Laserfiche WebLink
EXHIBIT B <br />Escrow Agreement <br />THIS AGREEMENT entered into this( day of April, 2020, by and between Jaime and <br />David Swenson (the "Sellers") and the Housing and Redevelopment Authority of the City of Elk <br />River, a public body corporate and politic under the laws of the State of Minnesota (the`Buyer"), <br />and KENNEDY & GRAVEN, CHARTERED ("Escrow Agent" or "Agent"). <br />RECITALS <br />A. The Sellers and the Buyer have entered into a Purchase Agreement dated April , <br />2020 (the "Purchase Agreement") for the sale of property located at 419 3rd <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 June 1, 2020. <br />AGREEMENT <br />The parties agree as follows: <br />1. <br />Delivgy 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. The <br />Purchase Agreement requires the Sellers to remove all personal property and debris <br />from the Property upon closing. The Purchase Agreement also allows funds to be <br />escrowed for the payment of utility bills attributable to the Property. <br />2. Escrow. (a) Upon closing and execution of this Agreement, the Sellers agree to <br />deposit into escrow the sum of $1000.00 (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 Agent <br />(with copy to the Sellers) evidence of expenses incurred for the removal and <br />disposal of any personal property and debris or payment of outstanding utility bills. <br />Agent shall reimburse the Buyer for the incurred expenses from the Escrowed Funds <br />within 7 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 complying <br />with any requirements of law or the terms and conditions of any other agreements <br />