Laserfiche WebLink
ESCROW AGREEMENT <br />Guaranty File No.: 67067-1 <br />Insured: Minnesota Housing Finance Agency ("MHFA") <br />Interested Party: City of Elk River ("City") <br />Borrower: Hillside Heights Limited Partnership <br />The undersigned, as Borrower, hereby agrees to employ Guaranty Commercial Title, Inc. <br />("Guaranty") to act as escrow agent in accordance with the following instructions and <br />provisions: <br />1. Borrower hereby deposits the sum of $138,929.28 with Guaranty. <br />2. The funds deposited shall be held by Guaranty pending approval of MHFA, City and <br />Borrower that the Landscaping and Walking Path work as shown in Exhibit A has been <br />completed to their reasonable satisfaction. <br />3. Upon receipt of confirmation of the terms set forth in paragraph 2 above, Guaranty shall <br />pay for all labor and materials and obtain final lien waivers for same. Any additional <br />funds will be refunded to Borrower. <br />4. No rescission of this escrow or modification of its terms shall be effective without the <br />written consent of the undersigned and Guaranty. <br />5. MHFA, City and Borrower shall hold Guaranty harmless from any claims or expenses <br />arising out of this Escrow Agreement, except for Guaranty's failure to account for <br />payments made pursuant to these instructions. <br />6. Following release of the Funds as directed herein, Guaranty shall have no further <br />obligations or liabilities arising from or related to this Agreement. <br />[SIGNATURE PAGE TO FOLLOW] <br />1 <br />