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EXHIBIT B <br />Escrow Agreement <br />THIS AGREEMENT entered into this day of , 2018, by and between <br />ATP PP IESTMENTc r r r a Minnesota limited liability eempany- (the "SellerRonald J. and Lori <br />L. Touchette, married to each other (the "Sellers"), 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 SellerSellers and the Buyer have entered into a Purchase Agreement dated June <br />, 2018 (the "Purchase Agreement") for the sale of property located at 430 <br />Main Street 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 July _, 2018. <br />AGREEMENT <br />The parties agree as follows: <br />1. Delivery of Possession. The Sellee eS llers shall deliver possession of the Property to <br />the Buyer in accordance with the Purchase Agreement entered into by the parties. <br />The Purchase Agreement requires the gellerSellers to pay all utilities and to remove <br />all personal property and debris from the Property upon closing. <br />2. Escrow. (a) Upon closing and execution of this Agreement, the Seller a iii el ers <br />armee to deposit into escrow the sum of (the "Escrowed Funds") from the <br />purchase 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 Agent <br />(with copy to the Seller ellers) evidence of expenses incurred for the removal <br />and disposal of any personal property and debris and for payment of utility charges <br />for services provided to the Property prior to date of possession, if any. Agent shall <br />reimburse the Buyer for the incurred expenses from the Escrowed Funds within <br />seven days following receipt of such evidence from the Buyer. <br />(c) Agent shall deliver to the SeliefSellers 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 gellerSellers. <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 complying <br />B-1 <br />525535x24 SJS EL185-48 <br />