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sufficient funds will be available for completion. The funds placed in escrow shall be <br />maintained in a non -interest bearing account. <br />12. Escrow Agent acknowledges receipt of escrowed funds upon execution of <br />this document. <br />13. This Agreement shall be binding upon the parties hereto and their <br />respective successors and assigns. <br />14. This Agreement can be amended or modified only by a written <br />Amendment, written and signed by all of the parties hereto. <br />15. Escrow Agent shall place all received funds in a FDIC insured account. <br />16. If directed by the City in its reasonable business judgment, the Developer <br />shall submit additional security to address change orders or unanticipated project costs <br />which costs will be reasonably agreed upon by the City and Developer. <br />17. The parties hereto, agree that each party's legal cost incurred to draft <br />and/or negotiate this Agreement on behalf of such party shall be the sole responsibility <br />of the party incurring the same. <br />18. Time is of the essence as to each provision of this Agreement. <br />19. All notices required or permitted under this Agreement shall be (i) <br />delivered to the addresses set forth below, and (ii) mailed, delivered or transmitted by <br />one party to the other(s) and such notice shall be deemed given and effective upon receipt <br />if personally delivered; upon receipt if sent by telecopy or electronic mail; upon receipt <br />or upon the date of first attempted delivery, if sent by certified or registered mail with <br />postage prepaid, return receipt requested, or if sent by Federal Express or other nationally <br />recognized carrier service; or upon receipt if sent in any other way. Any party hereto <br />may from time to time, by written notice to the other parties, designate a different <br />address which shall be substituted for the one specified below: <br />Escrow Agent: Registered Abstractors, Inc. <br />Attn: Jenny Moehlmann <br />2115 Third Ave. N. <br />Anoka, MN 55303 <br />j an(cregistered-abstracters. com <br />City: City of Elk River <br />Attn: Zack Carlton <br />13065 Orono Parkway NW <br />Elk River, MN 55330 <br />zcarlton@elkrivermn.gov <br />6 <br />