11/23/10 - Laserfiche WebLink

Home

to provide for either F &C's reimbursement of the HRA's contribution or the HRH's reimbursement of F &C's contribution depending up whether the Northstar Commuter Rail Line stop and station are approved within the time period set forth herein. g. This Agreement is an essential document in determining the terms for the sale of the Property. 3. Contributions to Escrow Account. Within two business days after the date the HRA, F &C and Escrow Agent have each executed this Agreement, the HRA and F &C must each wire transfer Twenty -five Thousand Dollars and No /100 ($25,000.00) to escrow agent. The $50,000 F &C and the HRA wire transfer to the Escrow Agent and all interest earned thereon is referred to herein, collectively, as the "Escrowed Funds." 4. The Escrow Account. Escrow Agent will hold the Escrowed Funds in a separate, federally insured interest bearing account, and will disburse the Escrowed Funds pursuant to the terms of this Agreement. 5. Escrow Agent's Fee. Escrow Agent will charge a fee of $500.00 for holding and disbursing the Escrowed Funds in accordance with this Agreement. 6. Reimbursable Costs. F &C may contract with unrelated third parties ( "Third Party Vendors ") for some or all of the services specified in Exhibit A ( "Third Party Services "). F &C shall remit payment to the Third Party Vendors for the Third Party Services when and as due (each such payment a "Third Party Payment "). At any time on or before the Termination Date, as defined in Section 8, F &C may seek a disbursement of Escrowed Funds to reimburse for Third Party Payments. F &C may seek reimbursement only once. To seek reimbursement, F &C must submit to the HRA and Escrow Agent, (1) copies of Third Party Vendors' invoices for Third Party Services; (2) receipts from the Third Party Vendors or other evidence reasonably satisfactory to the HRA demonstrating that F &C has paid the amount set forth on the Third Party Invoices F &C has submitted for reimbursement. F &C must also submit, along with each invoice, an executed, acknowledged and recordable mechanic's lien waiver whereby the Third Party Vendor acknowledges and agrees that the Property is owned by the HRA and, under Minnesota law, may not be subjected to mechanic's liens. Within five (5) business days of the HRA's receipt of copies the documentation described in this Section 6, the HRA will notify Escrow Agent and F &C, in writing, either that (i) the HRA authorizes Escrow Agent to disburse Escrowed Funds from the Escrow Account to reimburse F &C for all of the amounts the documentation F &C submitted indicates F &C has paid to Third Party Vendors; (ii) the HRA authorizes Escrow Agent to disburse Escrowed Funds to reimburse F &C for a specified portion of the amounts the documentation F &C submitted indicates F &C has paid to Third Party Vendors; or (iii) the HRA does not authorize the Escrow Agent to disburse any Escrowed Funds to reimburse F &C amounts the documentation F &C submitted indicates F &C has paid to Third Party Vendors. The Escrow Agent shall disburse Escrowed Funds to the extent authorized by the HRA in its notice. If the HRA does not authorize the Escrow Agent to disburse Escrowed Funds from the Escrow Account to reimburse F &C for all of the amounts the documentation F &C submitted indicates F &C has paid to Third Party Vendors, the HRA must include, in its notice, a statement of its reasons for refusing to authorize the Escrow Agent to fully reimburse F &C. If the HRA and F &C are unable to reach agreement regarding the disbursement of Escrowed Funds 256787pv6 2