94-05 ESCROW AGRMNT�
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ESCROi� A.ti'D IIv'��:I; ?CATIO`� AGREE.*4Eh? ��'�3/Cj
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THIS AGRE�'L :? is made this� day of . [-(
between the City of Fridle• (vhich shall be called the-"Escro�:
• � `--�-�., � 0 3 ) rS�'
Agent'�) and �L''�UVS Y l� c� of B2i..�a'�"" :-. Fridle�•,
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?'.innesota (vho shall be called the "owner").
BECAL'SE the rn.�ner has contracted vith H65 Asphalt, Inc. for
the construction of a paved driveva�• at theiz above address,
E3 �}-� r,.. n; � �,r i�o•�r
BE.CAL'SL, is requiring advance i'�:�`�"�' T"i ,r "
co-��e-��in� the censtructic�n �f this dri��ewa�•. and
BECAL'Si the "Escrow Agent'� believes it is in the best interest
of the public to encourage the paving of unpaved driveua�•s,
IT IS AGREED B�' THE PARTIES AS FOLLO::S:
2.
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That upon ihe signing of this agreeWent thc• ow-ner shall
pa�� to the Escror: Ager.t the s� o: S���� ,�'�� , y}���t�
su� is the anount required to pa}• in full for the drive-
�:a�• pa�•ing to bt perforr�ed b� "Hb5". This sur shall bc
held b�• the EscroM Agent in trust until the constructi�n
of the driveua�• is completed. Further this a�our.: s�,ul]
not eazn ar.�• interest.
L'�on the� "Escro�: 4�.er�*" recei��inF vritte� con�er.t fro-
the "ow-nez" that the paving of the drive�:a1 is conpletcd
then the "Escrov Agent" shall zelease to "HbS" the arour.t
zeferred Lo in paragraph 1 above. The ovner shall not
unreasonabl}' vithhold the gi��ing of this vritten cor.se^t.
In the event that the Escrov Agent receives vritten
notice fro� either the o�rnez or '� that they car.��:
agree as to vhether the funds shall be released to "H�S",
then the Escrou Agent may deposit all r�air.ing funds in
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Anoka County DisLrict Court. and all costs and expenses
and attorney's fees of the Escrrn: Agent maS• be paid or
zetained by said Escrav Agent out of this s�.
4. The ovner acknovledges that the Escrov Agent has not
made any express or implied varranties to the wner about
the qualit}• or nature of vork vhich ���� ��� �� �m�r"''�'7�
agrees to perform. For this reason� the ovner agrees to
release and hold ha�less the City of Fridle}• for an�•
injury or da�age vhich the oti�ner ma�• sustain as a result
o: the work being done b�•
C� ;---�- K.,., � r•: ��,� l C� � S��
Dated: 1"'
Cit�• of Fridley
By-- -
Its Pu�lic korks Uirc�ctor
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