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EXHIBIT B <br /> Escrow Agreement <br /> THIS AGREEMENT entered into this day of , 2018, by and between <br /> Ronald J. and Lori L. Touchette, (the "Seller"), the HOUSING AND REDEVELOPMENT <br /> AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate and politic under the laws <br /> of the State of Minnesota (the"Buyer"), and KENNEDY & GRAVEN, CHARTERED ("Escrow <br /> Agent"or"Agent"). <br /> RECITALS <br /> A. The Seller and the Buyer have entered into a Purchase Agreement dated June , <br /> 2018 (the "Purchase Agreement") for the sale of property located at 414 Main <br /> Street NW, Elk River, Minnesota and legally described on the attached Exhibit One <br /> (the"Property"). <br /> B. The parties desire to close the sale of the Property on or before July , 2018. <br /> AGREEMENT <br /> The parties agree as follows: <br /> I. 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 pay all utilities and to remove all <br /> personal property and 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 (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 any personal property and debris and for payment of utility <br /> charges for services provided to the Property prior to date of possession, if any. <br /> Agent shall reimburse the Buyer for the incurred expenses from the Escrowed <br /> Funds within seven days following 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(b) above, no later than 30 <br /> days following vacation of the Property by the Seller. <br /> (d) The sole duties of Agent shall be those described herein, and Agent shall be <br /> under no obligation to determine whether the other parties hereto are <br /> B-1 <br /> 525527v2 SJS EL185-48 <br />