�
f �' � '�. � c� �
1 c� � m W �. �-y ` � � � �
, � w � '� � � � �v � '�
; �y� � � � n � �
. � � � � � � � -��- 1 QQ1 � C�_
� � �
� .� � ti� �1
I e � � �- � � �� 3 �
� � � � � �o � i�-._
`�� �` `F' �' � �� .. c �
� � \ � f �� � k �� ,
� ,�_ � � �, � � °, �
� �`� � � � � ��
�� � � - �` - ,� ,,' � �'
,
,, � o�^ �"
� ��'` � � � � �l � �
�v �, �- � � � ti ��
, O _.� . � °�° `. �, �, � �, � �
v
'�_ � � � � �� �
vt `�' - � , . �
� '�, �
. . � � � � � . � t . f.�.. � 1, . . ..
�, r � ,� __..__.___
r •
1