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ESCROW AND DISBURSING AGREEMENT <br />THIS AGREEMENT, is made and entered into this day of , by and <br />between <br />WHEREAS, the Authority has funded a loan or grant for the purpose of acquiring or improving <br />Borrower's property located on the following described tract of real estate in County, <br />Minnesota: <br />which loan is in the original principal sum of $ <br />having its office at <br />(the "Authority"), Center for Energy and Environment having its offices at 212 3rd Avenue North, Suite 560, <br />Minneapolis, Minnesota 55401 (the "Agent") and <br />with an address of <br />(the "Borrower"). <br />WITNESSETH <br />, and is dated <br />WHEREAS, said Loan was funded pursuant to the <br />NOW, THEREFORE, it is hereby agreed among the parties hereto as follows: <br />, (the "Loan"); and <br />1. <br />(the "Program"), whereby the proceeds of the Loan/Grant are to be expended for the acquisition of or permanent <br />repairs and improvements to the Borrower's property, as described above; and <br />WHEREAS, the Agent and the Authority have contracted for the Agent to disburse the Loan in accordance <br />with the terms of the Program; and <br />WHEREAS, the Borrower and the Authority desire that the proceeds of the Loan be placed into a <br />non-interest bearing account for disbursement to a contractor, so as to be assured that the Loan funds will be <br />devoted to the purposes provided in the Program. <br />2. The Agent shall review the contract(s) entered into between the Borrower and the contractor(s), to be assured <br />that the contract(s) provide(s), as a minimum, the following: <br />The Borrower shall and hereby does deposit the proceeds of the Loan with the Agent, the receipt and <br />sufficiency of which are hereby acknowledged by Agent, to be placed into an account to be held in a <br />non-interest bearing account by Agent for disbursement in the manner hereinafter provided. <br />a) <br />b) That the construction to be performed shall be authorized under the requirementsof the Program and shall <br />meet or exceed the plans and specifications for such work as agreed to between the Borrower and <br />contractor(s). <br />That the total contract sum shall not exceed $for all materials supplied and services <br />performed, of which total the amount funded by the Loan shall not exceed $ <br />CEE / Escrow_Disbursing_Agreement / 9-12