94-03 ESCROW AGRMNT�
«e.• :• s •�.e...... � w I
.—o•.e -a .- ..�
•r� .. .ry ^ ..r.�t . t
.. c_�• .•.�[sc-. as.�t
��l-�0�'
ESCROi: A.ti'D Ih'D�:IFICATIO`: AGFF�*SEhT � 3z �S
�
THIS ACRE� :�' is made this 2� da�� of �� , .� y
betveen the City of Fri ley (vh'ch shall be called the."Escrov
Agent") and � ' f 7�cf%����'�'� Fridle�•.
?Sinnesota (vho shall be called the "ovner").
BECAt'SE the rn.�nez has contracted vith H65 Asphalt, Inc. for
the constzuction of a paved driveua�• at their above address,
BECAL'SL, H6S Asphalt Inc. is requiring advance F�:�^�'"'' i"i.�r t,
co--,e-�cint the EOn�tructic�� c+f this d-i��e»a�•, and
BECAL'SE the "Escrov Agent" believes it is in the best interest
of the public to encourage the paving of unpaved dri��eva�•s.
IT IS AGREED B�' TFi:. PARTIES AS FOLLO�S:
l. That upon the signing of this agreeWent thc• o�.�ner shall �
��� ��
pa}• to the Escro�: Age^t the s� o: 5��3 ���t���}�
su� is the anount required to pa}• in iull for the dri�•e-
wa�• pa�•ing to bt perfor�ec' b} '�HbS'�. This sur shall bc
held b�• the Escrow Agent in trust until the constructi�n
of the drive�.�a�• is co�pleted
not eazn ar.�• interest.
Further this a^our.: s�,�;l
2. t'pon the "Escro�: Agent" recei�•ing �ritte� co-�ser.t fro�
the '�o�-nez" Lhat the }�avin� o: �he drive�:a� is con,�letcd
then the "�scrov Agent" shall release to '�HbS'� the a^�ur.t
referred to in paragraph 1 above. The ok-nez shall not
unreasonabl}• �:ithhold the gz��ing of this vritten cor.se^t.
3. In the event that the Esczov Agent receives writter
notice fro�. either the ovner or "HbS" that they car.�o:
agree as to vhethez the funds shall be released to "H�S",
then the Escrov Agent ma} deposit all r�air.ing fun?s in ;
• r
�
w[�� �. • �.I+�r�� • A I
•""C�,[-S �` �w �
•7"� .� .f�� ^ �.f�J� . � II
�. _.i • ....�sc-. as.a� �
��
1'
�
Anoka County DisLrict Court, and all costs and expenses
and attorney's fees of the Escrcn: Agent ma�• be paid or
retained by said Escrov Agent out of this sum. ,
4. The ovner acknowledges that the EscroW Ageat has not
made an} express oz implied varranties to the wner ahout
the quality oz nature of vozk vhich H6S AsphalL, Inc.
agrees to perform. For this reason, the owner s�rees to
release and hold harmless the City of Fridle}• for an�•
injury oz da�age vhich the oL-net ma�• sustain as a result
o: the vork being done by HbS ��phalt Inc.
D a t e d:eG� � ���
Cit}• of Fridle�•
B}�- - -
Its Pu':lic �:or s I�irc�ctoz
B 1'— �� '' (7" - -
�.'7l � T _ --
B} -------
�b.'Tl E T
d