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Developer: Contractors Capital Company, LLC <br />Attn: Wade Tollefson <br />1428 - 5th Ave. S. <br />Anoka, MN 55303 <br />wadektollberghomes. com <br />Bank: Northeast Bank <br />Attn: Larry G. Crane <br />200 Coon Rapids Blvd, Suite 100 <br />Coon Rapids, MN 55433 <br />LCrane@nebankmn.com <br />20. In the event the City declares default under the Development Agreement <br />this Escrow agreement shall not terminate and all funds held in the Escrow Account shall <br />remain held in said Escrow Account pending agreement between the City and the Bank <br />as to the application of any funds held in Escrow and, in the event the parties cannot agree <br />to the same to a court of competent jurisdiction in connection with allocation of the funds. <br />21. This Agreement may be executed in any number of counterparts, each of <br />which shall be an original but all of which shall constitute one and the same instrument. <br />The delivery of an executed counterpart of this Agreement by facsimile or PDF or similar <br />attachment to an email in accordance with Paragraph 19 above shall constitute effective <br />delivery of such counterpart for all purposes with the same force and effect as the <br />delivery of an original, executed counterpart. <br />22. All remaining funds, after completion of all work as provided in this <br />Agreement, shall be returned to Bank and disbursed by the Bank pursuant to the terms <br />and conditions of the Loan Agreement by and between Bank and Developer dated <br />, 202_. All remaining funds held pursuant to this Agreement shall be <br />disbursed to the Bank as soon as reasonably possible after review and approval by the <br />City of all terms and conditions of this Agreement. <br />(Signature pages follow) <br />n <br />