11/23/10 - Laserfiche WebLink

Home

within thirty (30) days after the HRA notifies F &C and Escrow Agent that the HRA does not authorize the Escrow Agent to fully reimburse F &C, either the HRA or F &C may commence an action in Anoka County District Court to determine if F &C is entitled to full reimbursement under the terms of this Agreement, and in any such action the prevailing party shall be entitled to recover its reasonable attomey's fees and costs. 7. Excess Reimbursable Costs. F &C is responsible for the payment of any Third Party Services in excess of the amount of the Escrowed Funds, and if the Escrowed Funds are exhausted, neither F &C nor the HRA is obligated to deposit additional funds into the Escrow Account. 8. Termination of the Escrow. As used in this Agreement, the term "Termination Date" means the earlier of August 1, 2012 or the date the governmental entity responsible for the construction of the Ramsey Station in Ramsey Town Center accepts bids and orders construction of the station. On the first business day after the Termination Date Escrow Agent shall disburse any amounts remaining in the Escrow Account as follows : a. If the governmental entity responsible for the construction of the Ramsey Station in Ramsey Town Center does not accept bids and order construction of the station before August 1, 2012 and there are undisbursed Escrowed Funds remaining in the escrow account, Escrow Agent shall disburse one -half of the then remaining Escrowed Funds to F &C and the remaining one -half to the HRA; and b. If the governmental entity responsible for the construction of the Ramsey Station in Ramsey Town Center accepts bids and orders construction of the station before August 1, 2012, Escrow Agent shall disburse the first $25,000 in the Escrow Account to the HRA and the balance, if any, to F &C. Notwithstanding the foregoing, if, as of the Final Distribution Date, the HRA or F &C have commenced an action in Anoka County District Court to resolve a dispute under Section 6, Escrow Agent shall not disburse any amounts remaining in the Escrow Account until directed to do so by the Court or by the mutual agreement of the parties. 9. Final Payments. If the governmental entity responsible for the construction of the Ramsey Station in Ramsey Town Center does riot accept bids and order construction of the station before August 1, 2012, this Agreement will terminate upon the later of August 1, 2012 or the date the escrow agent makes the disbursements described in Section 8(a) above. If the governmental entity responsible for the construction of the Ramsey Station in Ramsey Town Center accepts bids and orders construction of the station before August 1, 2012, F &C shall pay to the HRA an amount equal to the difference between $25,000 and the amount, if any, that the HRA receives from the Escrow Agent pursuant to Section 8(b) and this .Agreement will terminate upon the later of the date the governmental entity responsible for construction of the Ramsey Station accepts bids and orders the construction of the station or the date the Escrow Agent completes the disbursements described in Section 8(b). 10. Notices. Any notice required to be given to the HRA, F &C or Escrow Agent pursuant to this Agreement shall be in writing and shall be deemed duly given: (i) on the date of 2567870x6 07/19/10 3