Agenda - Council - 07/12/2016 - Laserfiche WebLink

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ESCROW AGREEMENT This Escrow Agreement (this "Agreement") is made as of January 1 2004, by and between RAMSEY TOWN CENTER LLC, a Minnesota limited liability company ("RTC"); D.R. HORTON, INC.-MINNESOTA, a Delaware corporation ("DRH"); CITY OF RAMSEY, a Minnesota municipal corporation (the "City"), and POWERHOUSE TITLE LLC ("Escrow Agent"). RECITALS: A. As of the date hereof, DRH is acquiring from RTC the real property described on the attached Exhibit A (the "Property"). B. The Property is subject to that certain Master Development Agreement, dated September 17, 2003 (the "Master Development Agreement"), between the City and RTC, which, among tither things, establishes pending special assessment‘ ttions 7.6, 7.12 and 9.6 thereof. ao".0 C. Sections 7.7, 7.13 and 9.7 of the Master Development Agreement require that if RTC conveys any lot before the City levies the special assessments referred to therein, RTC must escrow the pending special assessments to provide for the payment of the special assessments when the City levies the special assessments and that the purchaser must, in the escrow agreement, acknowledge and agree that it is subject to and bound by the consents and waivers described in Sections 7.6, 7.12 and 9.6 of the Master Development Agreement. D. RTC and DRH are entering into this Agreement to comply with the requirements of the Master Development Agreement. NOW, THEREFORE, In consideration of the foregoing recitals and the mutual agreements contained herein, RTC, DRH and Escrow Agent agree as follows: 1. Deposit. RTC has deposited with Escrow Agent out of the closing proceeds $677899.33 (the "Deposit"), to be held and disbursed by Escrow Agent in accordance with the terms and conditions of this Agreement. The Deposit amount has been determined by reference to Exhibits F and F-2 of the Master Development Agreement which exhibits provide that the Special Assessment Allocation for the Property is 9.4% of the project costs to be assessed. The project costs to be assessed against the Property are those defined in Sections 7.6. 7.12 and 9.6 of the Master Development Agreement. 2. Deposit Held in Trust. Escrow Agent hereby acknowledges receipt of the Deposit and agrees to hold and disburse the same only in accordance with this Agreement. The Deposit is to be held in trust by Escrow Agent and shall be deposited or invested in Permitted Investments (as hereinafter defined) as directed by RTC, provided that the entire amount of the Deposit shall at all times be available in cash within thirty (30) days after demand, without any penalty involving reduction of the principal amount thereof. Escrow Agent shall only deposit or invest the Deposit in Permitted Investments. For purposes of this Agreement, "Permitted Investments" shall be defined to be savings accounts, demand deposits or certificates of deposit 2435260v2 121086848v1 820716 1 / 12/04