94-04 ESCROW AGRMNTM��� :• S Ntwr�� � • I
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ESCROi: A2r'D Ih'��:I; ?CATIO`� AGFEE*iEA?
THIS AGRi�T:? is made this � day of =G(Si ,��
betveen the City of Fridley (uhich shall b cal� d the-��Escrou
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Agent") and ��<��2 ( S S �, ( � of ` - � Fridle�•.
T'.innesota (vho shall be called the '�ovner").
BECAL'SE the rn.�ner has contracted vith HbS Asphalt, Inc. for
the construction of a paved driveva}• at their above address,
BECAL'SL, H65 Asphalt Inc. is requiring advance F�:�'�'�' T'"l.,r :,
co--,e'�cinE the con�tzucLic�n nf this d�:�•cwa�•. and
BECAL'SF the ��Escrov Agent" believes it is in the best intezest
of the public to encourage the paving of unPaved dri��e�:a��s,
IT IS AGREF.D B�' TiiE PARTIES AS FOLL0�5:
1. That upon the signing of this agree.:.ent, thc• o� er sh311
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pa�• to the Escrou Age^t the s� o: $���-, Lt;ich
su� is the anount required to pa�• in full for the dri�•c•-
r:a�• pa�•ins to bt pezfor�ec' b� "HbS". This sur shall bc
held b�• the Escrow Agent in trust until the constructi�n
of the drive4•a�• is co�pleted. Further this a::our.: si-,ai l
not earn ar�• interest.
2, t'pon the "Escro�: :+�ent" recei��ing vritte� con5er.t fro�
t&��e '"o�tiT+e." that the paving of the drive»a�• is co�;�lete�
then the "Escrov Agent" sha�l zelease to "H6S" the a^�ur.t
referred to in paragraph 1 above. The o�.�ner shall nct
unreasonabl} withhold the giving of this vritten cor.se^t.
3. In the event that the Escrav Agent zeceives vritter
notice fro�: eiti�er 't�re oL-ner or "HbS" that they car.:��:
agree as to whether the funds sha12 be released to "Hi.S",
then the Escrov Agent may deposit all r�air.ing fun�s in
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Anoka County District Court, and all costs and expenses
and attozaeS's fees of the Escrrn: Agent may be paid or
retained by said Escrav Agent out of this s�.
4. T'he ovner acknovledges that the Escrov Agent has not
made any express oT implied varranties to the ovnez ahout
the quality oz nature of vork vhich H6S Asphalt, Inc.
agrees to perform. For this reason, the o�•ner agrees to
release and hold harmless the City of Fridle}• for an�•
Dated:
injury oz da�age vhich the oL� er ma�• sustain as a result
of the vork being done b}• Hb5 ���halt Inc.
Cit�• of Fridl
By--
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