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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, married to each other (the "Sellers'), the HOUSING AND <br />REDEVELOPMENT AUTHORITY OF THE CITY OF ELK RIVER, a public body corporate <br />and politic under the laws of the State of Minnesota (the "Buyer"), and KENNEDY & GRAVEN, <br />CHARTERED ("Escrow Agent" or "Agent"). <br />RECITALS <br />A. The Sellers and the Buyer have entered into a Purchase Agreement dated June <br />2018 (the "Purchase Agreement") for the sale of property located at 430 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 />Delivery of Possession. The Sellers 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 Sellers 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 Sellers agree 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 Sellers) evidence of expenses incurred for the <br />removal and disposal of any personal property and debris and for payment of <br />utility charges for services provided to the Property prior to date of possession, if <br />any. 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 Sellers 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 Sellers. <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 />complying with any requirements of law or the terms and conditions of any other <br />B-1 <br />525535v4 S1S ELI 85-48 <br />