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04/05/11 Work Session
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04/05/11 Work Session
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7/18/2025 10:59:29 AM
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4/1/2011 12:43:18 PM
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Meetings
Meeting Document Type
Agenda
Document Title
Housing & Redevelopment Authority - Work Session
Document Date
04/05/2011
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EXHIBIT B <br />(Escrow Agreement) <br />ESCROW AGREEMENT <br />The Housing and Redevelopment Authority in and for the City of Ramsey, Minnesota, a <br />public body politic and corporate under the laws of the state of Minnesota ( "Seller "), and TOTI <br />Holdings, LLC a Minnesota limited liability company ( "Buyer ") are parties to the purchase and <br />sale of the real estate described in the attached Purchase Agreement, dated Sept . IS , 2010. <br />As provided in Section 6 of the Purchase Agreement, Buyer hereby deposits the sum of $50,000 <br />(the "Earnest Money" ) with Land Title, Inc., a Minnesota limited liability company ( "Title "). <br />As provided in Section 24 of the Purchase Agreement, Buyer may subsequently deposit an <br />additional $25,000 of Earnest Money with Title, and if Buyer does so, the term "Earnest Money" <br />shall mean the entire $75,000 deposited by Buyer with Title. Title must hold the Earnest Money <br />in an interest bearing account with an institution whose accounts are insured by a governmental <br />agency or instrumentality. <br />Upon notification by both parties in writing that the transaction has closed, Title will pay <br />the Earnest Money to the Seller. If either party notifies Title that the transaction has not closed, <br />Title must pay the Earnest Money as follows: <br />1. Upon receipt of consistent instructions from both Parties regarding the release of <br />the Earnest Money, Title must deliver the Earnest Money pursuant to such instructions; <br />2. If Seller delivers a Notice of Cancellation of Purchase Agreement describing the <br />Purchase Agreement and the Property, as defined therein, together with an Affidavit of Service <br />evidencing service of the Notice of Cancellation on Buyer and an Affidavit of Failure to Comply <br />with Notice completed, executed and acknowledged to Title on or before the date one hundred <br />and eighty (180) days after the Date of Closing as defined in the Purchase Agreement, Title must <br />deliver the Earnest Money to Seller. <br />3. If no disposition of the Earnest Money has been made by the date one hundred <br />eighty (180) days from the Date of Closing, as defined in the Purchase Agreement and as the <br />same may be extended pursuant to the terms of the Purchase Agreement and neither Party has <br />commenced an action asserting claims with respect to the Earnest Money, Title must return the <br />Earnest Money to Buyer. <br />Title has no responsibility for any decision concerning performance or effectiveness of <br />the Purchase Agreement, and is only responsible to act pursuant to the procedures set forth <br />above. Buyer and Seller hereby agree to hold Title harmless from any claims or defenses arising <br />out of this Escrow Agreement and indemnify Title for all costs and expenses in connection with <br />this escrow, including court costs, attorney's fees, except for claims arising out of Title's failure <br />to account for the funds held and costs and expenses incurred by the parties in connection with <br />such a claim. <br />2650680v4 <br />09/13/10 <br />F -1 <br />
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