I-7 - Resolution 2025-057 - Approving Revised Escrow Agreement - 80-380 Commerce Park First Addition

or release the Developer from its responsibility to construct said Escrow Items in accordance with the approved plans and specifications. Further, said inspections shall not create a duty or warranty on the part of the City that the construction of said Escrow Items are in compliance with said plans and specifications. 3. Upon satisfaction of the terms as outlined in Paragraph 2 and the City’s receipt of written approval from the owner of Lot 1 of the Subdivision (the “Lot 1 Owner”), the City shall promptly distribute the Escrow Amount to Developer. 4. After installation and acceptance by the City, Developer shall have no obligation for maintenance or management of said Escrow Items whatsoever, except as provided in the Developer’s Subdivider’s Agreement, dated [INSERT], between the City and Developer and related to the Escrow Items and the Subdivision (the “Subdivider’s Agreement”). 5. The Developer agrees to complete the Escrow Items on or before December 31, 2026, (the “Construction Deadline”). 6. In the event the Escrow Items are not completed by the Construction Deadline, the City may, but shall not be required to, utilize the Escrow Amount to complete the Escrow Items. If the City will not utilize the Escrow Amount to complete the Escrow Items and the Lot 1 Owner submits a written request to the City for the Lot 1 Owner to complete the Escrow Items, even if such written request is submitted before the Construction Deadline, the City will make the Escrow Amount available to the Lot 1 Owner for completion of all or any part of the Escrow Items and work with the Lot 1 Owner to facilitate the completion of such designated Escrow Items, and the Lot 1 Owner will agree to be bound by the Subdivider’s Agreement, this Escrow Agreement, and all City ordinances relating to the installation and completion of the Escrow Items. If the Lot 1 Owner does commence work on the Escrow Items, and provides paid invoices to the City, the City may release portions of the Escrow Amount to the Lot 1 Owner, if approved by the City Engineer. Otherwise, if the Lot 1 Owner completes the Escrow Items, the City shall distribute the Escrow Amount to the Lot 1 Owner in accordance with the terms of this Escrow Agreement. Absent a written agreement between the City and the Lot 1 Owner, nothing herein will be construed to impose any obligation on the Lot 1 Owner to complete or assume any responsibility with respect to the Escrow Items. 7. In the event the Escrow Amount is insufficient to pay for the Escrow Items, the Developer, and not the Lot 1 Owner, shall pay for the excess costs incurred. 8. Except as specifically provided above, nothing in this Agreement shall be construed to impose a requirement on the City to install the public improvements hereinEscrow Items, nor shall the Developer be deemed to be acting as the City’s agent during the construction and installation of the above-described improvementEscrow Items. 9. In the event of a dispute between Developer and City as to the satisfactory completion of the Escrow Items, the City may deposit the Escrow Amount with the Clerk of Court