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EXHIBIT B <br /> Escrow Agreement <br /> Oci-D5L-IL <br /> THIS AGREEMENT entered into this 15 day of My, 2017, by and between Quinn <br /> Avenue,LLC,a limited liability company in the State of Minnesota(the"Seller"),the The Housing <br /> and Redevelopment Authority of the City of Elk River,a public body corporate and politic under <br /> the laws of the State of Minnesota (the"Buyer"), and KENNEDY & GRAVEN, CHARTERED <br /> ("Escrow Agent"or"Agent"). <br /> RECITALS <br /> oLTAC:-"a.. <br /> A. The Seller and the Buyer have entered into a Purchase Agreement dated.1)5Iy 15 , <br /> 2017(the"Purchase Agreement") for the sale of property located at 326 Gates <br /> Avenue NW. Elk River, Minnesota and legally described on the attached Exhibit <br /> One(the"Property"). <br /> B. The parties desire to close the sale of the Property on or before <br /> AGREEMENT <br /> The parties agree as follows: <br /> 1. Delivery of Possession. The Seller shall deliver possession of the Property to the <br /> Buyer in accordance with the Purchase Agreement entered into by the parties. <br /> The Purchase Agreement requires the Seller to remove all personal property and <br /> debris from the Property upon closing. <br /> 2. Escrow. (a) Upon closing and execution of this Agreement. the Seller agrees to <br /> deposit into escrow the sum of Q _ (the"Escrowed Funds")from the purchase <br /> price,to be held by Agent in a non-interest bearing account. <br /> (b) Within seven days after requested by Agent. the Buyer shall provide to <br /> Agent(with copy to the Seller)evidence of expenses incurred for the removal <br /> and disposal of an) personal property and debris. Agent shall reimburse the <br /> Buyer for the incurred expenses from the Escrowed Funds within 7 days following <br /> receipt of such evidence from the Buyer. <br /> (c) Agent shall deliver to the Seller the balance of the Escrowed Funds on <br /> deposit. less deductions provided for in paragraph 2(h)above, no later than 30 <br /> days following vacation of the Property by the Seller. <br /> (d)The sole duties of Agent shall he those described herein, and Agent shall be <br /> under no obligation to determine whether the other parties hereto are <br /> B- <br /> sis I 155-0 <br />